What can the Milford Conservative Fund actually invest in?
The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each.
Strategic asset allocation ranges
| Asset class | Target | Min | Max |
|---|---|---|---|
| Cash and Cash Equivalents | 7% | -10% | 100% |
| New Zealand Fixed Interest | 25% | 0% | 100% |
| International Fixed Interest | 50% | 0% | 100% |
| Australasian Equities | 4% | 0% | 25% |
| International Equities | 9% | 0% | 25% |
| Listed Property | 5% | 0% | 25% |
| Unlisted Property | 0% | 0% | 10% |
| Commodities | 0% | -2% | 2% |
| Other | 0% | -20% | 20% |
Mandate flexibility (sum of max − min across all ranges): 439%. Wide range — high manager discretion typical of active management.
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.