Milford Overview Milford Funds Limited - 1 April 2020 - Milford Asset Management
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Milford Overview Milford Funds Limited - 1 April 2020
Overview 1 April 2020
Introduction
These include: Please read this Overview and the
Product Disclosure Statements in full to
- We search for the best opportunities in
ensure that the approach and objectives
all market conditions through company
for the Funds are consistent with your
visits and extensive research;
investment requirements. If you have any
-M
ilford has a fair and reasonable fee
questions, visit our website
structure where performance fees are
www.milfordasset.com or call us on
only payable when we exceed the
09 921 4700 or 0800 662 345.
investment benchmarks of our funds;
- We are committed to transparency so We are committed to delivering superior
that our investors have clear visibility of returns for investors and hope that
the major investments of each Fund; and our Funds will meet your investment
- Milford is a strong advocate on your requirements.
Dear Investor behalf, particularly in terms of corporate
governance of the entities we invest in as
We are delighted to offer you the
well as environmental and social factors.
opportunity to access the investment Yours sincerely,
skills of Milford Asset Management The Milford Investment and KiwiSaver
Limited through our Investment and Funds are offered by Milford Funds
KiwiSaver Funds that are designed to Limited, a 100% owned subsidiary of
meet a wide range of investment needs. Milford Asset Management Limited.
Mark Ryland
We are a well-established company
Our primary aim at Milford is to achieve CEO,
that manages over $8 billion on behalf
superior investment returns for you – Milford Asset Management Limited
of investors, as at the date of this
our clients. Our large and experienced
Overview document.
investment team works to achieve this
by identifying profitable opportunities, We believe the Funds described in
particularly in volatile economic and this Overview are typically suitable for
market conditions. medium to long-term investors. All of
Milford’s Funds are Portfolio Investment
Milford has a number of core objectives,
Entities (‘PIEs’) which means all the
which apply to each of our Funds.
income is taxed within the Fund, at the
tax rate applicable to you.
3
Overview 1 April 2020
Getting the most from this document
We have developed this Overview as a supplementary Overview contents
document to the Product Disclosure Statement (‘PDS’) to
provide you with additional detail about Milford Funds Page no. Section heading
Limited (‘Milford’) and the approach we take to investing.
6 About Milford
Please make sure you read the applicable PDS. They contain
essential information on the Milford Investment Funds and 7 Your rights as an investor
Milford KiwiSaver Plan (‘Funds’), to assist you in making
your investment decisions. They include how the investment 8 Our investment philosophy
works, how you can access your investment, any significant
9 Milford’s investment process
risks and benefits, and the fees that can be charged. We
also encourage you to seek independent financial advice 10 Meet your Investment Team
from an Authorised Financial Adviser prior to making any
investment decisions. 16 Milford’s Managed Fund products
To view the full range of regulatory and product disclosure
details for any of our Funds you can go to
www.milfordasset.com/forms-documents. Alternatively,
you can go directly to the Disclose register, maintained by the
Registrar of Financial Service Providers, which holds the offer
documents for all regulated offers of financial products, at
www.disclose-register.companiesoffice.govt.nz.
5
About Milford
Our parent, Milford Asset Management Limited (Milford Asset Milford’s core values are to:
Management) was formed in 2003 by an experienced team
of individuals who recognised the need for an investment • Operate with honesty and integrity
company that New Zealanders can trust and which provides • Consistently seek to deliver superior investment returns
a premium service.
• Be client focused
In 2007, Milford was created to enable investors to gain access • Strive for best practice in managing our clients’ capital
to Milford Asset Management’s investment expertise and • Remain majority New Zealand and employee owned
experience through our family of funds. Milford is a wholly-
owned subsidiary of Milford Asset Management, which is an
award-winning fund manager and which, at the date of this
We do this by:
document, has over $8 billion in funds under management.
• Attracting and retaining the best people
For details of the current directors of Milford please
• Understanding our clients’ needs and objectives
go to the Companies Office website,
https://companies-register.companiesoffice.govt.nz/. • Focusing our resources to generate the best returns
for clients
Milford has been granted a Managed Investment Scheme (MIS) • Reacting to changing market conditions and
manager licence by the Financial Markets Authority (FMA). new opportunities
• Aligning our success to the performance of our clients’
Milford is the issuer of retail investment products. Milford Asset
capital. We do this by investing alongside you and using
Management is an authorised body under Milford’s MIS
a pay for performance philosophy.
manager licence.
