MILFORD FUNDS LIMITED KiwiSaver Review
Independent analysis of Milford Asset Management's KiwiSaver scheme based on FMA data, performance metrics, and fee structures. Last updated: October 2025.
Quick Summary
✅ Strengths
- • Top performance: 6.40% average 5-year returns
- • Proven track record: Consistently outperforms benchmarks
- • Active management: Professional fund managers making strategic decisions
- • Large scale: $12.1B in total assets
⚠️ Considerations
- • Higher fees: 0.88% + performance fees (10-20% of excess returns)
- • Active approach: More volatile than passive index funds
- • Fee impact: Performance fees can add 0.2-0.5% in good years
- • Not lowest cost: Simplicity charges 0.31% vs Milford's 0.88%
Overall Rating: 9.1/10
Excellent choice for long-term investors prioritizing returns over low fees. Best suited for those with 20+ years until retirement.
Performance Analysis
All Milford KiwiSaver Funds
| Fund Name | Type | 5-Year Return | Fees | Risk | Members |
|---|---|---|---|---|---|
| Milford Kiwisaver Active Growth Fund | Growth | 10.12% | 1.05% | 4/7 | 86,961 |
| Milford Kiwisaver Aggressive Fund | Aggressive | 10.07% | 1.15% | 5/7 | 46,510 |
| Milford Kiwisaver Balanced Fund | Balanced | 7.34% | 1.05% | 4/7 | 28,437 |
| Milford Kiwisaver Moderate Fund | Conservative | 5.15% | 0.95% | 3/7 | 5,670 |
| Milford Kiwisaver Conservative Fund | Conservative | 3.44% | 0.87% | 3/7 | 7,879 |
| Milford Kiwisaver Cash Fund | Defensive | 2.28% | 0.20% | 1/7 | 2,938 |
Fee Structure Explained
Milford uses a two-part fee structure that's important to understand:
1. Management Fee: ~0.88%
This is charged annually on your total balance, regardless of performance. It covers fund management, research, and administration.
2. Performance Fee: 10-20% of excess returns
When Milford beats their benchmark, they charge 10-20% of the outperformance. For example:
If the fund returns 12% and benchmark returns 8%:
- • Outperformance = 4%
- • Performance fee (20%) = 0.8% of your balance
- • You keep 3.2% extra returns
- • Total fees = 0.88% + 0.8% = 1.68%
Is it worth it? Historically, yes. Even after fees, Milford has delivered higher net returns than most passive alternatives. However, past performance doesn't guarantee future results.
Who Should Choose Milford?
✅ Good Fit If You:
- •Have 20+ years until retirement
- •Prioritize returns over low fees
- •Believe in active management
- •Can tolerate market volatility
- •Want a proven track record
❌ Consider Alternatives If You:
- •Want the absolute lowest fees
- •Prefer passive index investing
- •Are within 10 years of retirement
- •Buying your first home soon
- •Uncomfortable with performance fees
Compare Alternatives
If Milford doesn't quite fit, consider these alternatives:
GENERATE INVESTMENT MANAGEMENT LIMITED
Generate provides KiwiSaver and investment funds with strong performance, transparency, and clarity.
KERNEL WEALTH LIMITED
Kernel delivers KiwiSaver and investment funds with innovative solutions for long-term growth.
SIMPLICITY NZ LIMITED
Simplicity focuses on low-fee, easy-to-understand KiwiSaver and investment funds for all Kiwis.
Ready to Compare All Providers?
See how Milford stacks up against all 30+ KiwiSaver providers side-by-side.
Disclaimer: This analysis is based on publicly available data from the FMA and provider disclosures as of October 2025. Past performance does not guarantee future results. This is not financial advice. Please consult a licensed financial adviser before making investment decisions.
Data sources: FMA KiwiSaver Quarterly Reports, Milford Asset Management Product Disclosure Statements, provider websites.