Milford vs Fisher Funds KiwiSaver Plan NZ 2026: Fees and Returns Compared

Milford and Fisher Funds are both active New Zealand fund managers: they both employ research teams to pick investments and build portfolios, rather than simply tracking an index. Fisher Funds used to run three KiwiSaver schemes with different track records. It has consolidated them into one, the Fisher Funds KiwiSaver Plan (the former Kiwi Wealth KiwiSaver Scheme, acquired in 2022): Fisher Funds TWO (the former Tower KiwiSaver Scheme, acquired in 2013) moved its members into the Plan in June 2026, and the FMA approved the transfer of the original Fisher Funds KiwiSaver Scheme’s members into the Plan, due to complete by 6 October 2026. This page therefore compares Milford with the Fisher Funds KiwiSaver Plan, with the original scheme’s last published figures kept for members who were in it. It is one of our KiwiSaver head-to-head comparisons.

Quick Comparison: Milford vs Fisher Funds KiwiSaver Plan

Feature	Milford	Fisher Funds KiwiSaver Plan
Investment approach	Active management	Active management
Default provider (2021)	No	Yes (inherited via the Kiwi Wealth acquisition)
Growth fund fee	1.05% base fee (year to 31 Mar 2026); 1.44% estimated with performance fees	1.13% expected (year to 31 Mar 2027); 1.23% in year to 31 Mar 2026
Growth fund return, 5 years to 30 Jun 2026 (after fees and tax)	6.60%	4.46%
Balanced fund fee	1.05% base fee; about 1.12% estimated with performance fees	1.01%
Conservative fund fee	0.85%	0.85%

Return figures are from each fund’s June 2026 fund update (after fees and tax at the highest prescribed investor rate (PIR)), which are also listed on Sorted Smart Investor. Fisher Funds’ fees are from its KiwiSaver Plan fee page and product disclosure statement; Milford’s from its fund updates for the quarter to 30 June 2026. Check current numbers before comparing.

If you were in the original Fisher Funds KiwiSaver Scheme: its Growth Fund charged 1.09% in the year to 31 March 2026 and returned 3.92% a year over the 5 years to 30 June 2026 (after fees and tax), per its last fund update. Its members were due to move into the equivalent Fisher Funds KiwiSaver Plan funds by 6 October 2026, so the Plan’s fees apply from then.

Fees: Milford vs Fisher Funds KiwiSaver Plan

Growth fund fees:

Milford Active Growth: 1.05% base fee in the year to 31 March 2026 (1.44% estimated once performance fees are counted)
Fisher Funds KiwiSaver Plan Growth: 1.13% expected for the year to 31 March 2027 (it was 1.23% for the year to 31 March 2026; 1.23% is also the fee expected for the Plan’s Aggressive fund in 2027)

On base fees, the Plan’s Growth Fund (1.13% expected for the year to 31 March 2027) costs slightly more than Milford Active Growth (1.05% in the year to 31 March 2026). Once Milford’s performance fee is counted (1.44% estimated in its June 2026 fund update), Milford’s total charge is higher. The size and direction of the gap depend on the year and on Milford’s performance fees, so check the current fee on Sorted or the provider’s own fund update rather than relying on a fixed figure.

On a $100,000 balance, every 0.1 percentage point of fee is $100 a year, a smaller effect than the 5-year return gap discussed below.

Performance: Milford vs Fisher Funds KiwiSaver Plan

Growth fund returns after fees and tax, 5 years to 30 June 2026 (source: each fund’s update, also on Sorted Smart Investor):

Milford Active Growth: 6.60% p.a.
Fisher Funds KiwiSaver Plan Growth: 4.46% p.a.

Over the 5 years to 30 June 2026, Milford’s return is higher by roughly 2.1 percentage points. If those rates repeated (past returns don’t predict future ones), $100,000 over 10 years would grow to approximately $189,500 at 6.60% and approximately $154,700 at 4.46%, a gap of around $34,800.

For members who were in the original Fisher Funds KiwiSaver Scheme, its Growth Fund returned 3.92% a year over the same 5 years, about 2.7 percentage points below Milford’s 6.60%.

