Milford Balanced Fund is a diversified managed fund operated by Milford; PIE-structured; FMA risk indicator 4/7. Headline terms: annual fund charge 1.07% · minimum investment NZ$1,000 · distributions no distributions (accumulating). Compared with 66 other same-category funds on this site, the 1.07% annual fund charge sits above the same-category median of 0.99%.
PIE tax treatment — capped at your PIR (max 28%)
This fund is a Portfolio Investment Entity (PIE) under Subpart HM of the Income Tax Act 2007. Income is taxed at your Prescribed Investor Rate (10.5% / 17.5% / 28%), not your marginal income-tax rate. The fund manager calculates and pays the tax on your behalf — when your PIR is correct, you usually don't need to declare PIE income in your annual tax return. See our PIR guide and PIE tax basics for the full picture, or use the PIR calculator to confirm your rate.
Annual fund charge
1.05%
vs peer avg 1.10%
Risk indicator
4/7
1 = lower risk · 7 = higher risk
5-year return p.a.
4.74%
peer avg 3.77%
Fund size
NZ$2.52b
53% growth · 47% income
To provide capital growth over the minimum recommended investment timeframe. A diversified fund that primarily invests in equities, with a significant allocation to fixed interest securities.
Benchmark track record
Compare Diversified consistency →How Milford Balanced Fund performed against its own market-index benchmark each year, after fees and tax — from the FMA fund-update dataset. Historical track record, not current-year performance; past performance is not a guide to the future.
Beat its benchmark in 5 of 14 years
annual returns to 31 March 2026Since inception: 8.6% p.a. after fees & tax vs benchmark 8.78%.
How Milford Balanced Fund differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Top 3 holdings
- NZD Cash Current Account (HSBC) (2.6%) · USD Cash Current Account (HSBC) (2.3%) · New Zealand Government 4.5% 15/05/2035 (2.1%)
- Currency policy
- Milford believes in active currency management to control risk and add value. For each Fund a neutral investment position is established based on risk-adjusted return relative to the Fund's objective, with tactical range…
Key facts
Fund start date
1 April 2010
Min. investment
NZ$1,000
Distributions
No distributions (accumulating)
Tax structure
PIE
Capped at your PIR (max 28%)
Performance fee
From the Product Disclosure Statement.
Performance fee paid (last published): 0.02%
Balanced does not directly charge a performance fee, but it may invest in related Milford funds that have performance fees.
Investment policy
From the Statement of Investment Policy and Objectives (SIPO).
Strategic asset allocation ranges
| Asset class | Target | Min | Max |
|---|---|---|---|
| Cash and Cash Equivalents | 8% | -10% | 75% |
| New Zealand Fixed Interest | 6% | 0% | 65% |
| International Fixed Interest | 25% | 0% | 40% |
| Australasian Equities | 24% | 0% | 40% |
| International Equities | 30% | 0% | 50% |
| Listed Property | 7% | 0% | 20% |
| Unlisted Property | 0% | 0% | 7% |
| Commodities | 0% | -10% | 10% |
| Other | 0% | -10% | 10% |
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.
Reading between the lines
Plain-English summary of the scheme's disclosed conflicts and performance-fee mechanics, drawn from the OMI and PDS. Factual restatement — no opinion.
- Milford acknowledges an incentive to favour its own funds over external managers when investing, because its parent company Milford Asset Management supplies all investment staff and infrastructure.
- Milford rebates management fees when a Fund invests in another Milford fund, but those rebates do not cover performance fees charged by the underlying Milford fund, meaning investors can bear both layers of performance fees.
- Milford pays fees to its ultimate parent Milford Asset Management under a Services Agreement covering administration, investment, compliance, and other functions; directors of Milford may simultaneously serve as directors of Milford Asset Management.
- Several funds charge performance fees—for example Active Growth charges 15% of returns above a 10% hurdle (capped at 0.95% of NAV); Balanced and Aggressive funds may also bear performance-fee costs indirectly through investments in related Milford funds.
Generated 2026-05-28 from Milford Investment Funds OMI (dated 2025-06-17). The verbatim disclosures appear in full below — this summary is a navigation aid, not a substitute.
Scheme disclosures
From the Other Material Information (OMI) document. Scheme-level — applies 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 disclosed
4
In OMI
Conflicts of interest disclosed in 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.
How this fund compares to peers
Mechanical comparison vs the 67 other diversified funds in our cohort. Source: FMA Disclose register via Sorted Smart Investor. Past performance is not a reliable indicator of future returns.
