Fund-vs-fund · Australasian Equities
Milford Trans-Tasman Equity Fund vs Smart NZ Top 50 ETF
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: the Milford Trans-Tasman Equity Fund is an actively managed portfolio, while the Smart NZ Top 50 ETF passively tracks the NZX 50 Index. This distinction drives most of the other divergences. The Milford fund carries an annual fund charge of 1.05%, more than double the Smartshares ETF's 0.50%, a gap that compounds meaningfully over time regardless of market direction.
Geographic scope also differs. Milford's mandate spans both New Zealand and Australian equities — reflected in top holdings including BHP Group and Commonwealth Bank of Australia — whereas Smartshares is confined to the 50 largest NZX-listed securities. Despite sharing the Australasian Equities category and an identical growth asset allocation of 98.31%, Smartshares carries a higher FMA risk indicator (5 versus Milford's 4), likely reflecting greater concentration in a single, smaller market.
Over the five-year period disclosed in each fund's latest Quarterly Fund Update, Milford returned 2.93% per annum against Smartshares' 0.53%, though past performance is not a reliable indicator of future returns and the periods covered should be verified for exact alignment. Milford's fund is larger at approximately NZ$848 million versus NZ$627 million for Smartshares. Both funds allocate growth assets at the same 98.31% level, signalling similarly limited defensive positioning. Fisher & Paykel Healthcare appears in both top-five holdings lists, representing each fund's largest or near-largest single-stock exposure.
Always verify all figures against the source PDS 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
- Smart NZ Top 50 ETF charges 0.55% lower in annual fund charges (0.50% 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
Smartshares
0.50%
Lowest 22% of cohort
5-year return p.a.
Past performance — not a predictor
Milford
2.93%
Upper half over 5 years
Smartshares
0.34%
Bottom 21% over 5 years
Fund size
Larger = more stable, lower close-risk
Milford
NZ$848m
Largest 3% in cohort
Smartshares
NZ$573m
Largest 6% in cohort
| Metric | Milford | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.05% | 0.50% | Lower is better |
| Risk indicator (1–7) | 4 | 5 | Higher = more volatility |
| 5-year return p.a. | 2.93% | 0.34% | Higher is better (past not future) |
| Fund size | NZ$848m | NZ$573m | 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. |
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
6
of each fund's top 10
Milford weight in shared
25.0%
of Milford Trans-Tasman Equity Fund top 10 is shared
Smartshares weight in shared
30.9%
of Smart NZ Top 50 ETF top 10 is shared
| Holding | Milford | Smartshares |
|---|---|---|
 Fisher & Paykel Healthcare Corporation Ltd NZ | 7.66% | 4.99% |
 Infratil Ltd NZ | 4.99% | 5.52% |
 Auckland International Airport Ltd NZ | 3.74% | 4.84% |
 The a2 Milk Company Ltd NZ | 3.68% | 5.20% |
 Contact Energy Ltd NZ | 2.94% | 5.15% |
 Meridian Energy Ltd NZ | 1.99% | 5.16% |
"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 →
Smartshares
Smart NZ Top 50 ETF
The Smart NZ Top 50 ETF is designed to track the return (before tax, fees and other expenses) of the S&P/NZX 50 Portfolio Index. The Index is comprised of 50 of the largest companies listed on the NZX, with a 5% cap on the weight of each company within the Index.Full Smartshares Smart NZ Top 50 ETF profile →
Common questions
What's the difference between the Milford Trans-Tasman Equity Fund and the Smart NZ Top 50 ETF?
Which fund has lower fees, Milford Trans-Tasman Equity Fund or Smart NZ Top 50 ETF?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
