AMP KiwiSaver- Milford Conservative Fund

This conservative fund charges 1.24 per cent annually, placing it at the higher end of the fee spectrum for a portfolio that holds 22 per cent in growth assets and keeps the rest in bonds and cash. It is a replicated fund, meaning AMP invests all member money into the Milford Conservative Fund, which in turn allocates roughly two-thirds to New Zealand and international bonds, 13 per cent to cash, and the remaining fifth to shares and listed property. The underlying Milford portfolio includes a small commodity position alongside its equity holdings.

With $19.7 million in member funds, this is a relatively small offering. The structure adds a layer between members and the actual investments, with Milford making the allocation decisions within the underlying fund. The management fee sits well above the category norm, and there is an additional performance fee component of 0.08 per cent. Over three years, the fund has returned 6.6 per cent annually, though no category ranking data is available to contextualise that figure.

The fund carries a risk level of 4, reflecting its bond-heavy allocation and limited exposure to equities. It is built for investors prioritising capital preservation over growth, with the bulk of its assets in fixed income and cash instruments.

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