For more information on Milford or these awards please go to
www.milfordasset.com/about-us.
6
Overview 1 April 2020
Your rights as an investor
We created ‘Investor Rights’ which detail fundamental rights 5. Access your investment.
that we believe every investor should expect from organisations
We believe you should be able to access your investment
who look after their money. These are your right to:
without penalty or costs. It’s your money. Milford does
not charge exit or penalty fees if you sell or transfer your
1. Trust someone to look after your money.
investments away from us.
We believe it takes a lot of trust to appoint an investment
partner that will look after your money. We work hard to earn 6. A manager that actively manages risk and return
and keep your trust. We invest alongside you in Milford funds of your investment.
so you can be sure your best interests are ours too. By bringing
We believe active management of your investments’ risk and
together some of the country’s most experienced and respected
return will produce a better outcome for you. We will proactively
investment experts, with a track record for making quality
alter our investment strategy if our view of the market, a
financial decisions, our expertise is directly applied to building
company’s management, or trading conditions changes. Our
your wealth. We also believe in continued investment into our
range of funds and portfolios cater to different risk and return
people and technology to ensure you receive the best possible
profiles, allowing you to match your investment goals and
client service experience.
timescale to our investment options.
2. Know your money is managed responsibly.
7. Fair and reasonable fees.
We believe the best way to enact change is through ongoing
We believe you should be able to understand both the cost
engagement. As active managers and shareholders, we have
charged and the value provided by your investment partner. We
an ability and capacity to influence company policies around
charge a straightforward base fund fee which covers the normal
sustainability and drive positive change. Our integrated
operating and management costs of the fund. Some of our funds
approach to responsible investing means Environmental, Social
will also have a performance fee, which is only charged if a fund
and Governance factors are inherently considered as part of
exceeds its stated performance target.
every investment decision we make.
3. Know where your money is being invested.
We believe you want to know where your money is. You
can see your top investment holdings, how your portfolio is
structured by type of asset and your personalised performance
in our interactive client portal and mobile app. We also provide
Monthly Fund reviews and reports as well as Quarterly Fund
Updates which include details of each funds’ top holdings.
4. Know the value of your investment.
We believe you should be able to know, at any given time, the
value of your investment. At any time you can view the value of
your investments, monthly portfolio reports and your transaction
history online through the Milford client portal and mobile app.
7
Our investment philosophy
Investment markets are in a state of constant change, therefore
we believe your interests are best looked after by taking
an active approach to investing. This allows Milford to take
advantage of investment opportunities as they arise and manage
risk along the way.
The key principles that underpin our investment
philosophy are:
• We adopt an active portfolio management approach. • We seek to understand the changes in the local and
global economic environments and how these changes
• We take advantage of investment opportunities as they are likely to impact the markets in which our clients’ assets
arise, and seek to minimise downside risk when markets are invested.
are less favourable.
• We seek to manage risk through appropriate portfolio
• We seek to manage both growth and risk and will diversification.
proactively alter our investment strategy if our view of
the market, a company’s management, or trading • We are responsible investors and through active
conditions changes. engagement have an ability and capacity to influence
company policies and use our voice as an engaged, large
• We believe in the value of doing our own investment shareholder to drive positive change.
research and are committed to conduct regular
company visits.
8
Overview 1 April 2020
Milford’s investment process
Investment process Unlisted New Zealand
New Zealand,
Cash Australian and Global
entities
listed equities
Milford’s Investment Team follows the process outlined on the
right in developing and finalising investment decisions. INVESTMENT
UNIVERSE
Milford’s investment process involves conducting our own New Zealand, Australian
Global Investment
and Global fixed interest
proprietary research. We undertake analysis of the macro- Managers
securities
economic environment as well as a fundamental analysis of the
industries and individual entities within our investment universe.
Economic Assessment of
Industry Analysis
Our macro-economic analysis, via the monitoring and analysis Outlook and management and
Global governance
of economic data, aims to identify changes to the prospects of themes
particular asset classes and industries, including the direction of ECONOMIC AND INVESTMENT
interest rates. ANALYSIS
Company Meetings Manager Financial Analysis
Our fundamental analysis aims to identify the best Research
opportunities within identified asset classes and industries for
investment. We aim to meet with a large number of companies
each year across a wide range of industries to discuss with
INVESTMENT FORUM
management their prospects.
