InvestNow Milford Conservative

This $6.8 million fund is entirely a wrapper for the Milford Conservative Fund, charging 0.85 percent in total fees for access through the InvestNow platform.

The underlying allocation tilts heavily to fixed income: 34 percent in New Zealand bonds and 36 percent in international bonds, with another 14 percent sitting in cash. The growth portion is modest at 22 percent, split between Australasian shares (6 percent), international shares (7 percent), listed property (3 percent), and a sliver of commodities. Over five years, the fund has returned 3.5 percent annually, with stronger recent momentum: 7.0 percent over three years and 5.3 percent in the past year. The structure is straightforward but layered: investors pay InvestNow's 0.01 percent administration fee on top of the underlying Milford fund's charges, which account for the bulk of the 0.85 percent total.

At this scale, the fund remains a niche vehicle. Its conservative stance and bond-heavy positioning reflect a design for capital preservation with limited exposure to equity volatility, though the layered fee structure means costs stack up across two tiers before returns reach members.

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