Funds

Milford KiwiSaver Active Growth Fund

Total Ethical Concerns: 14.16%

The average total concerns of all KiwiSaver growth funds is 8.07%.

Companies of Concern

  • Animal Cruelty 1.42%

    • Shell
      1.29%
      !!
      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
      1.29%
    • Orica Ltd.
      0.09%
      0.09%
  • Human Rights Violations 1.34%

    • 1.15%
    • Rio Tinto
      0.09%
      0.09%
  • Social Harm 0.36%

  • Fossil Fuels 10.71%

    • Contact Energy Ltd.
      2.77%
      1.5°C
      This company is on a 1.5°C pathway
      2.77%
    • National Grid PLC
      2.08%
      !!
      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
      2.08%
    • Apa Group
      1.40%
      !!
      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
      1.40%
    • Shell
      1.29%
      !!
      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
      1.29%
    • Santos Ltd.
      0.81%
      !!
      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
      0.81%
    • BP
      0.46%
      !!
      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
      0.46%
    • Teck Resources Limited
      0.39%
      0.39%
    • BHP
      0.22%
      !!
      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
      0.22%
    • Ampol Ltd.
      0.18%
      0.18%
    • 0.18%
    • Viva Energy Group Ltd.
      0.18%
      !!
      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
      0.18%
    • Channel Infrastructure
      0.16%
      0.16%
    • Origin Energy
      0.10%
      !!
      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
      0.10%
    • Orica Ltd.
      0.09%
      0.09%
    • Rio Tinto
      0.09%
      0.09%
    • Alcoa Corp.
      0.05%
      0.05%
    • Ameren Corp.
      0.03%
      0.03%
    • Cheniere Energy, Inc.
      0.03%
      !!
      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
      0.03%
    • Duke Energy Corp
      0.03%
      0.03%
    • Whitehaven Coal Ltd.
      0.03%
      0.03%
    • Centerpoint Energy, Inc.
      0.02%
      0.02%
    • E.On Se
      0.02%
      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%
    • Nextera Energy, Inc.
      0.02%
      0.02%
    • Rwe AG
      0.02%
      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%
  • Environmental Harm 3.34%

    • 1.79%
    • Shell
      1.29%
      !!
      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
      1.29%
    • BHP
      0.22%
      !!
      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
      0.22%
    • Duke Energy Corp
      0.03%
      0.03%

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 annual returns of 10% after the base fund fee but before tax and before the performance fee, over the minimum recommended investment timeframe of seven years. It is a diversified fund that primarily invests in equities, with a moderate allocation to fixed interest securities.

    Value $6.52B NZD
    Period of data report 31st March 2025
    Members 83,123
    Fund started 1st April 2010
    Total annual fund fees 1.05%
    Total performance based fees 0.0%
    Manager's basic fee 1.05%
    Other management and administration charges 0.0%
    Total other charges 0.0
    Total other charges currency NZD

    Jonathan Windust

    Currently: Portfolio Manager (17 years, 0 months)
    Previously: Investment Director at Gartmore Investment Management, United Kingdom (7 years, 0 months)

    William Curtayne

    Currently: Portfolio Manager (11 years, 6 months)
    Previously: Senior Analyst at Milford Asset Management, New Zealand (2 years, 8 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 3.71% 4.74%
    2024 14.15% 16.17%
    2023 -3.87% -1.05%
    2022 1.40% 7.3%
    2021 28.16% 33.49%
    2020 -3.43% -2.76%
    2019 6.75% 6.67%
    2018 7.80% 12.36%
    2017 9.24% 8.51%
    2016 3.62% 7.56%

    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

    • Contact Energy Ltd

      New Zealand Australasian Equities

      2.61%
    • USD Cash Current Account (Hsbc)

      United States Cash and Equivalents A+

      2.53%
    • Natwest Group PLC

      United Kingdom International Equities

      2.23%
    • Amazon.Com Inc

      United States International Equities

      2.12%
    • Microsoft Corporation

      United States International Equities

      2.05%
    • Gbp Cash Current Account (Hsbc)

      United Kingdom Cash and Equivalents A+

      2.03%
    • Coca-Cola Europacific Partners PLC

      United Kingdom International Equities

      1.74%
    • Aena Sme S.A.