Chairman of the Investment Forum
Portfolio Managers
When considering individual companies, we seek to Senior Analysts
Analysts
understand key value drivers for bond and share investments
Dealing Desk
including; the company’s competitive position and industry
structure, the strength of its balance sheet, the quality and
sustainability of earnings as well as the board and senior
RESEARCH RECOMMENDATIONS
management, and ESG factors. PRESENTED AND DEBATED
Milford’s Investment Forum meetings bring together all of
our research where investment ideas are formally presented
and debated for potential implementation by the Portfolio
Managers. The Investment Forum aims to promote collaboration PORTFOLIO MANAGER
on investment decisions and leverage the extensive industry SELECTS SECURITIES AND
experience and knowledge, both in New Zealand and overseas, IMPLEMENTS PORTFOLIO
held amongst the team. The Portfolio Managers are responsible
for final selection of the securities to include within a portfolio.
DEALING DESK EXECUTES
TRANSACTIONS
9
Meet your Investment Team Wayne Gentle Jonathan Windust David Lewis William Curtayne Chief Investment Officer Portfolio Manager Portfolio Manager Portfolio Manager & Head of Australian & Deputy CIO & Deputy CIO William joined Milford in Investments Jonathan is Deputy CIO, David is Deputy CIO and 2010 and has been working Wayne is the Chief Investment Portfolio Manager of the Portfolio Manager of the from Milford’s Sydney office Officer at Milford and the Head Milford Active Growth Funds Milford Diversified Income since its establishment in of Australian Investments. He and Co-Manager of the Milford Fund. He is also the Co- 2014. William is Portfolio is the Portfolio Manager of the Diversified Income Fund and Manager of the Milford Manager of the Australian Australian Equities Wholesale, KiwiSaver Aggressive Fund. Trans-Tasman Bond & Global Absolute Growth Funds and the Milford Trans-Tasman Prior to joining Milford in 2008, Corporate Bond Funds. David has managed the Milford Equity and Australian Absolute Jonathan worked for Gartmore joined Milford in 2013 from Dynamic Fund since 2011. Growth Funds. He has over 20 Investment Management in Merrill Lynch where he worked William is also Co-Manager years’ experience in managing London where he was Portfolio in Sydney and London for of the flagship Milford Active a diverse range of Australian Manager for the Royal Bank eight years in a variety of areas Growth Funds. William visits equities portfolios. Prior to of Scotland Pension scheme including credit research, and speaks to hundreds of joining Milford, Wayne was which had assets in excess emerging market research, companies every year and Deputy Head of Australian of NZ$25 billion. While at and principal investments in conducts detailed financial Equities at Colonial First State Gartmore, Jonathan was also high yield/distressed credit. analysis to uncover high Global Asset Management. responsible for investment Prior to this, David spent four quality investment ideas. Previously, Wayne held Senior strategy and investments years as a fixed income analyst William has a Bachelor of Analyst and Deputy Head of into individual private equity at BT Funds Management and Commerce from the University Research roles with Allianz funds and companies across Principal Global Investors, of Auckland majoring in Global Investors, and spent Europe and Asia. Prior to based in Sydney and London. Finance and Economics, 10 years with JP Morgan. Gartmore, Jonathan worked David has a Bachelor of and is a CFA Charterholder. Wayne holds a Bachelor of for BT Funds Management, Commerce in Economics from Economics degree from Sydney Frank Russell and the New the University of Canterbury, University, a Postgraduate Zealand Dairy Board (now a Master of Commerce in Diploma in Applied Finance and Fonterra). Jonathan is a CFA Finance from the University Investment from the Securities Charterholder. of Sydney, and is a CFA Institute of Australia. Charterholder. 10
Overview 1 April 2020
Felix Fok Stephen Johnston Sam Trethewey Paul Morris
Portfolio Manager Portfolio Manager Portfolio Manager Portfolio Manager
Felix is the Portfolio Manager Stephen is the Portfolio Sam is the Portfolio Manager of Paul joined Milford in
of the Milford Global Equity Manager of the KiwiSaver the Trans-Tasman Equity Fund February 2016. He is the
Fund. He has a wide range of Aggressive Fund and Co- and the Milford New Zealand Portfolio Manager of the
investment experience across Manager of the Milford Global Equities Wholesale Fund. Since Milford Conservative Funds,
global financial markets. Prior Equity Fund. He has over 20 joining Milford in 2014, Sam Trans-Tasman Bond Fund,
to joining Milford in October years of investment experience has focused on conducting Global Corporate Bond Fund
2012, Felix was a partner at across global financial markets research analysis across listed and Cash Funds. He is also
equity research firm Ji Asia and different asset classes. New Zealand equities. Sam Co-Manager of the Milford
in Hong Kong, an associate of Prior to Milford, Stephen was previously worked for Craigs Balanced Funds and Milford
French bank Societe Generale, a partner at London based Investment Partners as an KiwiSaver Moderate Fund.
