Funds

Milford KiwiSaver Moderate Fund

Total Ethical Concerns: 10.82%

The average total concerns of all KiwiSaver balanced funds is 5.99%.

Companies of Concern

  • Animal Cruelty 1.35%

    • Shell
      0.96%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.96%
    • Air Liquide
      0.20%
      0.20%
    • Nufarm Ltd.
      0.06%
      0.06%
    • Orica Ltd.
      0.06%
      0.06%
  • Human Rights Violations 1.21%

    • UBS
      0.54%
      0.54%
    • 0.44%
    • Rio Tinto
      0.04%
      0.04%
  • Social Harm 0.17%

  • Fossil Fuels 8.57%

    • Contact Energy Ltd.
      1.73%
      1.5°C
      This company is on a 1.5°C pathway
      1.73%
    • Shell
      0.96%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.96%
    • National Grid PLC
      0.89%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.89%
    • Ampol Ltd.
      0.62%
      0.62%
    • 0.58%
    • Apa Group
      0.57%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.57%
    • Santos Ltd.
      0.48%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.48%
    • BP
      0.43%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.43%
    • E.On Se
      0.35%
      0.35%
    • Channel Infrastructure
      0.29%
      0.29%
    • Centerpoint Energy, Inc.
      0.27%
      0.27%
    • Ameren Corp.
      0.23%
      0.23%
    • BHP
      0.23%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.23%
    • Origin Energy
      0.23%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.23%
    • Teck Resources Limited
      0.21%
      0.21%
    • Duke Energy Corp
      0.20%
      0.20%
    • Orica Ltd.
      0.06%
      0.06%
    • Viva Energy Group Ltd.
      0.05%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.05%
    • Rio Tinto
      0.04%
      0.04%
    • Alcoa Corp.
      0.03%
      0.03%
    • Whitehaven Coal Ltd.
      0.03%
      0.03%
    • Cheniere Energy, Inc.
      0.02%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.02%
    • Kinder Morgan, Inc.
      0.02%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.02%
    • Tc Energy Corp.
      0.02%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.02%
    • Nextera Energy, Inc.
      0.01%
      0.01%
    • Rwe AG
      0.01%
      0.01%
  • Weapons 0.02%

    • Hexcel Corp.
      0.02%
      0.02%
  • Environmental Harm 2.01%

    • Shell
      0.96%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.96%
    • 0.56%
    • BHP
      0.23%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.23%
    • Duke Energy Corp
      0.20%
      0.20%
    • Nufarm Ltd.
      0.06%
      0.06%

Fund Provider Response

At Milford, we are acutely aware of our capacity as shareholders to drive positive change. Rather than just avoid harm, we believe it is our duty to use our seat at the table to help drive the transition to a more sustainable future. We use our detailed research to enable educated conversations with the companies we invest in and push them to deliver better outcomes via sustainability targets, action and reporting. Please see our website for a deeper explanation of our approach and examples in our latest engagement activities and outcomes report: https://milfordasset.com/Engagement-Activity-and-Outcomes

From the Fund Provider

  • About this fund

    About this Fund

    The Fund’s objective is to provide moderate returns and capital growth, after the base fund fee but before tax and before the performance fee, over the minimum recommended investment timeframe of four years. It is a diversified fund that primarily invests in fixed interest securities with a significant allocation to equities.

    Value $218M NZD
    Period of data report 31st March 2025
    Members 5,309
    Fund started 27th March 2020
    Total annual fund fees 0.95%
    Total performance based fees 0.0%
    Manager's basic fee 0.94%
    Other management and administration charges 0.01%
    Total other charges 0.0
    Total other charges currency NZD

    Mark Riggall

    Currently: Portfolio Manager, Senior Dealer (10 years, 3 months)
    Previously: Executive Director of Equity Derivatives Trading at Morgan Stanley, United Kingdom and Hong Kong (11 years, 0 months)

    Paul Morris

    Currently: Portfolio Manager (9 years, 2 months)
    Previously: Head of Portfolio Strategy and Fixed Income at Macquarie Private Wealth, New Zealand (4 years, 6 months)

    This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 31st March 2025.

  • Past Returns

    Past Returns

    Past annual returns for this fund are after fees and taxes. Please note that higher past returns do not always mean higher future returns.