For context: Generate’s Focused Growth fund returned 8.03% p.a. after fees and tax over the same 5-year window. Growth fund returns for more providers are in our KiwiSaver fund returns tables, and the fees vs returns comparison looks at whether fees explain the differences.

About the Fisher Funds KiwiSaver Plan

History: the Plan is the former Kiwi Wealth KiwiSaver Scheme, which Fisher Funds acquired in 2022 and renamed. Fisher Funds TWO and the original Fisher Funds KiwiSaver Scheme have since been moved into it.
Returns: the fund updates report returns but don’t say why the Plan’s Growth Fund has trailed Milford’s over this window.
Lower-cost option: the Plan’s Default Fund, which Fisher Funds says may use an enhanced passive investment style at times, has an annual fund charge of 0.37%, against 1.13% expected for its Growth Fund.

Milford’s Track Record in Context

Milford’s 6.60% 5-year growth-fund return is below Simplicity’s and Generate’s over the same window (see our Simplicity vs Milford comparison) and above the Fisher Funds KiwiSaver Plan’s 4.46%.

Investment team: Milford’s key portfolio managers have a long track record
Default status: Milford is not a government-appointed default provider (neither is Fisher Funds in its own right, though the Fisher Funds KiwiSaver Plan inherited default status from Kiwi Wealth)

SuperLife (A Different Owner)

SuperLife is sometimes assumed to be a Fisher Funds brand, but it is managed by Smartshares Limited (Smart), a wholly owned subsidiary of NZX; see our SuperLife KiwiSaver review for its fees and funds.

Summary

	Milford Active Growth	Fisher Funds KiwiSaver Plan Growth
Fee	1.05% base fee (year to 31 Mar 2026); 1.44% estimated with performance fees	1.13% expected (year to 31 Mar 2027)
Return after fees and tax	6.60% (5 yrs to 30 Jun 2026)	4.46% (5 yrs to 30 Jun 2026)

Other reference points over the same 5-year window: Generate’s Focused Growth fund returned 8.03% after fees and tax, Simplicity’s Growth fund also returned more than Milford’s (see our Simplicity vs Milford comparison), and the original Fisher Funds KiwiSaver Scheme’s Growth Fund returned 3.92% before its members moved into the Plan. Past returns don’t predict future returns.

Where to check the latest data

Rates, fees and returns change often. Before deciding, check current figures yourself:

Sorted Smart Investor: compares fees, returns and risk levels of KiwiSaver and managed funds.
Disclose register: holds each fund's product disclosure statement and quarterly fund updates.
The provider's latest fund update: gives the fund's current fees, returns and holdings.

Frequently Asked Questions

How have Fisher Funds’ schemes performed? The Fisher Funds KiwiSaver Plan’s Growth Fund (the former Kiwi Wealth scheme) returned 4.46% a year over the 5 years to 30 June 2026, after fees and tax. The original Fisher Funds KiwiSaver Scheme’s Growth Fund returned 3.92% a year over the same period, before its members were due to move into the Plan by 6 October 2026. Fisher Funds TWO, the former Tower KiwiSaver Scheme, moved its members into the Plan in June 2026.

Does Fisher Funds own other KiwiSaver providers? No, this is a common mix-up. SuperLife is managed by Smartshares Limited (Smart), a wholly owned subsidiary of NZX, not by Fisher Funds. Fisher Funds runs the former Kiwi Wealth KiwiSaver Scheme (renamed the Fisher Funds KiwiSaver Plan), acquired in 2022, and has moved its other two KiwiSaver schemes, Fisher Funds TWO and the original Fisher Funds KiwiSaver Scheme, into it.

Can members move between KiwiSaver providers? Yes. You can switch at any time by applying to the new provider. IRD says the transfer takes about 2 weeks, and your old provider may charge a transfer fee. See our switching KiwiSaver providers guide.

Has Milford always returned more than Fisher Funds? Over the 5 years to 30 June 2026, Milford Active Growth’s return after fees and tax was higher than both the Fisher Funds KiwiSaver Plan’s and the original scheme’s growth funds. Other periods can give a different order. Current 5-year data is on Sorted Smart Investor; a single year’s return or a provider’s reputation says less.