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Milford Unit Trust PIE Funds
Milford Overview
Milford Funds Limited
28 February 2019
Milford Unit Trust PIE Funds 2
Overview 28 February 2019
Letter from Brian Gaynor
Dear Investor
We are delighted to offer you the - We are committed to transparency so We are committed to delivering superior
opportunity to access the investment that our investors have clear visibility returns for investors and hope that
skills of Milford Asset Management of the major investments of each our Funds will meet your investment
Limited through our Unit Trust PIE Funds Fund; and requirements.
that are designed to meet a wide range of - Milford is a strong advocate on your
investment needs. Yours sincerely,
behalf, particularly in terms of
corporate governance of the entities
These Funds include the Conservative,
we invest in as well as environmental
Diversified Income, Balanced, Active
and social factors.
Growth, Australian Absolute Growth,
Cash, Trans-Tasman Bond, Global The Milford Unit Trust PIE Funds are Brian Gaynor
Corporate Bond, Global Equity, Trans- offered by Milford Funds Limited, a Director, Milford Funds Limited
Tasman Equity and Dynamic Funds. 100% owned subsidiary of Milford Asset
Please note our Active Growth Fund is Management Limited. We are a
not currently accepting new investors. well-established company that manages
over $6 billion on behalf of investors, as
Our primary aim at Milford is to achieve
at the date of this Overview document.
superior investment returns for you –
our clients. Our large and experienced We believe the Funds described in
investment team achieves this by this Overview are typically suitable for
identifying profitable opportunities, medium to long-term investors. All the
particularly in volatile economic and Milford Unit Trust PIE Funds are Portfolio
market conditions. Investment Entities (‘PIEs’) which means
all the income is taxed within the Fund,
Milford has a number of core objectives,
at the tax rate applicable to you. The
which apply to each Fund.
minimum initial investment for each
individual investor per Fund is $10,000.
These include:
- We search for the best opportunities in
Please read this Overview and the
all market conditions through
Product Disclosure Statement in full to
extensive company visits and
ensure that the approach and objectives
research;
for the Funds are consistent with your
- Milford has a fair and reasonable fee
investment requirements. If you have
structure where performance fees are
any questions, visit our website
only payable when we exceed the
www.milfordasset.com or call us on
investment benchmarks of our funds;
09 921 4700 or 0800 662 345.
3
Milford Unit Trust PIE Funds 4
Overview 28 February 2019
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 PDS. It contains essential
information on the Milford Unit Trust PIE Funds (‘Funds’), 7 Your rights as an investor
to assist you in making your investment decision. This
includes how the investment works, how you can access your 8 Our investment philosophy
investment, any significant risks and benefits, and the fees that
9
Milford’s investment process
can be charged. We also encourage you to seek independent
financial advice from an Authorised Financial Adviser prior to 10 Meet your Investment Team
making any investment decision.
17 Milford’s Managed Fund products
To view the full range of regulatory and product
disclosure detail 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.
5Milford Unit Trust PIE Funds
About Milford
Our parent, Milford Asset Management Limited Milford’s core values are to:
(‘Milford Asset Management’) was formed in 2003 by an
experienced team of individuals who recognised the need for an • Operate with honesty and integrity
investment company that New Zealanders can trust and which • Consistently seek to deliver superior investment returns
provides 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 Milford Asset Management that, at the date of
this document, had over $6 billion funds under management.
We do this by:
For details of the current directors of Milford please
• Attracting and retaining the best people
go to the Companies Office website,
• Understanding our clients’ needs and objectives
https://companies-register.companiesoffice.govt.nz/.
• Focusing our resources to generate the best returns for
Milford has been granted a Managed Investment Scheme (‘MIS’) clients
manager licence by the Financial Markets Authority (‘FMA’). • Reacting quickly to changing market conditions and new
opportunities
Milford is the issuer of retail investment products. Milford
• Aligning our success to the performance of our clients
Asset Management is an authorised body under Milford’s MIS
capital. We do this by investing alongside you and using a
manager licence.
pay for performance philosophy.
Milford is also an award winning fund manager. For more
information on Milford or these awards please go to
www.milfordasset.com/about-us.
6Overview 28 February 2019
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
Milford understands that this is your money. We do not receive
who look after their money. These are your right to:
any fees if you sell or move your investments from us.
