Fund-vs-fund · Diversified
Milford Conservative Fund vs Simplicity Balanced Investment Fund
Both are Diversified funds available to NZ retail investors. Numbers below are sourced from the FMA Disclose register via Sorted Smart Investor and reflect the latest published quarterly fund updates.
Why these two differ
The most material structural difference between these two funds is their asset allocation. The Milford Conservative Fund holds 23.37% in growth assets, positioning it firmly at the defensive end of the diversified spectrum, while the Simplicity Balanced Investment Fund allocates 53.15% to growth assets — more than double — reflecting a meaningfully higher tolerance for market volatility. This divergence is captured in their risk indicators: Milford Conservative sits at 3 (on the standard 1–7 scale), Simplicity Balanced at 4.
That allocation difference flows through to both returns and fees. Over five years, Milford Conservative returned 2.5% per annum against Simplicity Balanced's 4.34% — a gap consistent with the latter's greater equity exposure during a period of equity market growth, though past returns are not a guide to future performance. On fees, the difference is substantial: Milford Conservative charges 0.85% annually versus Simplicity Balanced at 0.25%, a 0.60 percentage point spread that compounds materially over time.
Portfolio character also differs. Milford Conservative's top holdings are dominated by New Zealand government and local government bonds, reflecting its fixed-income tilt. Simplicity Balanced's largest disclosed holding is Simplicity Living Ltd ordinary shares (4.66%), followed by global equities including NVIDIA Corp and Apple Inc, alongside Fisher & Paykel Healthcare — a mix of domestic unlisted property investment and international index-style equity exposure.
Fund size is comparable: Milford Conservative at NZD 939m, Simplicity Balanced at NZD 738m. Neither fund is a KiwiSaver scheme account in this context; both are retail managed investment funds.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
Comparison generated 2026-07-05 from each fund's FMA Disclose QFU facts as at that date. If the underlying facts change, this narrative is withheld until it is regenerated — the tables on this page always reflect the current data.
What's different at a glance
- Simplicity Balanced Investment Fund charges 0.60% lower in annual fund charges (0.25% vs 0.85%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
Where each fund sits in its cohort
Percentile rank vs all 67 diversified funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Milford
0.85%
Lower half of cohort
Simplicity
0.25%
Lowest 6% of cohort
5-year return p.a.
Past performance — not a predictor
Milford
2.50%
Lower half over 5 years
Simplicity
4.34%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Milford
NZ$939m
Largest 8% in cohort
Simplicity
NZ$738m
Largest 13% in cohort
| Metric | Milford | Simplicity | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.85% | 0.25% | Lower is better |
| Risk indicator (1–7) | 3 | 4 | Higher = more volatility |
| 5-year return p.a. | 2.50% | 4.34% | Higher is better (past not future) |
| Fund size | NZ$939m | NZ$738m | Larger = more stable, lower close-risk |
| Growth / income split | 23% / 77% | 53% / 47% | More growth = higher long-run return + volatility |
| NZ tax structure | PIE (PIR-capped) | PIE (PIR-capped) | PIE = simpler. FIF = annual return. |
| Currency hedging | — | — | Hedged smooths NZD/foreign FX moves at a small cost. |
| Responsible investment screening | No | No | Specific exclusions live in each fund's SIPO. |
| Available via | Direct | Direct | Platforms accepting retail subscriptions. |
Portfolio overlap
How many top-10 positions both funds hold, and at what weight. Computed from each fund's most recently disclosed top-10 holdings — exact-name matched (Microsoft Corp. = Microsoft Corporation), with a Cash / Cash & Equivalents collapse rule.
Matching holdings
3
of each fund's top 10
Milford weight in shared
5.5%
of Milford Conservative Fund top 10 is shared
Simplicity weight in shared
9.4%
of Simplicity Balanced Investment Fund top 10 is shared
| Holding | Milford | Simplicity |
|---|---|---|
| $ NZD Cash Current Account (HSBC) NZ | 2.97% | 3.13% |
| $ NZD Cash Call Account (Bank of China) NZ | 1.32% | 3.13% |
| $ USD Cash Current Account (HSBC) US | 1.21% | 3.13% |
"Min weight" = the smaller of the two weights — a conservative read of how much exposure you'd have to that position if you held both funds.
What each fund says it does
Milford
Milford Conservative Fund
The Fund’s objective is to provide moderate returns and protect capital after the base fund fee but before tax over the minimum recommended investment timeframe of three years. It is a diversified fund that primarily invests in fixed interest securities, with a moderate allocation to equities.Full Milford Milford Conservative Fund profile →
Simplicity
Simplicity Balanced Investment Fund
The Balanced Investment Fund provides investors with an exposure to a mix of growth and income assets.Full Simplicity Simplicity Balanced Investment Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Milford
LiveLast verified 2026-05-08
Simplicity
Common questions
What's the difference between the Milford Conservative Fund and the Simplicity Balanced Investment Fund?
Which fund has lower fees, Milford Conservative Fund or Simplicity Balanced Investment Fund?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
