Milford Funds Limited
Milford KiwiSaver Cash Fund
Milford KiwiSaver PlanDefensive
What the provider says about this fund
The Fund's objective is to target a return above the New Zealand Official Cash Rate after the base fund fee but before tax. It primarily invests in New Zealand cash, short-dated debt securities and term deposits.
1-year return
2.19%
5-year return p.a.
2.55%
Total annual fee
0.20%
Fund size ($m)
209.6
Members
3,610
Inception date
27 March 2020
Risk indicator
The official Smart Investor risk indicator uses a scale from 1 to 7.
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Investment mix
Growth assets
0.00%
Income assets
100.00%
| Asset class | Actual | Target | Average for Defensive funds |
|---|---|---|---|
| Cash and equivalents | 18.42% | 20.00% | 48.53% |
| New Zealand bonds | 74.57% | 80.00% | 28.46% |
Top 10 holdings
| Rank | Asset | Asset class | Asset type | Country | % of fund |
|---|---|---|---|---|---|
| 1 | Westpac 45 Day Wholesale Notice Deposit | Bonds | New Zealand Fixed Interest | NZ | 13.68% |
| 2 | NZD Cash Call Account (BNZ Bank) | Cash | Cash and Cash Equivalents | NZ | 13.15% |
| 3 | Port of Tauranga Ltd Commercial Paper 17/06/2026 | Bonds | New Zealand Fixed Interest | NZ | 3.60% |
| 4 | ASB Bank Ltd 4.1% 04/05/2026 | Bonds | New Zealand Fixed Interest | NZ | 3.42% |
| 5 | Bank Of New Zealand 1.884% 08/06/2026 | Bonds | New Zealand Fixed Interest | NZ | 3.29% |
| 6 | Genesis Energy Ltd Commercial Paper 15/06/2026 | Bonds | New Zealand Fixed Interest | NZ | 2.70% |
| 7 | ANZ Bank New Zealand Ltd 2.72% 02/06/2026 | Bonds | New Zealand Fixed Interest | NZ | 2.27% |
| 8 | Port of Tauranga Ltd Commercial Paper 24/04/2026 | Bonds | New Zealand Fixed Interest | NZ | 2.26% |
| 9 | NZD Cash Call Account (Bank of China) | Cash | Cash and Cash Equivalents | NZ | 2.13% |
| 10 | Kiwibank Ltd 2.85% 23/06/2026 | Bonds | New Zealand Fixed Interest | NZ | 1.81% |
Fees
0.20% total annual fee
| Fee type | Fee | Cost per year on a $30,000 balance | Average for Defensive funds |
|---|---|---|---|
| Management fees | 0.19% | $57 | 0.46% |
| Other fees | 0.01% | $3 | 0.06% |
| Membership fees | 0.00% | $0 | 0.05% |
| Total combined fees | 0.20% | $60 | 0.57% |
Yearly returns
| Year ending | Fund return | Average for Defensive funds |
|---|---|---|
| 31 March 2021 | 0.26% | 1.64% |
| 31 March 2022 | 0.46% | -1.81% |
| 31 March 2023 | 2.33% | -0.19% |
| 31 March 2024 | 4.08% | 3.49% |
| 31 March 2025 | 3.73% | 3.79% |
| 31 March 2026 | 2.19% | 2.09% |
Key personnel
| Name | Position | Time in role |
|---|---|---|
| Bradley Litt | Credit Trading Manager | 2 years, 11 months |
| Ian Robertson | Head of Investment Operations | 4 months |
| Katlyn Parker | Investment Analyst | 7 years, 11 months |