1. Trust someone to look after your money.
Milford has brought together some of the country’s most 6. Seek growth and protection for your investment.
experienced and respected investment experts, with a track
Milford constantly assesses factors that influence the value
record for making quality financial decisions. Our investment
of your investments. We will proactively alter our investment
team is committed to building and protecting the wealth of our
strategy if our view of the market, a company’s management, or
clients.
trading conditions change. Milford’s policy of seeking to protect
investors’ capital means when we believe markets will fall
significantly, we don’t expect our clients to simply weather the
2. Know we will act in your best interests.
storm. We will actively seek to preserve our investors’ capital.
Milford’s focus is on enterprises that we believe demonstrate
the highest levels of corporate governance and a strong
commitment to their stakeholders. If our standards are not being 7. Fair and reasonable fees.
met, we will seek change or sell our shareholding in an effort to
Milford charges a base fund fee which varies depending on the
protect your investment in the process.
type of investment fund. The fee covers the normal operating
costs associated with Milford managing the fund and making
investment decisions, including audit, supervisor, registry and
3. Know where your money is being invested.
legal fees as well as any external fund charges. It excludes
Milford provides Monthly Reviews and quarterly Fund Updates brokerage and any performance fees. A performance fee is only
which include details of each funds’ top holdings. We also charged if a fund exceeds its stated performance target. Please
make available monthly online reports for your own investment refer to the Product Disclosure Statement for more details.
holdings.
4. Know the value of your investment.
Milford investors are able to view the value of their investments,
end of month portfolio reports and a history of all their
transactions at any time online.
7Milford Unit Trust PIE Funds
Our investment philosophy
Investment philosophy
As investment markets are in a state of constant change,
Milford adopts an active approach to investing.
This allows Milford to take advantage of investment
opportunities as they arise, and seek to provide a level of capital
protection when markets are less favourable.
The key principles that underpin our investment
philosophy are:
1. We adopt an active portfolio management approach. 5. We seek to manage risk through appropriate portfolio
diversification.
2. We adopt a more defensive approach to seek to provide a
degree of capital protection in less favourable markets and 6. We focus on key competencies and in instances where
take a more aggressive investment approach when our view we lack specific skills and knowledge, we engage with
of markets is more positive. organisations that can provide these for us.
3. We are committed to undertake investment research of 7. Milford is a strong advocate on your behalf, particularly in
the assets we invest in and conduct regular company visits. terms of corporate governance of the entities we invest in as
well as environmental and social factors.
4. We seek to understand the changes in the local and global
economic environments and how these changes are likely
to impact the markets in which our clients’ assets are
invested.
8Overview 28 February 2019
Milford’s investment process
New Zealand,
Unlisted New Zealand
Cash Australian and Global
entities
listed entities
Investment process
INVESTMENT
Milford’s Investment Team follows the process outlined on the UNIVERSE
right in developing and finalising investment decisions. Milford’s New Zealand, Australian
Global Investment
and Global fixed interest
investment process involves conducting our own proprietary Managers
securities
research. We undertake analysis of the macro-economic
environment as well as a fundamental analysis of the industries
and individual entities within our investment universe. NEGATIVE SCREENING
Based on Milford’s Exclusion List
Our macro-economic analysis, via the monitoring and analysis of
economic data, aims to identify changes to the prospects of
particular asset classes and industries, including the direction of Industry Analysis
Economic
Outlook and
Assessment of
management and
interest rates. Global
themes
ESG factors
ECONOMIC AND INVESTMENT
Our fundamental analysis aims to identify the best opportunities ANALYSIS
within identified asset classes and industries for investment. We
aim to meet with a large number of companies each year across Company Meetings Manager
Research
Financial Analysis
a wide range of industries to discuss with management their
prospects.
When considering individual companies, we seek to understand INVESTMENT FORUM
Chairman of the Investment Forum
key value drivers for bond and share investments including; the
Portfolio Managers
company’s competitive position and industry structure, the Senior Analysts
Analysts
strength of its balance sheet, the quality and sustainability of
Dealing Desk
earnings as well as the board and senior management, and ESG
factors.
Milford’s Investment Forum meetings bring together all of our RESEARCH RECOMMENDATIONS
research where investment ideas are formally presented and PRESENTED AND DEBATED
debated for potential implementation by the Portfolio Managers.
The Investment Forum aims to promote collaboration on
investment decisions and leverage the extensive industry PORTFOLIO MANAGER
experience and knowledge, both in New Zealand and overseas, SELECTS SECURITIES AND
held amongst the team. The Portfolio Managers are responsible IMPLEMENTS PORTFOLIO
for final selection of the securities to include within a portfolio.