covering China focused Adelante Asset Management Associate in the Equity Capital Paul has over 20 years’
medium sized companies where he was a Senior Portfolio Markets team advising on a experience in financial
across multiple sectors. Felix Manager, managing an wide range of equity issuance markets here and overseas.
began his career in London Emerging Market Equity Fund. and was also an Analyst in the Paul held senior fixed income
in 2004 with The Black Ant Prior to Adelante, Stephen Corporate Finance team at roles with investment banks
Group as an analyst, and later was a Portfolio Manager at PricewaterhouseCoopers. Sam including Merrill Lynch and
Junior Portfolio Manager, and Threadneedle Investments and has a Masters of Business (Dist) ABN AMRO in London. His
helped manage a long/short Convivo Capital Management, and Bachelor of Commerce experience includes debt
global mandate that invested managing various Emerging majoring in Finance from the capital markets, credit trading
across the capital spectrum. Market Funds. Stephen holds University of Otago. and interest rate derivatives
He holds a Master of Arts from a Bachelor of Laws and a trading. Paul moved to New
the University of Cambridge, Bachelor of Commerce from Zealand in 2009 and was
where he studied chemical the University of Otago and Executive Director and Head
engineering. Felix is also a was admitted to the Bar as a of Debt Capital Markets at
CFA Charterholder. Barrister and Solicitor of the JBWere, before moving to
High Court of New Zealand Macquarie Private Wealth in
in 1995. 2010. Paul has a Masters in
Aeronautical Engineering from
Queens University in Belfast.
11Meet your Investment Team
Mark Riggall Michael Higgins Daniel Simmonds Alexander Whight
Portfolio Manager Portfolio Manager Portfolio Manager Portfolio Manager
Mark is the Portfolio Manager Michael joined Milford in Daniel is a Portfolio Alexander is a Portfolio
for the Balanced Funds and January 2017 and is Portfolio Manager focussed on global Manager in the Global
KiwiSaver Moderate Fund Manager of the Milford infrastructure, utilities and real Equities team. Prior to joining
(responsible for its asset Dynamic Fund. Previously he estate assets. He works on a Milford in 2020, Alexander
allocation) in addition to spent four years at Macquarie number of Funds at Milford was a Portfolio Manager
responsibility for managing Securities as a Senior Analyst with a particular focus on the and foundational member
the Central Dealing Desk. Prior in the Emerging Leaders Milford Diversified Income of the global equities team
to joining Milford in November Research team. Prior to that, Fund. Previously he spent 7 at AustralianSuper, which
2014, Mark spent 11 years with Michael was an Analyst at years at RARE Infrastructure managed >$10bn invested
Morgan Stanley in London the Global Research House where he was a Portfolio in international shares.
and Hong Kong as an equity Morningstar. Over the past Manager and Senior Analyst Alexander also spent 5 years
derivatives trader. In Hong seven years, his coverage has and 4.5 years at CP2 (formerly at J.P. Morgan Cazenove in
Kong he had responsibility been varied across a broad Capital Partners) as an London covering European
for the Asia ex-Japan index range of smaller technology Investment Analyst. Industrial stocks, and began
derivatives business, running and industrial companies. Daniel holds Economics his investment career in
multiple regional derivative Michael also worked as a (Hons) and Arts degrees from Sydney in 2004 with Tyndall
portfolios. Prior to that in Structural Engineer at Sinclair the University of Western Investment Management. He
London he ran a global Knight Merz in Sydney before Australia, and a Graduate holds a Bachelor of Commerce
equity derivatives portfolio switching into the funds Certificate in Applied Finance degree from The University
in addition to a UK equity management industry. He from Macquarie University. of Sydney and a Master’s in
derivatives portfolio. Mark holds a Masters of Commerce Daniel is based in Sydney. Applied Finance & Investment
has a Masters of Engineering and a Bachelor of Engineering from the Financial Services
degree from the University of (Honours), both from the Institute of Australasia.
