Fund-vs-fund · International Equities
Milford Global Equity FundvsSimplicity Unhedged Global Share Fund
Milford Global Equity Fund (fund size NZ$2.26 billion, annual fund charge 1.35%) and Simplicity Unhedged Global Share Fund (fund size NZ$2.73 billion, annual fund charge 0.15%) are both international equities managed funds, as shown on Sorted Smart Investor on 22 May 2026; for the year to 31 March 2026 their 1-year returns after fees and tax were 7.22% and 14.78%, per their quarterly fund updates filed on FMA Disclose.
How much do these two overlap?
They hold 61 of the same securities. If you held both, roughly 33.0% of your money would be in the same companies — so the diversification you get from holding the pair is smaller than holding two funds suggests.
| Shared holding | Milford Global | Simplicity Unhedged | Min weight |
|---|---|---|---|
| Nvidia | 4.70% | 6.53% | 4.70% |
| Apple | 3.93% | 5.87% | 3.93% |
| Microsoft | 3.70% | 4.40% | 3.70% |
| Amazon.com | 3.42% | 3.22% | 3.22% |
| Alphabet | 3.15% | 4.79% | 3.15% |
| Meta Platforms | 2.21% | 1.99% | 1.99% |
| Broadcom | 1.34% | 2.31% | 1.34% |
| JPMorgan Chase & Co | 1.17% | 1.25% | 1.17% |
| Eli Lilly and Company | 0.70% | 1.26% | 0.70% |
| Netflix | 1.49% | 0.65% | 0.65% |
Min weight is the smaller of the two weightings — if you hold both funds, that is the floor of your exposure to that position. Direct holdings only: anything either fund holds through an underlying fund or ETF is not counted, so the real overlap can only be higher. From each fund's FMA Disclose full portfolio filing.
Where you can buy these
Platform availability confirmed within the last 180 days. This is a statement of availability, not a recommendation — ManagedFundsNZ is not a Financial Advice Provider. Check the current PDS before investing.
Milford Global Equity Fund
Simplicity Unhedged Global Share Fund
No platform availability confirmed. Usually means it is bought directly from the manager — check their site.
Why these two differ
Both Milford Global Equity Fund and Simplicity Unhedged Global Share Fund target international equities with identical risk indicators (5) and growth asset allocations (98.31%), but differ materially in fee structure and portfolio construction.
The most significant structural difference is annual fund charge: Milford charges 1.35% versus Simplicity's 0.15%, a ninefold difference. Over a decade, this fee gap compounds substantially. Simplicity's latest five-year return figure is not available in the current snapshot; Milford's five-year return stands at 6.29% annually. Without Simplicity's performance history, direct return comparison cannot be made.
Fund size favours Simplicity slightly at NZD 2.73 billion compared to Milford's NZD 2.26 billion, both substantial funds.
Portfolio composition shows different exposures. Milford holds 7.65% in USD cash and 3.92% in AUD cash—significant liquidity positions representing 11.57% combined—alongside concentrated positions in NVIDIA (4.7%), Apple (3.93%), and Microsoft (3.7%). Simplicity holds no disclosed cash holdings in its top five, with higher weightings in NVIDIA (6.53%), Apple (5.87%), and Microsoft (4.4%), plus exposure to Amazon (3.22%) and Alphabet (2.66%), suggesting fuller market deployment.
Both funds are unhedged to NZD currency movements. Verify current holdings, fees, and performance data against each fund's latest Product Disclosure Statement and Quarterly Fund Update on FMA Disclose before making investment decisions.
Comparison generated 2026-10-12 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 Unhedged 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 84 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 11% 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$2.73b
Largest 1% 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$2.73b | 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 | — | Unhedged | 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. |
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 Unhedged Global Share Fund
The Unhedged Global Share Fund invests in listed global shares and tracks the Bloomberg Developed Markets ex NZ ESG Screened Index. It is intended to be part of a diversified investment portfolio.Full Simplicity Simplicity Unhedged Global Share Fund profile →
Common questions
What's the difference between the Milford Global Equity Fund and the Simplicity Unhedged Global Share Fund?
Which fund has lower fees, Milford Global Equity Fund or Simplicity Unhedged Global Share Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