DEALING DESK EXECUTES
TRANSACTIONS
9Milford Unit Trust PIE Funds
Meet your Investment Team
Brian Gaynor Wayne Gentle Jonathan Windust David Lewis
Head of Investments Chief Investment Officer Portfolio Manager Portfolio Manager
Brian is an Executive Director & Head of Australian Jonathan is Deputy Head of David is Deputy Head of
of Milford Asset Management, Investments Investments and Portfolio Investments and the Portfolio
Head of Investments, Chairman Wayne is the Chief Investment Manager of the Milford Active Manager of the Milford
of Milford’s Investment Forum Officer at Milford and the Head Growth Funds (Unit Trust & Diversified Income Fund. He
and Private Equity Investment of Australian Investments. He KiwiSaver) and Co-Manager of is also the Co-Manager of the
Committee. Brian’s career is the Portfolio Manager of the the Diversified Income Fund. Milford Trans-Tasman Bond
includes roles as a Partner Australian Equities Wholesale, Prior to joining Milford in 2008, & Global Corporate Bond
and Head of Research at the Milford Trans-Tasman Jonathan worked for Gartmore Funds. David joined Milford
stockbrokers Jarden & Co, and Equity and Australian Absolute Investment Management in in 2013 from Merrill Lynch
a member of the New Zealand Growth Funds. He has over 20 London where he was Portfolio where he worked in Sydney
Stock Exchange. He has also years’ experience in managing Manager for the Royal Bank and London for eight years in
been a board member of a a diverse range of Australian of Scotland Pension scheme a variety of areas including
number of listed and public equities portfolios. Prior to which had assets in excess credit research, emerging
owned entities, including the joining Milford, Wayne was of NZ$25 billion. While at market research, and principal
Guardians of the New Zealand Deputy Head of Australian Gartmore, Jonathan was also investments in high yield/
Superannuation Fund. Equities at Colonial First State responsible for investment distressed credit. Prior to
He is also one of the original Global Asset Management. strategy and investments this, David spent four years
founders of Milford Asset Previously, Wayne held Senior into individual private equity as a fixed income analyst at
Management and was Portfolio Analyst and Deputy Head of funds and companies across BT Funds Management and
Manager of the Milford Active Research roles with Allianz Europe and Asia. Prior to Principal Global Investors,
Growth Funds (Unit Trust Global Investors, and spent Gartmore, Jonathan worked based in Sydney and London.
and KiwiSaver) from their 10 years with JP Morgan. for BT Funds Management, David has a Bachelor of
establishment in 2007 until April Wayne holds a Bachelor of Frank Russell and the New Commerce in Economics from
2017. Economics degree from Sydney Zealand Dairy Board (now the University of Canterbury,
University, a Postgraduate Fonterra). Jonathan is a CFA a Master of Commerce in
Diploma in Applied Finance and Charterholder. Finance from the University
Investment from the Securities of Sydney, and is a CFA
Institute of Australia. Charterholder.
10Overview 28 February 2019
William Curtayne Felix Fok Stephen Johnston Sam Trethewey
Portfolio Manager Portfolio Manager Portfolio Manager Portfolio Manager
William joined Milford in Felix is the Portfolio Manager Stephen is the Co-Manager Sam is the Portfolio Manager
2010 and has been working of the Milford Global Equity of the Milford Global Equity of the Trans-Tasman Equity
from Milford’s Sydney office Fund. He has a wide range of Fund. He has a wide range of Fund and the Milford New
since its establishment in investment experience across investment experience across Zealand Equities Wholesale
2014. William is Portfolio global financial markets. Prior global financial markets and Fund. Since joining Milford
Manager of the Australian to joining Milford in October different asset classes. in 2014, Sam has focused on
Absolute Growth Funds and 2012, Felix was a partner at Prior to joining Milford in conducting research analysis
has managed the Milford equity research firm Ji Asia 2013, Stephen was a partner at across listed New Zealand
Dynamic Fund since 2011. in Hong Kong, an associate of London based Adelante Asset equities. Sam previously
William is also Co-Portfolio French bank Societe Generale, Management where he was worked for Craigs Investment
Manager of the flagship covering China focused a Senior Portfolio Manager, Partners as an Associate in
Milford Active Growth Funds. medium sized companies managing an Emerging the Equity Capital Markets
William visits and speaks to across multiple sectors. Felix Market Equity Fund. team advising on a wide
hundreds of companies every began his career in London Prior to Adelante, Stephen range of equity issuance and
year and conducts detailed in 2004 with The Black Ant was a Portfolio Manager in was also an Analyst in the
financial analysis to uncover Group as an analyst, and later London at Threadneedle Corporate Finance team at
high quality investment ideas. Junior Portfolio Manager, and Investments and Convivo PricewaterhouseCoopers.
