Fund-vs-fund · International Equities
Milford Global Equity Fund vs Simplicity Unhedged 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%, compared to 0.15% for the Simplicity Unhedged Global Share Fund — a nine-fold difference that compounds meaningfully over time regardless of which fund delivers stronger gross returns.
Both funds sit at risk indicator 5 on the standard 1–7 scale and carry an almost identical growth asset allocation of 98.31%, signalling comparable risk positioning within the international equities category. Fund size is similarly scaled: Milford at approximately NZD 2.26 billion and Simplicity at approximately NZD 2.73 billion.
The investment approaches diverge structurally. Milford's top holdings include significant cash positions — USD and AUD current accounts representing over 11% of disclosed positions — consistent with an active management style that holds tactical liquidity. Simplicity's top five are entirely equity holdings (NVIDIA, Apple, Microsoft, Amazon, Alphabet), consistent with a passive or index-tracking approach. NVIDIA, Apple, and Microsoft appear in both portfolios, though at notably higher weights in Simplicity.
On performance, Milford discloses a five-year annualised return of 6.29%. Simplicity's five-year return figure is not available in this snapshot — investors should check the latest Quarterly Fund Update on FMA Disclose directly for current performance data.
Neither fund is a KiwiSaver scheme account; both are retail managed funds accessible outside KiwiSaver.
Verify all figures against each fund's current Product Disclosure Statement and latest Quarterly Fund Update 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 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 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$2.73b
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 | 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 Unhedged Global Share Fund top 10 is shared
| Holding | Milford | Simplicity |
|---|---|---|
 NVIDIA Corporation US | 4.70% | 6.53% |
 Apple Inc. US | 3.93% | 5.87% |
 Microsoft Corporation US | 3.70% | 4.40% |
 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 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?
