Milford KiwiSaver Conservative Fund
Milford Kiwisaver Conservative Fund is a conservative KiwiSaver fund managed by Milford. It has 9,299 members and holds $455 million. It opened in 2012.
Fees and returns
- Annual fee
- 0.85% of your balance each year
- Return over 1 year
- +1.9% a year
- Return over 3 years
- +4.5% 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 conservative funds over the same period was +2.2% a year, across 29 funds. This fund is ahead of that median, by 0.4 percentage points.
What it invests in
International fixed interest 35%, new zealand fixed interest 33%, cash and cash equivalents 16%, international equities 7%.
Largest holdings
- Cash at Bank NZD 5.32%
- Nzgv 4.5% 15/05/2035 4.21%
- Nzgb 2.5% 20/09/2035 2.69%
Year by year
| Financial year | Return |
|---|---|
| 2025/26 | +1.9% |
| 2024/25 | +5.5% |
| 2023/24 | +6.2% |
| 2022/23 | +0.4% |
| 2021/22 | −0.9% |
| 2020/21 | +8.5% |
| 2019/20 | +1.0% |
| 2018/19 | +4.4% |
| 2017/18 | +4.5% |
| 2016/17 | +5.5% |
About this fund
The Milford KiwiSaver Conservative Fund is an actively managed conservative fund that invests primarily in fixed-interest securities with a moderate allocation to equities, aiming to provide moderate returns and protect capital. As an active fund the manager shapes the portfolio rather than tracking an index. Its fee has two parts: a base fund charge of 0.85% plus a performance fee. Designed for a minimum timeframe of three years, it has operated since 2012.