Annual fund charge
1.05%
Category median: 0.99%
Mid-pack — cheaper than 39% of peers
5y return p.a. (after fees)
+4.74%
Category median: +3.27%
Above peer median (73th percentile)
Fund size
NZ$2.52b
Category median: NZ$57.5m
Top 5% by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$514
Compounded charge over 5 years (excl. returns)
$29 more than peer median
Read the full fee-vs-peers breakdown →
Mechanical scores only — no opinion or recommendation. Different funds suit different investor goals. ManagedFundsNZ is not a Financial Advice Provider. Read the current PDS and consider speaking to a licensed financial adviser.
Top 10 holdings
As at the latest published quarterly fund update (via Sorted Smart Investor).
| Holding | % of fund |
|---|---|
| $ NZD Cash Current Account (HSBC) | 2.57% |
| $ USD Cash Current Account (HSBC) | 2.29% |
| NZ New Zealand Government 4.5% 15/05/2035 | 2.09% |
| $ AUD Cash Current Account (HSBC) | 1.53% |
| SS SSE Plc | 1.30% |
 Contact Energy Ltd | 1.22% |
| NG National Grid Plc | 1.21% |
 Microsoft Corporation | 1.18% |
| $ NZD Cash Call Account (BNZ Bank) | 1.09% |
| NG NatWest Group Plc | 1.06% |
Documents
- Supporting document149 kB · file fingerprint recorded
- Supporting document545 kB · file fingerprint recorded
- Supporting document402 kB · file fingerprint recorded
- Supporting document13000 kB · file fingerprint recorded
- Other Material Information251 kB · file fingerprint recorded
- Statement of Investment Policy402 kB · file fingerprint recorded
- Supporting document73 kB · file fingerprint recorded
- Supporting document285 kB · file fingerprint recorded
- Product Disclosure Statement3349 kB · file fingerprint recorded
Also via Sorted Smart Investor
FMA Disclose mirrors and historical files from Sorted.
- MILFORD BALANCED FUND (FND513) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 2.49 KB
- Milford Investment Funds Product Disclosure Statement 18 June 2025.pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 3.26 MB
- Milford Balanced Fund Mar 26.pdf The quarterly update published by the provider PDF, 134.59 KB
- Milford Investment Funds Other Material Information June 2025.pdf This document provides additional information about the organisations who are responsible for providing and overseeing the Milford Inv
- Milford Investment Funds Investor Guide June 2025.pdf This document provides additional information about investing, distributions, withdrawals and switching your investment and should be read with th
- Milford Investment Funds SIPO June 2025.pdf Statement of investment policy and objectives PDF, 397.00 KB
About this category
Multi-asset funds that hold a mix of shares, bonds, cash and sometimes property in a single portfolio. The mix determines the risk profile — aggressive funds hold more shares, conservative funds hold more bonds and cash.
About Milford
New Zealand active manager with diversified, equity and fixed-income strategies.
See all funds from Milford →Common questions
Questions people ask about Milford Balanced Fund
Drawn from Google's "People also ask" panel and answered with reference to the fund's filed PDS, Fund Update and FMA Disclose data. Not personal financial advice — for guidance specific to your situation, consult an authorised financial adviser.
Are balanced funds good for retirees?
Balanced funds blend growth and income assets to suit investors seeking both capital appreciation and regular returns; however, suitability for any individual depends on personal circumstances, time horizon, and risk tolerance. Milford Balanced Fund holds approximately 52.35% growth assets and 47.65% income assets as at the latest QFU. Prospective investors should review the Product Disclosure Statement and consider seeking personalised financial advice.
Is a balanced fund a good investment?
Balanced funds aim to provide diversification across asset classes to manage risk and return; whether this approach suits your needs depends on your financial goals and risk tolerance. Milford Balanced Fund carries a risk indicator of 4/7 on the FMA standardised scale and achieved a 5-year return after fees and before tax of 4.74% p.a. as at the latest QFU. Refer to the PDS and FMA Disclose register for full performance and risk details.
How safe are Milford investments?
Fund safety depends on the fund's investment approach, underlying assets, and the manager's governance—not on the manager's brand or history. Milford Balanced Fund is classified as a diversified fund with a risk indicator of 4/7 (moderate-to-high risk) and holds a mix of cash, bonds, and growth assets. Full details on the fund's custodian, fund governance, and asset holdings are available on the FMA Disclose register and the manager's website at https://milfordasset.com.
