Fund-vs-fund · Diversified
Milford Conservative Fund vs Simplicity Growth 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 Simplicity Growth Investment Fund holds 78.48% in growth assets, while the Milford Conservative Fund holds just 22.72% — a gap of roughly 56 percentage points that drives meaningful differences in risk profile, return history, and portfolio composition.
This allocation contrast is reflected directly in their FMA risk indicators: Simplicity Growth sits at 4 (moderate), Milford Conservative at 3 (low to moderate). Over the five years captured in each fund's latest Quarterly Fund Update, Simplicity Growth returned 6.00% per annum against Milford Conservative's 2.50% — though past returns are not a reliable guide to future performance, and the higher-growth fund's greater volatility exposure means that gap can narrow or reverse in down markets.
Fee structures also diverge clearly. Simplicity charges an annual fund charge of 0.25%, Milford charges 0.85% — a difference of 60 basis points that compounds over time regardless of market conditions.
Portfolio composition reinforces the structural split. Simplicity Growth's largest single holding is Simplicity Living Ltd ordinary shares at 6.76%, followed by global equities including Nvidia and Apple. Milford Conservative's top positions are New Zealand government bonds and cash, consistent with its income-oriented mandate. Fund size differs too: Simplicity Growth stands at approximately NZD 1.29 billion; Milford Conservative at approximately NZD 939 million.
Readers should verify all figures against the current Product Disclosure Statement and latest Quarterly Fund Update for each fund on FMA Disclose before relying on any of this information.
Cached comparison generated 2026-05-21 from each fund's latest FMA Disclose QFU. Regenerated when the underlying facts change.
What's different at a glance
- Simplicity Growth 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
6.00%
Top 18% over 5 years
Fund size
Larger = more stable, lower close-risk
Milford
NZ$939m
Largest 8% in cohort
Simplicity
NZ$1.29b
Largest 7% 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% | 6.00% | Higher is better (past not future) |
| Fund size | NZ$939m | NZ$1.29b | Larger = more stable, lower close-risk |
| Growth / income split | 23% / 77% | 78% / 22% | 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 | InvestNow · 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
4.9%
of Simplicity Growth Investment Fund top 10 is shared
| Holding | Milford | Simplicity |
|---|---|---|
| $ NZD Cash Current Account (HSBC) NZ | 2.97% | 1.62% |
| $ NZD Cash Call Account (Bank of China) NZ | 1.32% | 1.62% |
| $ USD Cash Current Account (HSBC) US | 1.21% | 1.62% |
"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 Growth Investment Fund
The Growth Fund provides investors with a limited exposure to income assets, but most of its investments are in growth assets.Full Simplicity Simplicity Growth Investment Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Milford
LiveLast verified 2026-05-08
- Supporting document149 kB · file fingerprint recorded
- Supporting document545 kB · file fingerprint recorded
- Supporting document402 kB · file fingerprint recorded
- Supporting document13000 kB · file fingerprint recorded
- Other Material Information251 kB · file fingerprint recorded
- Statement of Investment Policy402 kB · file fingerprint recorded
- + 3 more on the fund page
Simplicity
Common questions
What's the difference between the Milford Conservative Fund and the Simplicity Growth Investment Fund?
Which fund has lower fees, Milford Conservative Fund or Simplicity Growth 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?