Bath, UK. University of Sydney. Alexander is based in Milford’s
Sydney office.
12Overview 1 April 2020
Brooke Bone John Johnston Frances Sweetman Ian Robertson
Investment Director Investment Director Senior Analyst Senior Analyst
Brooke is an Investment John is an Investment Director Frances joined Milford Ian joined Milford in 2017 as a
Director for Milford’s Funds for Milford’s Funds and co- in early 2017 as a Senior Senior Analyst focused on fixed
and co-manages the Milford manages the Milford Private Analyst focussed on New income investments. Ian is
Private Equity Fund II. Equity Fund II. Prior to joining Zealand equities. Prior to also Co-Manager of the Milford
He is currently a director Milford in 2016, John spent joining Milford, Frances was Cash Funds. Prior to joining
of a number of companies four years at Fletcher Building, a Senior Research Analyst at Milford Ian worked at ANZ Bank
on behalf of the Milford latterly managing the Firth Craigs Investment Partners, New Zealand, most recently
Active Growth Fund. Brooke Masonry, Dricon, and CSP responsible for the New in the Specialised Finance
joined Milford in 2012 from Pacific businesses operating Zealand and Australian team originating, structuring
Macquarie Securities in New in the concrete and roading exposures of the Private and executing leveraged
Zealand where he was a Senior technology sectors. This Wealth division. Frances transactions. Before returning
Research Analyst covering a followed stints in strategy and also previously worked as to New Zealand in 2014, Ian
variety of sectors including corporate finance at Fletcher an Analyst at Brook Asset spent seven years at a UK fund
manufacturing, agriculture, Building and prior to that Air Management focussed manager as a Credit Analyst
mining and oil and gas. Prior New Zealand. The first decade on the property, finance investing in European and US
to that, Brooke was a Vice of John’s experience was in and telecommunications leveraged loans and high yield
President at Morgan Stanley principal equity investment sectors and as an Analyst at bonds. He has also worked
in London, covering Pan- and investment banking Macquarie Bank in Sydney, on advisory, restructuring and
European retail companies. for Societe Generale and covering the property sector formal insolvency appointments
Brooke also worked for the Macquarie Bank (in Sydney in the institutional equities at PricewaterhouseCoopers in
corporate finance and property and London) working across research team. She holds an Auckland and London. Ian has
team of Marks and Spencer a range of industry sectors. MSc in Estate Management a Bachelor of Commerce (Hons)
in the UK. He qualified as a John holds an LLB (Hons), BA from South Bank University, a majoring in Finance from the
Chartered Accountant with and BCom from the University BA(Hons) in Economics and University of Auckland.
Ernst & Young and is a CFA of Otago and an MBA from Business Management from
Charterholder. Oxford University. Newcastle University and is a
member of the Royal Institute
of Chartered Surveyors.
13Meet your Investment Team
Marissa Rossi David Rigby Greg Cassidy Stephanie
Tom MontiPerrin
Senior Analyst Senior Analyst Senior Analyst Investment Analyst
Marissa is a Senior Analyst David is a Senior Analyst, Greg is a Senior Analyst based Tom joined the Milford
based in the Sydney office based in the Sydney office, in the Sydney office focussing Private Equity team as an
focussing on Australian equities. with a particular emphasis on on Australian equities. Prior Investment Analyst in 2017
Prior to joining Milford in July Australian equities, including to joining Milford in October and is responsible for the
2019, Marissa spent 17 years IPOs. Prior to joining Milford 2016, Greg spent over a assessment of opportunities,
at UBS Asset Management in March 2014, David was a decade as a Senior Analyst at valuations, executing
as a Senior Analyst, Head of senior equity research analyst Tribeca Investment Partners transactions and supporting
Research and Portfolio Manager, with Goldman Sachs and Credit in Sydney following two years the management teams of
following two years at Credit Suisse in London covering the at AMP Henderson. During his investee companies. Prior to
Suisse Asset Management. She support services sector. In his career, Greg has covered many this, Tom had been working in
has had broad industrial sector 10 years overseas his remit sectors including resources, the investment banking team
coverage throughout her career, spanned small caps to FTSE100 energy, banks, utilities, steels at UBS in Auckland, where
including healthcare, gaming, firms in industries as diverse as and building materials. Greg he was involved in a number
media, diversified financials, recruitment, temporary power, has a Bachelor of Economics of significant capital markets
paper & packaging and equipment rental, distribution, (Hons) from the University and private transactions. Tom
diversified industrials. Marissa testing & inspection, facilities of Sydney, a Postgraduate holds a Bachelor of Commerce,
graduated from the University management, BPO and credit Diploma in Applied Finance majoring in Economics and
of Queensland in 1998 with a analytics. He holds a Masters and Investment from the Finance (with First Class
Bachelor of Commerce (with of Management Studies and a Securities Institute of Australia Honours) from the University
Distinction) and a Bachelor of BSc from Victoria University of and is a CFA Charterholder. of Canterbury.
