Milford Diversified Income Fund

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Fund type: Conservative fund

Past Returns: 4.99%

Average annual returns over the past 3 years, after fees and taxes. * indicates less than 3 years of data.

Annual Fees: 0.99%

Annual fees, including management and administration fees, but not membership fee.

The graph below shows the percentage of the fund invested in each of the worst issues of concern to New Zealanders. Below the graph are listed all the companies this fund invests in, by issue of concern.


Fossil Fuel

Ampol Ltd 0.01%
Antero Midstream Corp 0.01%
BHP Group Ltd 0.56%
Cheniere Energy Inc 1.06%
Coca-Cola European Partners PLC 0.03%
Dominion Energy Inc 0.19%
Enbridge Inc 0.02%
Energy Transfer Lp 0.01%
Enterprise Produ 0.01%
Eog Resources Inc 0.06%
Equitrans Midstream Corp 0.01%
Kinder Morgan Inc 0.02%
Oneok Inc 0.02%
Origin Energy Limited 1.02%
Pembina Pipeline Corp 0.01%
Santos Ltd 1.05%
Shell PLC 0.21%
Targa Resources Corp 0.01%
Tc Energy Corp 0.03%
Williams Cos Inc 0.03%

Gambling

Aristocrat Leisure Ltd 0.01%

Alcohol

Delegat Group Ltd 0.07%
Metcash Limited 0.08%
Pernod Ricard SA 0.04%

Human Rights & Environmental Violations

BHP Group Ltd 0.56%
Energy Transfer Lp 0.01%
Rio Tinto PLC-Spon Adr 0.05%
Shell PLC 0.21%

Animal Testing

Shell PLC 0.21%

This data is compiled by Mindful Money from the fund information and portfolios that each fund has filed with the Disclose register to Thu March 31st 2022 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.

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.

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
2022 -0.26% 4.02%
2021 8.99% 12.97%
2020 0.27% -2.03%
2019 4.19% 8.29%
2018 3.39% 5.18%
2017 3.28% 8.03%
2016 2.92% 8.02%
2015 8.63% 15.08%
2014 5.69% 8.54%
2013 8.30% 16.98%

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 fund has filed with Disclose register to Thu March 31st 2022.

Showing the top 10 investments for this fund:

  • NZD Cash Current Account (Nab Bank)
    New Zealand Cash and Equivalents AA-
    3.59%
  • NZ Government Inflation Indexed 2.00% 20/09/2025
    New Zealand NZ Fixed Interest AAA
    3.21%
  • Contact Energy Ltd
    New Zealand Australasian Equities
    2.27%
  • Spark New Zealand Ltd
    New Zealand Australasian Equities
    1.57%
  • Telstra Corp Ltd
    Australia Australasian Equities
    1.36%
  • Transurban Group Ltd
    Australia Australasian Equities
    1.34%
  • Charter Hall Retail
    Australia Listed Property
    1.29%
  • Atlantia Spa
    Italy International Equities
    1.23%
  • Goodman Group
    Australia Listed Property
    1.21%
  • Getlink S.E.
    France International Equities
    1.11%

This information has been sourced from the quarterly data that each fund has filed with Disclose register Thu March 31st 2022.

How the money in this fund is invested against the fund's targets.

Target

Actual


Type Target Actual
Cash and Cash Equivalents 4.95% 17.51%
New Zealand Fixed Interest 9.9% 9.13%
International Fixed Interest 44.55% 42.64%
Australasian Equities 16.83% 17.46%
International Equities 4.95% 1.19%
Listed Properties 18.81% 12.07%
Unlisted Properties 0.0% 0.0%
Other 0.0% 0.0%
Commodities 0.0% 0.0%

This information has been sourced from the quarterly data that each fund has filed with Disclose register to Thu March 31st 2022.

Does this fund exclude companies that cause deep concern to New Zealanders? The first column shows if the fund has a credible policy to exclude the issue. The second column shows if there are any current investments (source: Mindful Money research).

The Fund may have investments that are not consistent with their exclusions policy because they are still in the process of implementing their policy.

  • Issue of concern
    Does this fund say it excludes this?
    Actual holdings
  • Adult Entertainment/Pornography:
    0.00%
  • Alcohol:
    0.19%
  • Animal Testing:
    0.21%
  • Fossil Fuels:
    4.41%
  • Gambling:
    0.01%
  • GMOs:
    0.00%
  • Human Rights & Environmental Violations:
    0.83%
  • Palm Oil:
    0.00%
  • Tobacco:
    0.00%
  • Weapons:
    0.00%

This data is compiled by Mindful Money from the fund information and portfolios that each fund has filed with the Disclose register to Thu March 31st 2022 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.

Note that the fund’s exclusions policy may not be consistent with its portfolio holdings because the fund might be still implementing its policy change or their policy may be less stringent than the definitions applied by Mindful Money.

Note that many funds exclude controversial weapons. However, the category of Weapons used in this analysis is broader in scope, covering all munitions, firearms and military weapons. Similarly Mindful Money uses a broader scope for fossil fuels than the government’s rules for default KiwiSaver funds. The full definitions used in the Mindful Money analysis are here.

In their own words

"The Fund’s objective is to provide income 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 and equity income-generating securities."

Value $2.9B NZD
Period of data report Thu March 31st 2022
Fund started Thu April 1st 2010
Total annual fund fees 0.99%
Total performance based fees 0.34%
Manager's basic fee 0.64%
Other management and administration charges 0.01%
Total other charges 0.0
Total other charges currency NZD

Key Personnel

Paul Morris

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

Dan Simmonds

Currently: Portfolio Manager (2 years, 6 months)
Previously: Senior Portfolio Manager at RARE Infrastructure (2 years, 4 months)

This information has been sourced from the quarterly data that each fund has filed with Disclose register to Thu March 31st 2022.

Downloads

Download the fund's disclosure statement and portfolio holdings.

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Before investing, consider your investment aims, your values and your risk preferences. You should read the Product Disclosure Statement for the investment fund carefully. It contains the fund’s investment objectives, risks, fees and other information which you should know before investing. This website has a list of the advisers that are registered with the Responsible Investment Association of Australasia. You should contact an investment adviser before investing if you have questions or if you are unclear about the implications of your investment decision.