Milford KiwiSaver Cash Fund
Milford Kiwisaver Cash Fund is a defensive KiwiSaver fund managed by Milford. It has 3,610 members and holds $210 million. It opened in 2020.
Fees and returns
- Annual fee
- 0.20% of your balance each year
- Return over 1 year
- +2.2% a year
- Return over 3 years
- +3.3% a year
- Return over 5 years
- +2.6% a year
Figures are after fees and tax, as at Q3 2026, sourced from the FMA Disclose Register.
How it compares
Over the last five years this fund returned +2.6% a year. The median for mainstream defensive funds over the same period was +0.9% a year, across 6 funds. This fund is ahead of that median, by 1.7 percentage points.
What it invests in
New zealand fixed interest 75%, cash and cash equivalents 18%, international fixed interest 7%.
Largest holdings
- Westpac Whs Notice Deposit 45 Day - MIL 13.68%
- BNZ Cash Account NZD 13.15%
- Potnz 0% 17/06/2026 3.6%
Year by year
| Financial year | Return |
|---|---|
| 2025/26 | +2.2% |
| 2024/25 | +3.7% |
| 2023/24 | +4.1% |
| 2022/23 | +2.3% |
| 2021/22 | +0.5% |
| 2020/21 | +0.3% |
About this fund
The Milford KiwiSaver Cash Fund is a defensive fund that invests primarily in New Zealand cash, short-dated debt securities and term deposits, with no growth assets, aiming for a return above the Official Cash Rate. Its return path tracks short-term interest rates. It has operated since 2020 and carries an annual fund charge of 0.2%.