Insights series
Manager claims, recomputed from FMA Disclose data
Each issue takes a publicly published fund claim — a manager's PDS objective, a magazine article, a regulator notice — and recomputes the math from FMA Disclose-mirrored data. We show both numbers and the methodology gap. We do not draw a conclusion.
-
Milford Active Growth Fund
Methodology gap — target and FMA figure are not directly comparableClaim source: Milford Investment Funds PDS (June 2025)
Published return objective: 10% p.a. before tax and performance fee, over 7+ years.
Published 8 May 2026 · Milford · Read the recompute →
-
Fisher Funds Australian Growth Fund
FMA Disclose returns sit below the peer-cohort average over the period reportedClaim source: BusinessDesk article ("We need to talk about Fisher Funds")
Published claim: 1.46% management fee, 3.9% 5-year return, "$500K mistake" on $1M.
Published 7 May 2026 · Fisher Funds · Read the recompute →
How this series works
- We start from a publicly published claim — a manager's PDS objective, a media article, or a regulator notice.
- We pull the FMA Disclose-mirrored numbers (annual fund charge, 5-year return after fees and tax, peer-cohort averages) from Sorted Smart Investor.
- We present both side by side, explain methodology gaps, and compute mechanical $-amount illustrations.
- We do not give an opinion or recommendation. ManagedFundsNZ is not a Financial Advice Provider.
- We accept no payment from fund managers for inclusion or exclusion.
Common questions
What does "claim verified" mean here?
For each issue, we take a publicly published claim about a fund — a published return objective in the manager's PDS, a fee or return cited in a media article, or a regulator notice — and recompute the relevant numbers from FMA Disclose-mirrored data on Sorted Smart Investor. We present both numbers, explain methodology gaps, and let the reader draw their own conclusion. We do not give an opinion or a recommendation.
Why is this useful?
Published fund claims often use different methodology to the FMA-mandated standardised figures (annual fund charge and 5-year return after fees and tax). The numbers can look very different even when both are correct, because they measure different things. We show the gap explicitly so investors can compare apples to apples.
Is this financial advice?
No. ManagedFundsNZ is not a Financial Advice Provider (FAP) and does not give personalised advice. The "claim verified" series is mechanical comparison only — it does not tell you which fund to choose. Past performance is not a reliable indicator of future returns. Read the current Product Disclosure Statement and consider speaking to a licensed financial adviser before deciding.
How do you choose which claims to verify?
We prioritise claims that are widely cited (large-circulation media, manager flagship funds, regulator notices) and where we can recompute against FMA Disclose data. We do not accept payment from fund managers for inclusion or exclusion. If you have a published claim you would like us to check, email hello@managedfunds.nz with a link to the source.
Important: Past performance is not a reliable indicator of future returns. The mechanical comparisons in this series do not constitute financial advice. Read the current Product Disclosure Statement on the FMA Disclose register and consider speaking to a licensed financial adviser before deciding what to do.