Law (First Class Honours) and is Wellington, where he studied
a CFA Charterholder. Technology Management,
Physics and Mathematics.
14Overview 1 April 2020
Roland Houghton Stephanie Perrin Michael Luke Katlyn Parker
Investment Analyst Investment Analyst Investment Analyst Investment Analyst
Roland joined Milford in May Stephanie is an Investment Michael joined Milford in Katlyn is an Investment
2016 as an Investment Analyst Analyst focused on global November 2016. His role Analyst. Her primary role
in the Sydney office. His role equities. Since joining Milford at Milford is to research, is to conduct fixed income
at Milford is to research, in July 2016, Stephanie has meet and analyse a range of research, focused on corporate
meet and analyse a range focused on conducting companies to identify potential bond markets. Katlyn joined
of companies to identify research analysis across investment opportunities. Milford in September 2015
potential opportunities. the portfolio of global Michael graduated from the after relocating to New
Roland graduated from Victoria listed equities as well as University of Auckland in 2018 Zealand from Ireland, initially
University of Wellington identifying new investment with a Bachelor of Commerce, as a Private Wealth Associate
in 2014 with a Bachelor of opportunities offshore. double majoring in Finance & and most recently as an
Commerce, double majoring in Previously, Stephanie was Accounting. Having purchased Authorised Financial Adviser.
Finance and Marketing. During an analyst in the investment his first shares at the age of 14, Prior to joining Milford she
his studies he worked at GMI banking team at Goldman Michael previously managed was employed by Davy
in their KiwiSaver department, Sachs, where she advised on a private portfolio and Stockbrokers in Dublin. Katlyn
and after completing his a range of capital markets investment blog, specialising graduated with a first class
degree, Roland worked as a and private transactions. in small cap stocks across honours degree in Actuarial
junior Portfolio Manager at a Stephanie graduated from Australia and New Zealand. Mathematics from Dublin City
boutique funds management the University of Auckland University (DCU).
company based in Sydney. with a Bachelor of Commerce
and Science, majoring in
Finance, Accounting and
Pharmacology, and is a CFA
Charterholder.
15Meet your Investment Team
Rachel Arbuckle Brad Litt William McVeagh Kristen Yong
Responsible Investing Dealer Dealer Investment Performance
Analyst Brad joined Milford in 2014 as Will joined Milford in 2018 as and Risk Manager
Rachel is the Responsible a Business Analyst within the the Australian Dealer based in Kristen is responsible for
Investing Analyst at Milford. Operations team, responsible the Sydney office, responsible running a centre of excellence
Her role is to support the for the set-up of Milford’s for trade execution. Prior for all performance, attribution
wider team’s consideration Charles River trading system. to joining Milford, Will was and risk analytics, plus a
of Environmental, Social Following successful system trading equity and FX for wide range of internal and
and Governance matters as implementation, Brad moved Kiwi Wealth Investments external investment reporting.
part of Milford’s investment to the Investment team, in Wellington. Will has a She primarily evaluates and
process. Rachel graduated where he has responsibility Bachelor of Commerce from presents key statistics to the
from AUT University in 2015 for trade execution on the the University of Otago, and is Investment Committee. She
with a Bachelor of Laws and a Central Dealing Desk. Prior working towards gaining the also has oversight of fees,
Bachelor of Business, double to joining Milford, Brad was a CFA charter. key regulatory documents
majoring in Finance and Business Analyst at Standard and investment mandate
International Business. Prior to Chartered Bank. Brad has a compliance. Prior to joining
joining Milford in September Bachelor of Commerce and Milford in August 2015, she
2017 as the Wholesale Civil Engineering from the was at Redward Associates,
Associate, Rachel worked at University of Canterbury. conducting macroeconomic
Pricewaterhouse Coopers, and and foreign currency research,
was admitted as a Barrister as well as financial and
and Solicitor of the High Court econometric modelling.
in New Zealand. Kristen graduated from the
University of Auckland in 2011
with a Bachelor of Commerce
(First Class Honours in
Finance). Kristen is also a CFA
Charterholder.
