# Milford Aggressive Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Milford (Milford Funds Limited) - **Asset class:** Diversified Funds - **Risk profile:** aggressive - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Milford Aggressive Fund is a diversified managed fund run by Milford. New Zealand active manager with diversified, equity and fixed-income strategies. ## Investment objective (from PDS) > To maximise capital growth over the minimum recommended investment timeframe. Primarily invests in international equities, with a moderate allocation to Australasian equities. Source: Product Disclosure Statement dated 2025-06-17 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/mdofc511fafebb41f43fd5fdfe7fa53e1ca/Milford-Investment-Funds-Product-Disclosure-Statement-18-June-2025.pdf ## Fund data - **Annual fund charge:** 1.15% p.a. (from the latest Quarterly Fund Update) - **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$3.69 billion - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 21 June 2021 - **Minimum initial investment:** NZ$1,000 ## Top 10 holdings 1. USD Cash Current Account (HSBC) — 7.09% 2. NVIDIA Corporation — 3.20% 3. Microsoft Corporation — 2.96% 4. Amazon.Com, Inc. — 2.94% 5. Shell Plc — 2.65% 6. Apple Inc. — 2.28% 7. NZD Cash Call Account (BNZ Bank) — 2.16% 8. NZD Cash Current Account (HSBC) — 2.09% 9. AUD Cash Current Account (HSBC) — 2.04% 10. Alphabet Inc. — 1.85% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) > The Aggressive Fund has invested in a related Milford Private Equity Fund that provides a profit share to a related Milford entity (similar to a performance fee). Modelling indicates this amount could result in an estimated fee ranging from 0% to 0.03%. ## Additional terms (from PDS) - **Distribution cadence:** No distributions (accumulating) ## Investment policy (from SIPO) ### Strategic asset allocation ranges | Asset class | Target | Min | Max | | --- | ---: | ---: | ---: | | Cash and Cash Equivalents | 5% | -10% | 30% | | New Zealand Fixed Interest | 0% | -10% | 30% | | International Fixed Interest | 0% | -10% | 30% | | Australasian Equities | 25% | 0% | 50% | | International Equities | 70% | 50% | 100% | | Listed Property | 0% | -10% | 20% | | Unlisted Property | 0% | 0% | 10% | | Commodities | 0% | -10% | 10% | | Other | 0% | -20% | 20% | ### Responsible-investment approach Milford integrates environmental, social and governance (ESG) considerations as part of the investment process, including exercising proxy voting rights wherever possible, engaging with companies on ESG issues where appropriate and maintaining an exclusion list detailing companies Milford will not invest in. ### Derivatives policy Derivatives are used to the extent permitted in each Fund with the intention of reducing exposure to market risks or increasing exposure to market positions believed to improve Fund performance. Derivatives may also be used to obtain long or short exposure to shares and bonds, subject to each Fund's relevant SIPO ranges or limits. Source: Statement of Investment Policy and Objectives dated 2025-06-17. https://smartinvestor.sorted.org.nz/disclose-document/mdo8419dda0c03585d895e408d197dd4924/Milford-Investment-Funds-SIPO-June-2025.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply to every fund in this scheme. - **Trustee / Supervisor:** Trustees Executors Limited - **Auditor:** PricewaterhouseCoopers (PwC) - **Custodian:** HSBC Bank Australia Limited (ABN 48 006 434 162) - **Conflicts of interest disclosed in OMI:** 4 ### Conflicts of interest (verbatim from OMI) - Milford, as manager of the Funds, has an incentive to invest into other Milford funds ahead of funds managed by external fund managers or investment managers, because Milford Asset Management and its subsidiaries provide the people and infrastructure enabling Milford to carry out investment management. - When a Fund is invested in other Milford funds, the relevant Fund will be fully rebated for any management fees charged by that other Milford fund to ensure there is no 'double-dipping' of management fees, however those rebates do not extend to any performance fees charged (if any) by that other Milford fund. - Directors of Milford may also be directors of Milford Asset Management, and all staff involved with the Funds are employed and remunerated by Milford Asset Management or its wholly-owned subsidiary, Milford Australia Pty Ltd, creating an inherent conflict of interest. - Our directors, the directors and employees of Milford Asset Management, the Administration Manager, the Custodian, our Professional Advisers and the Supervisor may from time to time hold units in the Funds. ### Related-party transactions - **Milford Asset Management Limited** (Ultimate parent / wholly-owned parent of the manager) — Services Agreement under which Milford Asset Management provides administration, human resources, investment, operational, compliance, financial and management functions to Milford Funds Limited in exchange for fees payable by Milford. - **Milford Asset Management Limited (and its subsidiaries, Milford Group)** (Ultimate parent / common directors and employees) — All staff involved with the Funds are employed and remunerated by Milford Asset Management or its wholly-owned subsidiary, Milford Australia Pty Ltd; directors of Milford may also be directors of Milford Asset Management. Source: Other Material Information document dated 2025-06-17. https://smartinvestor.sorted.org.nz/disclose-document/mdo3d7e61a65aa9579f53ce02a3b779acae/Milford-Investment-Funds-Other-Material-Information-June-2025.pdf ## How to invest Available via: Milford directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Milford%20Aggressive%20Fund - **Product Disclosure Statement:** /disclose-document/mdofc511fafebb41f43fd5fdfe7fa53e1ca/Milford-Investment-Funds-Product-Disclosure-Statement-18-June-2025.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10700/OFR10702/FND23786/ - **Manager website:** https://milfordasset.com ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/milford/aggressive/ - **Markdown (this file):** https://managedfunds.nz/funds/milford/aggressive/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/milford/aggressive/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing.