AMP KiwiSaver- Milford Active Growth Fd

This fund invests entirely into a single wholesale vehicle, the Milford Active Growth Wholesale Fund No. 2, making it a pure replication of Milford's underlying strategy. The total fee of 1.64% includes a 1.47% management charge, a small performance component, and minimal other costs. At $109.4 million in size, it sits within the replicated growth category with a risk level of 4.

The underlying allocation runs 77% in growth assets, split between 47.55% international shares, 15.72% Australasian equities, and 8.37% listed property. The defensive side holds 13.35% in international bonds and 8.41% in New Zealand fixed income, with 6.49% in cash. A small commodities position rounds out the mix. Over the past year the fund returned 11.9%, climbing to an annualised 12.6% over three years. Five-year figures and category rankings are not yet available, reflecting the fund's relatively recent vintage.

The structure is straightforward: investors access Milford's active management through AMP's platform, with the fee incorporating both the manager's charge and the wrapper. The fund's growth tilt and multi-asset approach reflect Milford's house view, channelled through a single wholesale holding rather than direct security selection at the AMP level.

General information only, not financial advice. Past performance is not a reliable indicator of future results.