16Overview 1 April 2020
Milford’s Managed Fund products
Milford Investment Funds
Multi-Asset Funds
Conservative Fund
Objective - Moderate returns and protect capital over the minimum recommended investment timeframe (3 years).
Description - Diversified fund that primarily invests in fixed interest securities, with a moderate allocation to equities.
Diversified Income Fund
Objective - Income and capital growth over the minimum recommended investment timeframe (3 years).
Description - Diversified fund that primarily invests in fixed interest and equity income-generating securities.
Balanced Fund
Objective - Capital growth over the minimum recommended investment timeframe (5 years).
Description - Diversified fund that primarily invests in equities, with a significant allocation to fixed interest securities.
Active Growth Fund (Not available to new investors)*
Objective - Annual returns of 10% over the minimum recommended investment timeframe (5 years).
Description - Diversified fund that primarily invests in equities, with a moderate allocation to fixed interest securities.
Australian Absolute Growth Fund
Objective - Absolute return with an annualised return objective of 5% above the NZ OCR while seeking to protect capital over
rolling three year periods (minimum recommended investment timeframe 5 years).
Description - Diversified fund that primarily invests in Australasian equities complemented by selective exposure to international equities,
fixed interest securities and cash.
Cash and Fixed Income Funds
Cash Fund
Objective - A return above the New Zealand Official Cash Rate (NZOCR).
Description - Primarily invests in New Zealand cash, short-dated debt securities and term deposits.
Trans-Tasman Bond Fund
Objective - Generate a positive, low volatility return that exceeds the relevant benchmark over the minimum recommended investment timeframe (3 years).
Description - Primarily invests in Trans-Tasman fixed interest securities.
Global Corporate Bond Fund
Objective - Protect capital and generate a positive NZD hedged return that exceeds the relevant benchmark over the minimum
recommended investment timeframe (3 years).
Description - Primarily invests in global fixed interest securities.
Equity Funds
Global Equity Fund
Objective - Capital growth by out-performing the relevant share market index over the minimum recommended investment timeframe (5 years).
Description - Primarily invests in international equities.
Trans-Tasman Equity Fund
Objective - Capital growth by out-performing a mix of two relevant share market indices over the minimum recommended investment timeframe (5 years).
Description - Primarily invests in Australasian equities.
Dynamic Fund
Objective - Capital growth by out-performing the relevant share market index over the minimum recommended investment timeframe (5 years).
Description - Primarily invests in small to mid-cap Australasian equities.
*The Manager may consider a new direct wholesale investor at its discretion from time to time.
17Milford’s Managed Fund products
Milford KiwiSaver Plan
Cash Fund
Objective - A return above the New Zealand Official Cash Rate (NZ OCR).
Description - Primarily invests in New Zealand cash, short-dated debt securities and term deposits.
Conservative Fund
Objective - Moderate returns and protect capital over the minimum recommended investment timeframe (3 years).
Description - Diversified fund that primarily invests in fixed interest securities, with a moderate allocation to equities.
Moderate Fund
Objective - Moderate returns and capital growth over the minimum recommended investment timeframe (5 years).
Description - Diversified fund that primarily invests in fixed interest securities with a significant allocation to equities.
Balanced Fund
Objective - Capital growth over the minimum recommended investment timeframe (5 years).
Description - Diversified fund that primarily invests in equities, with a significant allocation to fixed interest securities.
Active Growth Fund
Objective - Annual returns of 10% over the minimum recommended investment timeframe (5 years).
Description - Diversified fund that primarily invests in equities, with a moderate allocation to fixed interest securities.
Aggressive Fund
Objective - Maximise capital growth over the minimum recommended investment timeframe (15 years).
Description - Diversified fund that primarily investment in international equities with a moderate allocation to Australasian equities.
Please see the PDS for more information on the Funds. The latest Fund Updates can be found at www.milfordasset.com/forms-documents.
18Investment Statement 1 September 2016
Level 28, 48 Shortland Street Auckland
PO Box 960, Shortland Street, Auckland 1140
Free phone 0800 662 345
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