Fund-vs-fund · Australasian Equities
Milford Trans-Tasman Equity FundvsSimplicity NZ Share Fund
Milford Trans-Tasman Equity Fund (fund size NZ$848.0 million, annual fund charge 1.05%) and Simplicity NZ Share Fund (fund size NZ$1.42 billion, annual fund charge 0.10%) are both Australasian 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 3.37% and 4.32%, per their quarterly fund updates filed on FMA Disclose.
How much do these two overlap?
They hold 22 of the same securities. If you held both, roughly 39.1% 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 Trans-Tasman | Simplicity NZ | Min weight |
|---|---|---|---|
| Fisher & Paykel Healthcare | 7.66% | 17.92% | 7.66% |
| Infratil | 4.99% | 9.84% | 4.99% |
| Auckland International Airport | 3.74% | 10.55% | 3.74% |
| a2 Milk | 3.68% | 7.26% | 3.68% |
| Contact Energy | 2.94% | 7.41% | 2.94% |
| Meridian Energy | 1.99% | 6.33% | 1.99% |
| Ebos | 1.96% | 3.19% | 1.96% |
| Mainfreight | 1.91% | 4.34% | 1.91% |
| Summerset Group | 1.64% | 1.83% | 1.64% |
| Freightways | 1.25% | 1.83% | 1.25% |
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 Trans-Tasman Equity Fund
Simplicity NZ Share Fund
No platform availability confirmed. Usually means it is bought directly from the manager — check their site.
Why these two differ
The most material structural difference between these two funds is their investment approach and resulting fee structures. The Simplicity NZ Share Fund charges an annual fund charge of 0.10%, consistent with a passive index-tracking strategy concentrated entirely on New Zealand-listed equities. The Milford Trans-Tasman Equity Fund charges 1.05% annually, reflecting an active management approach that spans both New Zealand and Australian securities. That 0.95 percentage point fee gap compounds meaningfully over time and is the primary lever investors will want to weigh against return differences.
Geographic scope is the second material distinction. Simplicity's top holdings — Fisher & Paykel Healthcare (17.92%), Auckland International Airport (10.55%), and Infratil (9.84%) — are exclusively NZ-listed, suggesting a tighter NZ market mandate. Milford's portfolio includes Australian names such as BHP Group (5.56%) and Commonwealth Bank of Australia (4.65%), providing cross-Tasman diversification. Both funds carry identical growth asset allocations of 98.31%.
Risk indicators diverge: Milford sits at 4 on the standard 1–7 scale; Simplicity sits at 5, indicating higher expected volatility despite its narrower domestic focus. Fund size differs too — Simplicity is larger at approximately NZD 1.42 billion versus Milford's NZD 848 million.
On the five-year return figures disclosed, Milford shows 2.93% per annum versus Simplicity's 0.02%, though return periods, calculation methodology, and market timing effects should be examined carefully before drawing conclusions.
Always verify these details against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on any figures here.
Comparison generated 2026-05-21 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 NZ Share Fund charges 0.95% lower in annual fund charges (0.10% vs 1.05%).
- 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 57 australasian equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Milford
1.05%
Upper half of cohort
Simplicity
0.10%
Lowest 1% of cohort
5-year return p.a.
Past performance — not a predictor
Milford
2.93%
Upper half over 5 years
Simplicity
0.02%
Bottom 4% over 5 years
Fund size
Larger = more stable, lower close-risk
Milford
NZ$848m
Largest 3% in cohort
Simplicity
NZ$1.42b
Largest 1% in cohort
| Metric | Milford | Simplicity | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.05% | 0.10% | Lower is better |
| Risk indicator (1–7) | 4 | 5 | Higher = more volatility |
| 5-year return p.a. | 2.93% | 0.02% | Higher is better (past not future) |
| Fund size | NZ$848m | NZ$1.42b | 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 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 Trans-Tasman Equity Fund
The Fund’s objective is to provide capital growth after the base fund fee but before tax and before the performance fee, by out-performing a mix of two relevant share market indices over the minimum recommended investment timeframe of eight years. It primarily invests in Australasian equities with the ability to invest in international equities opportunistically.Full Milford Milford Trans-Tasman Equity Fund profile →
Simplicity
Simplicity NZ Share Fund
The NZ Share Fund invests in securities listed on the New Zealand stock exchange (NZX), designed to be the New Zealand share component of a diversified investment portfolio.Full Simplicity Simplicity NZ Share Fund profile →
Common questions
What's the difference between the Milford Trans-Tasman Equity Fund and the Simplicity NZ Share Fund?
Which fund has lower fees, Milford Trans-Tasman Equity Fund or Simplicity NZ Share 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?