      Spain International Equities

      1.7%
    • Aramark Ltd

      United States International Equities

      1.67%
    • Fiserv Inc

      United States International Equities

      1.62%
    Type Target Actual
    Cash and Cash Equivalents 6.0% 16.07%
    New Zealand Fixed Interest 2.0% 1.35%
    International Fixed Interest 14.0% 14.3%
    Australasian Equities 30.0% 19.33%
    International Equities 48.0% 43.23%
    Listed Properties 0.0% 5.72%
    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

  • 1.42% Animal Cruelty
  • 1.34% Human Rights Violations
  • 0.36% Social Harm
  • 10.71% Fossil Fuels
  • 0.01% Weapons
  • 3.34% Environmental Harm

Companies of Concern

  • Animal Cruelty

    • Shell
      1.29%
      !!
      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
      1.29%
    • Orica Ltd.
      0.09%
      0.09%
  • Human Rights Violations

    • 1.15%
    • Rio Tinto
      0.09%
      0.09%
  • Fossil Fuels

    • Contact Energy Ltd.
      2.77%
      1.5°C
      This company is on a 1.5°C pathway
      2.77%
    • National Grid PLC
      2.08%
      !!
      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
      2.08%
    • Apa Group
      1.40%
      !!
      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
      1.40%
    • Shell
      1.29%
      !!
      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
      1.29%
    • Santos Ltd.
      0.81%
      !!
      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
      0.81%
    • BP
      0.46%
      !!
      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
      0.46%
    • Teck Resources Limited
      0.39%
      0.39%
    • BHP
      0.22%
      !!
      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
      0.22%
    • Ampol Ltd.
      0.18%
      0.18%
    • 0.18%
    • Viva Energy Group Ltd.
      0.18%
      !!
      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
      0.18%
    • Channel Infrastructure
      0.16%
      0.16%
    • Origin Energy
      0.10%
      !!
      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
      0.10%
    • Orica Ltd.
      0.09%
      0.09%
    • Rio Tinto
      0.09%
      0.09%
    • Alcoa Corp.
      0.05%
      0.05%
    • Ameren Corp.
      0.03%
      0.03%
    • Cheniere Energy, Inc.
      0.03%
      !!
      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
      0.03%
    • Duke Energy Corp
      0.03%
      0.03%
    • Whitehaven Coal Ltd.
      0.03%
      0.03%
    • Centerpoint Energy, Inc.
      0.02%
      0.02%
    • E.On Se
      0.02%
      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%
    • Nextera Energy, Inc.
      0.02%
      0.02%
    • Rwe AG
      0.02%
      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%
  • Environmental Harm

    • 1.79%
    • Shell
      1.29%
      !!
      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
      1.29%
    • BHP
      0.22%
      !!
      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
      0.22%
    • Duke Energy Corp
      0.03%
      0.03%

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 annual returns of 10% after the base fund fee but before tax and before the performance fee, over the minimum recommended investment timeframe of seven years. It is a diversified fund that primarily invests in equities, with a moderate allocation to fixed interest securities.

Value $6.52B NZD
Period of data report 31st March 2025
Members 83,123
Fund started 1st April 2010
Total annual fund fees 1.05%
Total performance based fees 0.0%
Manager's basic fee 1.05%
Other management and administration charges 0.0%
Total other charges 0.0
Total other charges currency NZD

Jonathan Windust

Currently: Portfolio Manager (17 years, 0 months)
Previously: Investment Director at Gartmore Investment Management, United Kingdom (7 years, 0 months)

William Curtayne

Currently: Portfolio Manager (11 years, 6 months)
Previously: Senior Analyst at Milford Asset Management, New Zealand (2 years, 8 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 3.71% 4.74%
2024 14.15% 16.17%
2023 -3.87% -1.05%
2022 1.40% 7.3%
2021 28.16% 33.49%
2020 -3.43% -2.76%
2019 6.75% 6.67%
2018 7.80% 12.36%
2017 9.24% 8.51%
2016 3.62% 7.56%

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

  • Contact Energy Ltd

    New Zealand Australasian Equities

    2.61%
  • USD Cash Current Account (Hsbc)

    United States Cash and Equivalents A+

    2.53%
  • Natwest Group PLC

    United Kingdom International Equities

    2.23%
  • Amazon.Com Inc

    United States International Equities

    2.12%
  • Microsoft Corporation

    United States International Equities

    2.05%
  • Gbp Cash Current Account (Hsbc)

    United Kingdom Cash and Equivalents A+

    2.03%
  • Coca-Cola Europacific Partners PLC

    United Kingdom International Equities

    1.74%
  • Aena Sme S.A.

    Spain International Equities

    1.7%
  • Aramark Ltd

    United States International Equities

    1.67%
  • Fiserv Inc

    United States International Equities

    1.62%
Type Target Actual
Cash and Cash Equivalents 6.0% 16.07%
New Zealand Fixed Interest 2.0% 1.35%
International Fixed Interest 14.0% 14.3%
Australasian Equities 30.0% 19.33%
International Equities 48.0% 43.23%
Listed Properties 0.0% 5.72%
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.