William has a Bachelor of helped manage a long/short Capital Management, Sam has a Masters of
Commerce from the University global mandate that invested managing various Emerging Business (Dist) and Bachelor
of Auckland majoring in across the capital spectrum. Market Funds. Stephen holds of Commerce majoring in
Finance and Economics, and is He holds a Master of Arts from a Bachelor of Laws and a Finance from the University of
a CFA Charterholder. the University of Cambridge, Bachelor of Commerce from Otago.
where he studied chemical the University of Otago and
engineering. Felix is also a was admitted to the Bar as a
CFA Charterholder. Barrister and Solicitor of the
High Court of New Zealand in
1995.
11Milford Unit Trust PIE Funds
Meet your Investment Team
Paul Morris Mark Riggall Brooke Bone John Johnston
Portfolio Manager Portfolio Manager Investment Director Investment Director
Paul joined Milford in February Mark is the Portfolio Manager Brooke is an Investment John is an Investment Director
2016. He is the Portfolio for the Balanced Funds Director for Milford’s Funds for Milford’s Funds and co-
Manager of the Milford (responsible for its asset and co-manages the Milford manages the Milford Private
Conservative Funds (Unit Trust allocation) in addition to Private Equity Fund II. Equity Fund II. Prior to joining
& KiwiSaver), Trans-Tasman responsibility for managing He is currently a director Milford in 2016, John spent
Bond Fund, Global Corporate the Central Dealing Desk. Prior of a number of companies four years at Fletcher Building,
Bond Fund and Cash Fund. to joining Milford in November on behalf of the Milford latterly managing the Firth
He is also Co-Manager of the 2014, Mark spent 11 years with Active Growth Fund. Brooke Masonry, Dricon, and CSP
Milford Balanced Funds (Unit Morgan Stanley in London joined Milford in 2012 from Pacific businesses operating
Trust & KiwiSaver). Paul has and Hong Kong as an equity Macquarie Securities in New in the concrete and roading
over 20 years’ experience in derivatives trader. In Hong Zealand where he was a Senior technology sectors. This
financial markets here and Kong he had responsibility Research Analyst covering a followed stints in strategy and
overseas. Paul held senior for the Asia ex-Japan index variety of sectors including corporate finance at Fletcher
fixed income roles with derivatives business, running manufacturing, agriculture, Building and prior to that Air
investment banks including multiple regional derivative mining and oil and gas. Prior New Zealand. The first decade
Merrill Lynch and ABN AMRO portfolios. Prior to that in to that, Brooke was a Vice of John’s experience was in
in London. His experience London he ran a global President at Morgan Stanley principal equity investment
includes debt capital markets, equity derivatives portfolio in London, covering Pan- and investment banking
credit trading and interest in addition to a UK equity European retail companies. for Societe Generale and
rate derivatives trading. Paul derivatives portfolio. Mark Brooke also worked for the Macquarie Bank (in Sydney
moved to New Zealand in has a Masters of Engineering corporate finance and property and London) working across
2009 and was Executive degree from the University of team of Marks and Spencer a range of industry sectors.
Director and Head of Debt Bath, UK. in the UK. He qualified as a John holds an LLB (Hons), BA
Capital Markets at JBWere, Chartered Accountant with and BCom from the University
before moving to Macquarie Ernst & Young and is a CFA of Otago and an MBA from
Private Wealth in 2010. Paul Charterholder. Oxford University.
has a Masters in Aeronautical
Engineering from Queens
University in Belfast.
12Overview 28 February 2019
Frances Sweetman Ian Robertson David Rigby Greg Cassidy
Senior Analyst Senior Analyst Senior Analyst Senior Analyst
Frances joined Milford Ian joined Milford in 2017 as a David is a Senior Analyst, Greg is a Senior Analyst based
in early 2017 as a Senior Senior Analyst focused on fixed based in the Sydney office, in the Sydney office focussing
Analyst focussed on New income investments. Ian is with a particular emphasis on on Australian equities. Prior
Zealand equities. Prior to also Co-Manager of the Milford Australian equities, including to joining Milford in October
joining Milford, Frances was Cash Fund. Prior to joining IPOs. Prior to joining Milford 2016, Greg spent over a
a Senior Research Analyst at Milford Ian worked at ANZ Bank in March 2014, David was a decade as a Senior Analyst at
Craigs Investment Partners, New Zealand, most recently senior equity research analyst Tribeca Investment Partners in
responsible for the New in the Specialised Finance with Goldman Sachs and Credit Sydney following two years at
Zealand and Australian team originating, structuring Suisse in London covering the AMP Henderson.