What is the average return on a balanced fund?
Returns vary significantly by fund, market conditions, and time period; there is no single "average" across the category. Milford Balanced Fund delivered a 5-year return after fees and before tax of 4.74% p.a. as at the latest QFU. For comparison with other balanced funds, see our fund comparison tool and the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/.
Head-to-head
Compare Milford Balanced Fund with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other Diversified funds
Same manager
Other funds by Milford
- Milford Active Growth FundDiversified
- Milford Aggressive FundDiversified
- Milford Diversified Income FundDiversified
FMA risk band
Same risk band (4/7)
See every NZ retail managed fund with the same standardised FMA risk indicator. Useful for peer-checking volatility-comparable funds outside this category.
View risk band 4 funds →AI & integrations
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Frequently asked questions
Mechanical Q&A grounded in the fund's PDS, SIPO, and latest QFU on the FMA Disclose register. Verify against the source before relying on any of this.
Who manages the Milford Balanced Fund?
Milford Balanced Fund is managed by Milford. New Zealand active manager with diversified, equity and fixed-income strategies.
What asset class is the Milford Balanced Fund?
It is a diversified managed fund. The fund has a balanced risk profile. Multi-asset funds that hold a mix of shares, bonds, cash and sometimes property in a single portfolio. The mix determines the risk profile — aggressive funds hold more shares, conservative funds hold more bonds and cash.
What are the fees for the Milford Balanced Fund?
The annual fund charge for the Milford Balanced Fund is 1.05% p.a., as reported in the latest Quarterly Fund Update sourced from the FMA Disclose register. Always check the current PDS for any additional fees.
What is the risk indicator for the Milford Balanced Fund?
The risk indicator is 4/7 on the standardised FMA-mandated scale, where 1 is lower risk and 7 is higher risk. The risk indicator is calculated from the fund's price volatility over the past five years and is published in every Quarterly Fund Update.
Is the Milford Balanced Fund a PIE fund?
Yes. The Milford Balanced Fund is structured as a New Zealand Portfolio Investment Entity (PIE). Investor tax on the fund's income is capped at the investor's Prescribed Investor Rate (PIR), which has a maximum of 28%. Most NZ-resident retail investors with a taxable income at or below NZ$48,000 qualify for a lower PIR.
How big is the Milford Balanced Fund?
Fund size (assets under management) is NZ$2.52 billion as at the latest Quarterly Fund Update. Asset mix is approximately 53% growth assets and 47% income assets.
What does the Milford Balanced Fund invest in?
The latest published top holdings are: NZD Cash Current Account (HSBC) (2.57%), USD Cash Current Account (HSBC) (2.29%), New Zealand Government 4.5% 15/05/2035 (2.09%). Holdings are disclosed in each Quarterly Fund Update; the full portfolio holdings file is also available via the FMA Disclose register.
How can I invest in the Milford Balanced Fund?
The Milford Balanced Fund is available via Milford directly. Always read the current Product Disclosure Statement before investing.
Are balanced funds good for retirees?
Balanced funds blend growth and income assets to suit investors seeking both capital appreciation and regular returns; however, suitability for any individual depends on personal circumstances, time horizon, and risk tolerance. Milford Balanced Fund holds approximately 52.35% growth assets and 47.65% income assets as at the latest QFU. Prospective investors should review the Product Disclosure Statement and consider seeking personalised financial advice.
Is a balanced fund a good investment?
Balanced funds aim to provide diversification across asset classes to manage risk and return; whether this approach suits your needs depends on your financial goals and risk tolerance. Milford Balanced Fund carries a risk indicator of 4/7 on the FMA standardised scale and achieved a 5-year return after fees and before tax of 4.74% p.a. as at the latest QFU. Refer to the PDS and FMA Disclose register for full performance and risk details.
How safe are Milford investments?
Fund safety depends on the fund's investment approach, underlying assets, and the manager's governance—not on the manager's brand or history. Milford Balanced Fund is classified as a diversified fund with a risk indicator of 4/7 (moderate-to-high risk) and holds a mix of cash, bonds, and growth assets. Full details on the fund's custodian, fund governance, and asset holdings are available on the FMA Disclose register and the manager's website at https://milfordasset.com.
What is the average return on a balanced fund?
Returns vary significantly by fund, market conditions, and time period; there is no single "average" across the category. Milford Balanced Fund delivered a 5-year return after fees and before tax of 4.74% p.a. as at the latest QFU. For comparison with other balanced funds, see our fund comparison tool and the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/.