AMP KiwiSaver- Milford Balanced Fund

This fund charges 1.35 percent in total fees, placing it among the more expensive balanced options in New Zealand, and invests everything into a single underlying fund: the Milford Balanced Fund.

With 60 percent in growth assets, the allocation tilts towards international shares at just under 30 percent and Australasian equities at 17 percent, while the defensive side leans on international bonds at 23 percent and New Zealand bonds at 15 percent. A small commodities position at 2.2 percent and listed property at 5.6 percent round out the mix. Over one year the fund returned 8.5 percent, rising to 9.2 percent annualised over three years. At $74 million in assets under management, it remains a relatively small fund within the KiwiSaver landscape.

The structure is straightforward: a single-manager wrapper sitting on top of Milford's balanced offering. Investors pay the combined cost of both layers, with a performance fee of 0.08 percent adding to the base management charge. The fund carries a risk level of 4, reflecting its balanced split between growth and income assets.

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