Milford Asset Management is a New Zealand active fund manager whose KiwiSaver funds are run by its own investment team, which does its own research and picks the investments itself instead of tracking an index as a passive index fund does. Its flagship KiwiSaver Active Growth Fund has been running since 1 April 2010. This review covers Milford’s fund range, its fees, its five-year record to 30 June 2026 and how its active approach differs from an index fund. Other schemes are covered in our KiwiSaver provider reviews.
Disclosure: MoneyBalance does not have a commercial relationship with Milford. This review is based on publicly available information. Check current fees, fund details and performance figures directly with Milford.
For a comparison across providers, see KiwiSaver providers compared (2026).
Milford KiwiSaver at a Glance
| Detail | Milford KiwiSaver |
|---|---|
| Type | Active investment manager |
| Scheme | Milford KiwiSaver Plan |
| Default provider status | No: not one of the six providers appointed in the 2021 review |
| Funds offered | Cash, Conservative, Balanced, Active Growth and Aggressive, among others |
| Active Growth Fund fees | Base fund fee 1.05% a year plus any performance fee (total fund charges 1.05% in the year to 31 March 2026; Milford estimates 1.44% based on performance fees to 30 June 2026); no administration or registry charge |
| Active Growth Fund 5-year return | 6.60% a year after fees and tax (Sorted, fund data to 30 June 2026) |
| Supervisor | Trustees Executors Limited |
| Regulated by | Financial Markets Authority (FMA) |
| Ethical/ESG option | Integrated ESG, no separate ethical fund |
Milford’s Fund Range
Milford’s KiwiSaver Plan includes a Cash Fund, a Conservative and a Balanced fund, the Active Growth Fund and the Aggressive Fund. The approximate growth/defensive splits below are a guide only; each fund’s quarterly fund update gives its actual mix.
| Fund | Approx growth/defensive split | Typical horizon |
|---|---|---|
| Cash | Income assets | Short term |
| Conservative | ~18% / 82% | 3 years |
| Balanced | ~61% / 39% | 5 years |
| Active Growth | ~78% / 22% (target mix, PDS) | 7 years |
| Aggressive | ~95% / 5% | 10 years |
Fund list from Sorted Smart Investor, October 2026. Verify current funds and fees at milfordasset.com.
Naming note: Milford calls its main diversified growth fund “Active Growth”. Its stated objective, as quoted on Sorted, is “to provide annual returns of 10% after fees but before tax over the minimum recommended investment timeframe of seven years.” That is a target, not a promise. The Aggressive fund is a growth-asset portfolio with almost no defensive allocation.
For how growth and defensive assets work in KiwiSaver fund types, see KiwiSaver fund types explained.
Milford’s Active Management Approach
Milford’s investment philosophy centres on fundamental bottom-up stock analysis: its own team researches companies and picks the investments itself. This is paired with active market positioning that can adjust defensive/growth allocations based on market conditions.
Key characteristics of the Milford approach:
- Active selection: the Active Growth Fund held 791 investments (Sorted Smart Investor), chosen by Milford rather than set by an index
- Willingness to hold cash or reduce equity exposure in falling markets
- NZ and Australian equity expertise alongside global exposure
- In-house research team rather than outsourcing investment decisions
How this differs from passive providers: an index fund such as Simplicity’s holds companies in proportion to their size in the index. Milford decides which companies to own and in what proportions, so it can over- or under-weight sectors and regions, and its returns can differ from the market’s in either direction.
Default Provider Status
Milford was not selected as a default provider in the 2021 government review and has not been on the default panel, so members who don’t choose a provider are not allocated to it. KiwiSaver default funds explained lists the current default providers and what default status means.
Milford KiwiSaver Fees
Milford charges a percentage base fee that differs by fund, plus a performance fee on some funds including Active Growth, and no administration or registry charge per investor on its Active Growth Fund. For the Active Growth Fund on a $40,000 balance (checked October 2026):
| Fee | Active Growth Fund | Sorted comparison average |
|---|---|---|
| Membership fee | None | 0.04% |
| Total fees | 1.05% ($420) in the year to 31 March 2026 (Milford currently estimates 1.44% once performance fees are included) | 1.06% |
With no flat fee, the cost scales with the balance: the 1.05% base fee is about $105 a year on $10,000 and $525 on $50,000, and at Milford’s 1.44% estimate including performance fees it would be about $144 and $720. Each extra 0.10 percentage points of fee costs $50 a year on $50,000, which is the comparison to make against any other fund you’re considering.
