Funds

Milford Dynamic Fund

Total Ethical Concerns: 9.39%

The average total concerns of all managed aggressive funds is 12.02%.

Companies of Concern

  • Social Harm 4.05%

  • Fossil Fuels 5.34%

    • Contact Energy Ltd.
      3.60%
      1.5°C
      This company is on a 1.5°C pathway
      3.60%
    • Alcoa Corp.
      1.24%
      1.24%
    • Whitehaven Coal Ltd.
      0.50%
      0.50%

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 capital growth after the base fund fee but before tax and before the performance fee, by out-performing the relevant share market index over the minimum recommended investment timeframe of eight years. It primarily invests in small to mid-cap Australasian equities.

    Value $742M NZD
    Period of data report 31st March 2025
    Fund started 1st Oct. 2013
    Total annual fund fees 1.5%
    Total performance based fees 0.15%
    Manager's basic fee 1.34%
    Other management and administration charges 0.01%
    Total other charges 0.0
    Total other charges currency NZD

    William Curtayne

    Currently: Portfolio Manager (11 years, 6 months)
    Previously: Senior Analyst at Milford Asset Management, New Zealand (2 years, 8 months)

    Michael Higgins

    Currently: Portfolio Manager (7 years, 1 months)
    Previously: Senior Analyst at Milford Asset Management, New Zealand (1 years, 2 months)

    Roland Houghton

    Currently: Analyst (0 years, 9 months)
    Previously: Analyst at Milford Asset Management, New Zealand (8 years, 2 months)

    This information has been sourced from the quarterly data that each 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 4.07% -0.13%
    2024 15.78% 19.88%
    2023 -4.85% -4.47%
    2022 3.53% 9.27%
    2021 35.55% 61.85%
    2020 -7.06% -6.8%
    2019 10.17% 1.71%
    2018 7.53% 18.42%
    2017 9.49% 9.92%
    2016 4.71% 2.33%

    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 31st March 2025.

  • Investments

    Top 10 Investments

    • AUD Cash Current Account (Hsbc)

      Australia Cash and Equivalents AA-

      7.64%
    • NZD Cash Call Account (Bank Of New Zealand)

      New Zealand Cash and Equivalents AA-

      3.86%
    • Contact Energy Ltd

      New Zealand Australasian Equities

      3.6%
    • Regis Healthcare Limited

      Australia Australasian Equities

      2.56%
    • NZD Cash Current Account (Hsbc)

      New Zealand Cash and Equivalents AA-

      2.47%
    • Ridley Corporation Ltd

      Australia Australasian Equities

      2.23%
    • Sigma Healthcare Ltd

      Australia Australasian Equities

      2.14%
    • Tuas Ltd

      Australia Australasian Equities

      2.1%
    • Capricorn Metals Ltd

      Australia Australasian Equities

      2.1%
    • Sg Fleet Group Ltd

      Australia Australasian Equities

      2.06%
    Type Target Actual
    Cash and Cash Equivalents 10.0% 13.59%
    New Zealand Fixed Interest 0.0% 0.0%
    International Fixed Interest 0.0% 0.0%
    Australasian Equities 90.0% 75.76%
    International Equities 0.0% 0.0%
    Listed Properties 0.0% 10.65%
    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 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 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

  • 0.0% Animal Cruelty
  • 0.0% Human Rights Violations
  • 4.05% Social Harm
  • 5.34% Fossil Fuels
  • 0.0% Weapons
  • 0.0% Environmental Harm

Companies of Concern

  • Fossil Fuels

    • Contact Energy Ltd.
      3.60%
      1.5°C
      This company is on a 1.5°C pathway
      3.60%
    • Alcoa Corp.
      1.24%
      1.24%
    • Whitehaven Coal Ltd.
      0.50%
      0.50%

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 capital growth after the base fund fee but before tax and before the performance fee, by out-performing the relevant share market index over the minimum recommended investment timeframe of eight years. It primarily invests in small to mid-cap Australasian equities.

Value $742M NZD
Period of data report 31st March 2025
Fund started 1st Oct. 2013
Total annual fund fees 1.5%
Total performance based fees 0.15%
Manager's basic fee 1.34%
Other management and administration charges 0.01%
Total other charges 0.0
Total other charges currency NZD

William Curtayne

Currently: Portfolio Manager (11 years, 6 months)
Previously: Senior Analyst at Milford Asset Management, New Zealand (2 years, 8 months)

Michael Higgins

Currently: Portfolio Manager (7 years, 1 months)
Previously: Senior Analyst at Milford Asset Management, New Zealand (1 years, 2 months)

Roland Houghton

Currently: Analyst (0 years, 9 months)
Previously: Analyst at Milford Asset Management, New Zealand (8 years, 2 months)

This information has been sourced from the quarterly data that each 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 4.07% -0.13%
2024 15.78% 19.88%
2023 -4.85% -4.47%
2022 3.53% 9.27%
2021 35.55% 61.85%
2020 -7.06% -6.8%
2019 10.17% 1.71%
2018 7.53% 18.42%
2017 9.49% 9.92%
2016 4.71% 2.33%

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 31st March 2025.

Top 10 Investments

  • AUD Cash Current Account (Hsbc)

    Australia Cash and Equivalents AA-

    7.64%
  • NZD Cash Call Account (Bank Of New Zealand)

    New Zealand Cash and Equivalents AA-

    3.86%
  • Contact Energy Ltd

    New Zealand Australasian Equities

    3.6%
  • Regis Healthcare Limited

    Australia Australasian Equities

    2.56%
  • NZD Cash Current Account (Hsbc)

    New Zealand Cash and Equivalents AA-

    2.47%
  • Ridley Corporation Ltd

    Australia Australasian Equities

    2.23%
  • Sigma Healthcare Ltd

    Australia Australasian Equities

    2.14%
  • Tuas Ltd

    Australia Australasian Equities

    2.1%
  • Capricorn Metals Ltd

    Australia Australasian Equities

    2.1%
  • Sg Fleet Group Ltd

    Australia Australasian Equities

    2.06%
Type Target Actual
Cash and Cash Equivalents 10.0% 13.59%
New Zealand Fixed Interest 0.0% 0.0%
International Fixed Interest 0.0% 0.0%
Australasian Equities 90.0% 75.76%
International Equities 0.0% 0.0%
Listed Properties 0.0% 10.65%
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 fund has filed with Disclose register to 31st March 2025.