Fund-vs-fund · Australasian Equities
Milford Trans-Tasman Equity Fund vs Simplicity NZ Share Fund
Both are Australasian 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 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.
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 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 58 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 | 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
21.3%
of Milford Trans-Tasman Equity Fund top 10 is shared
Simplicity weight in shared
52.0%
of Simplicity NZ Share Fund top 10 is shared
| Holding | Milford | Simplicity |
|---|---|---|
 Fisher & Paykel Healthcare Corporation Ltd NZ | 7.66% | 17.92% |
 Infratil Ltd NZ | 4.99% | 9.84% |
 Auckland International Airport Ltd NZ | 3.74% | 10.55% |
 Contact Energy Ltd NZ | 2.94% | 7.41% |
 Meridian Energy Ltd NZ | 1.99% | 6.33% |
"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 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?