For other providers’ fees side by side, see the KiwiSaver fund fees comparison.
Performance Record
5-year returns after fees and tax (Sorted Smart Investor, fund data to 30 June 2026):
- Milford KiwiSaver Active Growth: 6.60% a year
- Average growth KiwiSaver fund (Sorted): 5.48% a year
- Simplicity Growth: 7.23% a year
- Generate Focused Growth: 8.03% a year (Generate fund update, 30 June 2026; Sorted classes it as aggressive)
Returns are after fees and tax at the 28% PIR. Over the five years to 30 June 2026 its Active Growth Fund returned more than the growth-fund average and less than Simplicity’s Growth and Generate’s Focused Growth funds.
Caveats:
- Past performance doesn’t predict future returns
- Active funds can be ahead of or behind the market for long stretches, and the order of funds over any five-year window changes as the window moves
- Compare funds with a similar growth/defensive mix, after fees, over the same period, using Sorted Smart Investor: this page’s figures will age
ESG Integration: Not a Separate Fund, but Embedded
Milford does not offer a dedicated ethical KiwiSaver fund. Instead, ESG factors are integrated into the investment research process: companies are assessed on environmental, social and governance criteria as part of the fundamental analysis.
Milford also keeps an exclusion list across all its funds, including its KiwiSaver funds: it does not directly invest in companies that make cluster munitions, nuclear weapons, anti-personnel mines, civilian automatic and semi-automatic firearms, tobacco products or recreational cannabis products. For providers with dedicated ethical funds, see ethical KiwiSaver providers compared.
Features and Limitations
Features:
- Active management with an in-house research team
- Fund range from Cash to Aggressive
- No administration or registry charge per investor on the Active Growth Fund (Milford fund update, 30 June 2026)
- ESG integration throughout
- Active Growth Fund record back to 1 April 2010
Limitations:
- Fees (1.05% on Active Growth in the year to 31 March 2026, 1.44% currently estimated) higher than a low-cost index fund such as Simplicity’s Growth Fund (0.23% from 1 October 2026)
- Not a default provider
- Active portfolios can deviate significantly from market returns in either direction
- No dedicated ethical fund (an exclusion list applies across all funds)
Switching to or from Milford KiwiSaver
Joining Milford from elsewhere means applying to Milford; leaving means applying to the scheme you’re moving to, which deals with Milford. Your new provider arranges the transfer of your savings, the first-home withdrawal asks for at least 3 years in KiwiSaver, and how to switch KiwiSaver provider has the timing.
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 has Milford’s Active Growth Fund performed?
Per Sorted Smart Investor, it returned an average of 6.60% a year over the past five years after fees and tax (fund data to 30 June 2026), against 5.48% for the average growth KiwiSaver fund. Simplicity’s Growth fund returned 7.23% and Generate’s Focused Growth 8.03% over the same window.
How does Milford compare to Fisher Funds?
Both are active managers. Fisher Funds runs more than one KiwiSaver scheme, so the comparison depends on which scheme you mean. See Milford vs Fisher Funds KiwiSaver for the side-by-side figures.
Does Milford have a cash fund?
Yes. Sorted Smart Investor lists a Milford KiwiSaver Cash Fund alongside its diversified funds.
How risky is the Milford Aggressive fund?
It targets about 95% growth assets and is designed for a long investment horizon (minimum recommended timeframe 10 years). In a major market downturn, a fund invested almost entirely in shares can lose a large part of its value within a year. Historically such falls have recovered over time, but members who switch to defensive funds after a fall lock in the loss.
Can I be put into Milford by default?
No. Milford is not a government-appointed default provider, so members who don’t choose a provider are not allocated to Milford. If you are in Milford, you or someone acting for you chose it. The default fund guide explains how default allocation works.
Key Takeaways
- Milford is an active manager with an in-house research team that picks its funds’ investments
- It is not a government-appointed default provider
- The Active Growth Fund’s total fees were 1.05% in the year to 31 March 2026 with no membership fee; Milford currently estimates 1.44% once performance fees are included (Milford fund update, 30 June 2026)
- Its 5-year after-fee return was 6.60% a year (fund data to 30 June 2026), against a 5.48% growth-fund average
- The fund range runs from Cash to Aggressive; ESG is integrated rather than offered as a separate fund
For a comparison across NZ providers, see KiwiSaver providers compared (2026) and how to choose a KiwiSaver fund.