Milford Aggressive

This $2.97 billion fund charges a 1.15% total fee, placing it at the expensive end of the aggressive category, with an 8% performance fee on top of the base management charge.

The portfolio is all growth, all the time: 100% in equities and listed property, with international shares taking 78% and Australasian equities another 19%. The structure routes everything through the underlying Milford Aggressive Fund, which holds the actual stock positions. That concentration on offshore markets reflects a deliberate tilt away from New Zealand, leaving the domestic sharemarket as a supporting role rather than the main act. A sliver in listed property and bonds adds minor diversification, but this is fundamentally a global equity bet.

The performance picture shifts across timeframes. Over five years, the fund ranks 3rd in its category, a strong showing. Over three years, it sits 10th. The most recent year sees it drop to 15th, with a 10.7% return. The fee level means members are paying materially more than many rivals, and the performance fee kicks in when returns exceed a threshold, adding cost in stronger years.

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