    Year Market Average Fund Annual Return
    2025 4.34% 4.94%
    2024 10.86% 8.07%
    2023 -2.79% 0.13%
    2022 1.34% 1.94%
    2021 17.98% 14.77%

    The market average is the average return for funds of the same risk category, sourced from the Commission for Financial Capability's Sorted website. The fund information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 31st March 2025.

  • Investments

    Top 10 Investments

    • NZD Cash Current Account (Hsbc)

      New Zealand Cash and Equivalents AA-

      7.79%
    • USD Cash Current Account (Hsbc)

      United States Cash and Equivalents A+

      2.37%
    • AUD Cash Current Account (Hsbc)

      Australia Cash and Equivalents AA-

      1.43%
    • Microsoft Corporation

      United States International Equities

      1.24%
    • Contact Energy Ltd

      New Zealand Australasian Equities

      1.22%
    • NZD Cash Call Account (Bank Of New Zealand)

      New Zealand Cash and Equivalents AA-

      1.07%
    • NZ Local Government Funding 4.5% 15/05/2030

      New Zealand NZ Fixed Interest AAA

      0.96%
    • Shell PLC

      United States International Equities

      0.95%
    • Natwest Group PLC

      United Kingdom International Equities

      0.93%
    • Gbp Cash Current Account (Hsbc)

      United Kingdom Cash and Equivalents A+

      0.9%
    Type Target Actual
    Cash and Cash Equivalents 9.0% 23.75%
    New Zealand Fixed Interest 15.0% 13.83%
    International Fixed Interest 36.0% 30.0%
    Australasian Equities 15.0% 11.32%
    International Equities 19.0% 16.85%
    Listed Properties 6.0% 4.25%
    Unlisted Properties 0.0% 0.0%
    Other 0.0% 0.0%
    Commodities 0.0% 0.0%

    Investment Mix

    How the money in this fund is invested by asset type.

    This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 31st March 2025.

This data is compiled by Mindful Money from the fund information and portfolios that each KiwiSaver fund has filed with the Disclose register to 31st March 2025 and Mindful Money analysis of funds within those portfolios. The list of companies of concern has been drawn from ratings agencies and public sources, including the Norwegian Sovereign Fund, NZ Super Fund, Sustainalytics and research organisations.

Please note that companies may breach more than one of these areas of concern.

The listing of companies of concern is based on definitions used in Mindful Money's methodology. These definitions may be different from the exclusions policy and definitions applied by the fund provider.

Mindful Money uses the term Mindful Funds as our standard for ethical investment and responsible investment. This does not imply that other funds are unethical or that the fund providers that do not meet these standards are unethical providers.

Issues of Concern

  • 1.35% Animal Cruelty
  • 1.21% Human Rights Violations
  • 0.17% Social Harm
  • 8.57% Fossil Fuels
  • 0.02% Weapons
  • 2.01% Environmental Harm

Companies of Concern

  • Animal Cruelty

    • Shell
      0.96%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.96%
    • Air Liquide
      0.20%
      0.20%
    • Nufarm Ltd.
      0.06%
      0.06%
    • Orica Ltd.
      0.06%
      0.06%
  • Human Rights Violations

    • UBS
      0.54%
      0.54%
    • 0.44%
    • Rio Tinto
      0.04%
      0.04%
  • Fossil Fuels

    • Contact Energy Ltd.
      1.73%
      1.5°C
      This company is on a 1.5°C pathway
      1.73%
    • Shell
      0.96%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.96%
    • National Grid PLC
      0.89%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.89%
    • Ampol Ltd.
      0.62%
      0.62%
    • 0.58%
    • Apa Group
      0.57%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.57%
    • Santos Ltd.
      0.48%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.48%
    • BP
      0.43%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.43%
    • E.On Se
      0.35%
      0.35%
    • Channel Infrastructure
      0.29%
      0.29%
    • Centerpoint Energy, Inc.
      0.27%
      0.27%
    • Ameren Corp.
      0.23%
      0.23%
    • BHP
      0.23%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.23%
    • Origin Energy
      0.23%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.23%
    • Teck Resources Limited
      0.21%
      0.21%
    • Duke Energy Corp
      0.20%
      0.20%
    • Orica Ltd.
      0.06%
      0.06%
    • Viva Energy Group Ltd.
      0.05%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.05%
    • Rio Tinto
      0.04%
      0.04%
    • Alcoa Corp.
      0.03%
      0.03%
    • Whitehaven Coal Ltd.
      0.03%
      0.03%
    • Cheniere Energy, Inc.
      0.02%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.02%
    • Kinder Morgan, Inc.
      0.02%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.02%
    • Tc Energy Corp.
      0.02%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.02%
    • Nextera Energy, Inc.
      0.01%
      0.01%
    • Rwe AG
      0.01%
      0.01%
  • Weapons

