Milford Cash Fund

Nearly $164 million sits in this fund, with more than a quarter of it parked in just two places: a Westpac wholesale deposit and a BNZ call account. The rest spreads across short-dated bank bonds and commercial paper from Port of Tauranga and Genesis Energy, all maturing within months. This is capital preservation at work, not growth.

At 0.20 percent all-in, the fee sits in the middle of the cash category pack. The fund returned 3.5 percent over the past year and placed 10th in its category, while its three-year return of 4.8 percent landed it in 9th. Over five years it climbed to 6th, delivering 3.4 percent annualised. Those rankings reflect the compressed nature of cash fund performance, where differences are measured in fractions and consistency matters more than headline figures.

The allocation is entirely domestic and entirely defensive: 77 percent in New Zealand bonds, 15 percent in cash and equivalents, and a sliver in international bonds. No equities, no property, no commodities. The holdings read like a bank treasury ladder, each one a short-term promise to repay. This is a fund built for stability and liquidity, not for compounding returns over time.

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