Fund-vs-fund · International Equities
Milford Global Equity Fund vs Simplicity Hedged Global Share Fund
Both are International Equities 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 cost. The Milford Global Equity Fund charges an annual fund charge of 1.35%, while the Simplicity Hedged Global Share Fund charges 0.15% — a gap of 1.20 percentage points that compounds significantly over time and directly reduces net returns regardless of market conditions.
Both funds sit at risk indicator 5 on the standard FMA scale and hold an almost identical growth asset allocation of 98.31%. Fund size is comparable: Milford at approximately NZD 2.26 billion, Simplicity at approximately NZD 2.66 billion. Milford discloses a five-year annualised return of 6.29%; Simplicity's five-year return figure is not available in the current snapshot, so a like-for-like performance comparison cannot be made here.
The portfolio construction differs meaningfully. Simplicity's top five holdings are all listed equities — NVIDIA, Apple, Microsoft, Amazon, and Alphabet — consistent with broad passive index exposure. Milford's top holdings include USD and AUD cash positions at HSBC (7.65% and 3.92% respectively), alongside NVIDIA, Apple, and Microsoft, suggesting an actively managed approach with meaningful cash or currency management overlay. The fund name also signals a key structural distinction: Simplicity explicitly hedges currency exposure back to NZD, whereas Milford's hedging policy is not specified in this data snapshot and should be confirmed in the PDS.
Always verify fees, returns, and portfolio details against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on any figures here.
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 Hedged Global Share Fund charges 1.20% lower in annual fund charges (0.15% vs 1.35%).
- 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 82 international equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Milford
1.35%
Highest 12% of cohort
Simplicity
0.15%
Lowest 9% of cohort
5-year return p.a.
Past performance — not a predictor
Milford
6.29%
Lower half over 5 years
Simplicity
—
—
Fund size
Larger = more stable, lower close-risk
Milford
NZ$2.26b
Largest 3% in cohort
Simplicity
NZ$2.66b
Largest 2% in cohort
| Metric | Milford | Simplicity | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.35% | 0.15% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | 6.29% | — | Higher is better (past not future) |
| Fund size | NZ$2.26b | NZ$2.66b | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 98% / 2% | More growth = higher long-run return + volatility |
| NZ tax structure | PIE (PIR-capped) | PIE (PIR-capped) | PIE = simpler. FIF = annual return. |
| Currency hedging | — | Hedged to NZD | 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
5
of each fund's top 10
Milford weight in shared
18.0%
of Milford Global Equity Fund top 10 is shared
Simplicity weight in shared
22.0%
of Simplicity Hedged Global Share Fund top 10 is shared
| Holding | Milford | Simplicity |
|---|---|---|
 NVIDIA Corporation US | 4.70% | 6.54% |
 Apple Inc. US | 3.93% | 5.88% |
 Microsoft Corporation US | 3.70% | 4.41% |
 Amazon.Com, Inc. US | 3.42% | 3.22% |
 Meta Platforms, Inc. US | 2.21% | 1.99% |
"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 Global Equity Fund
The Fund’s objective is to provide capital growth by out-performing the relevant share market index after the base fund fee but before tax and before the performance fee over the minimum recommended investment timeframe of eight years. It primarily invests in international equities.Full Milford Milford Global Equity Fund profile →
Simplicity
Simplicity Hedged Global Share Fund
The Hedged Global Share Fund invests in listed global shares and tracks the Bloomberg Developed Markets ex NZ ESG Screened Index (NZD Hedged). It is intended to be part of a diversified investment portfolio.Full Simplicity Simplicity Hedged Global Share Fund profile →
Common questions
What's the difference between the Milford Global Equity Fund and the Simplicity Hedged Global Share Fund?
Which fund has lower fees, Milford Global Equity Fund or Simplicity Hedged Global Share Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