    • Hexcel Corp.
      0.02%
      0.02%
  • Environmental Harm

    • Shell
      0.96%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.96%
    • 0.56%
    • BHP
      0.23%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.23%
    • Duke Energy Corp
      0.20%
      0.20%
    • Nufarm Ltd.
      0.06%
      0.06%

Fund Provider Response

At Milford, we are acutely aware of our capacity as shareholders to drive positive change. Rather than just avoid harm, we believe it is our duty to use our seat at the table to help drive the transition to a more sustainable future. We use our detailed research to enable educated conversations with the companies we invest in and push them to deliver better outcomes via sustainability targets, action and reporting. Please see our website for a deeper explanation of our approach and examples in our latest engagement activities and outcomes report: https://milfordasset.com/Engagement-Activity-and-Outcomes

About this Fund

The Fund’s objective is to provide moderate returns and capital growth, after the base fund fee but before tax and before the performance fee, over the minimum recommended investment timeframe of four years. It is a diversified fund that primarily invests in fixed interest securities with a significant allocation to equities.

Value $218M NZD
Period of data report 31st March 2025
Members 5,309
Fund started 27th March 2020
Total annual fund fees 0.95%
Total performance based fees 0.0%
Manager's basic fee 0.94%
Other management and administration charges 0.01%
Total other charges 0.0
Total other charges currency NZD

Mark Riggall

Currently: Portfolio Manager, Senior Dealer (10 years, 3 months)
Previously: Executive Director of Equity Derivatives Trading at Morgan Stanley, United Kingdom and Hong Kong (11 years, 0 months)

Paul Morris

Currently: Portfolio Manager (9 years, 2 months)
Previously: Head of Portfolio Strategy and Fixed Income at Macquarie Private Wealth, New Zealand (4 years, 6 months)

This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 31st March 2025.

Past Returns

Past annual returns for this fund are after fees and taxes. Please note that higher past returns do not always mean higher future returns.

Year Market Average Fund Annual Return
2025 4.34% 4.94%
2024 10.86% 8.07%
2023 -2.79% 0.13%
2022 1.34% 1.94%
2021 17.98% 14.77%

The market average is the average return for funds of the same risk category, sourced from the Commission for Financial Capability's Sorted website. The fund information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 31st March 2025.

Top 10 Investments

  • NZD Cash Current Account (Hsbc)

    New Zealand Cash and Equivalents AA-

    7.79%
  • USD Cash Current Account (Hsbc)

    United States Cash and Equivalents A+

    2.37%
  • AUD Cash Current Account (Hsbc)

    Australia Cash and Equivalents AA-

    1.43%
  • Microsoft Corporation

    United States International Equities

    1.24%
  • Contact Energy Ltd

    New Zealand Australasian Equities

    1.22%
  • NZD Cash Call Account (Bank Of New Zealand)

    New Zealand Cash and Equivalents AA-

    1.07%
  • NZ Local Government Funding 4.5% 15/05/2030

    New Zealand NZ Fixed Interest AAA

    0.96%
  • Shell PLC

    United States International Equities

    0.95%
  • Natwest Group PLC

    United Kingdom International Equities

    0.93%
  • Gbp Cash Current Account (Hsbc)

    United Kingdom Cash and Equivalents A+

    0.9%
Type Target Actual
Cash and Cash Equivalents 9.0% 23.75%
New Zealand Fixed Interest 15.0% 13.83%
International Fixed Interest 36.0% 30.0%
Australasian Equities 15.0% 11.32%
International Equities 19.0% 16.85%
Listed Properties 6.0% 4.25%
Unlisted Properties 0.0% 0.0%
Other 0.0% 0.0%
Commodities 0.0% 0.0%

Investment Mix

How the money in this fund is invested by asset type.

This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 31st March 2025.