exposures of the Private and executing leveraged support services sector. In his During his career, Greg
Wealth division. Frances transactions. Before returning 10 years overseas his remit has covered many sectors
also previously worked as to New Zealand in 2014, Ian spanned small caps to FTSE100 including resources, energy,
an Analyst at Brook Asset spent seven years at a UK fund firms in industries as diverse as banks, utilities, steels and
Management focussed manager as a Credit Analyst recruitment, temporary power, building materials.
on the property, finance investing in European and US equipment rental, distribution, Greg has a Bachelor of
and telecommunications leveraged loans and high yield testing & inspection, facilities Economics (Hons) from
sectors and as an Analyst at bonds. He has also worked management, BPO and credit the University of Sydney,
Macquarie Bank in Sydney, on advisory, restructuring and analytics. He holds a Masters a Postgraduate Diploma
covering the property sector formal insolvency appointments of Management Studies and a in Applied Finance and
in the institutional equities at PricewaterhouseCoopers in BSc from Victoria University of Investment from the Securities
research team. She holds an Auckland and London. Ian has Wellington, where he studied Institute of Australia and is a
MSc in Estate Management a Bachelor of Commerce (Hons) Technology Management, CFA Charterholder.
from South Bank University, a majoring in Finance from the Physics and Mathematics.
BA(Hons) in Economics and University of Auckland.
Business Management from
Newcastle University and is a
member of the Royal Institute
of Chartered Surveyors.
13Milford Unit Trust PIE Funds
Meet your Investment Team
Michael Higgins Stephanie
Tom MontiPerrin Roland Houghton Stephanie Perrin
Portfolio Manager Investment Analyst Investment Analyst Investment Analyst
Michael joined Milford in Tom joined the Milford Roland joined Milford in May Stephanie joined Milford in
January 2017 and is Portfolio Private Equity team as an 2016 as an Investment Analyst July 2016 as an Investment
Manager of the Milford Investment Analyst in 2017 in the Sydney office. His role Analyst for the Global Equity
Dynamic Fund. Previously he and is responsible for the at Milford is to research, Fund. She is responsible for
spent four years at Macquarie assessment of opportunities, meet and analyse a range conducting research analysis
Securities as a Senior Analyst valuations, executing of companies to identify across the portfolio of global
in the Emerging Leaders transactions and supporting potential opportunities. Roland listed equities as well as
Research team. Prior to that, the management teams of graduated from Victoria identifying new investment
Michael was an Analyst at investee companies. Prior to University of Wellington opportunities offshore.
the Global Research House this, Tom had been working in in 2014 with a Bachelor of Previously, Stephanie spent
Morningstar. Over the past the investment banking team Commerce, double majoring in three years as an Analyst
seven years, his coverage has at UBS in Auckland, where Finance and Marketing. During in the Goldman Sachs
been varied across a broad he was involved in a number his studies he worked at GMI Investment Banking team
range of smaller technology of significant capital markets in their KiwiSaver department, and has advised on a range
and industrial companies. and private transactions. Tom and after completing his of transactions including
Michael also worked as a holds a Bachelor of Commerce, degree, Roland worked as a the IPO of Evolve Education
Structural Engineer at Sinclair majoring in Economics and junior Portfolio Manager at a Group and the sale of Aspire2
Knight Merz in Sydney before Finance (with First Class boutique funds management Group to Archer Capital.
switching into the funds Honours) from the University of company based in Sydney. Stephanie graduated from
management industry. He Canterbury. the University of Auckland
holds a Masters of Commerce with a Bachelor of Commerce
and a Bachelor of Engineering and Science, majoring in
(Honours), both from the Finance, Accounting and
University of Sydney. Pharmacology.
14Overview 28 February 2019
Michael Luke Katlyn
Stephanie
Parker
Perrin Brad Litt William McVeagh
Investment Analyst Investment Analyst Dealer Dealer
Michael joined Milford in Katlyn is an Investment Brad joined Milford in 2014 as Will joined Milford in 2018 as
November 2016. His role Analyst. Her primary role a Business Analyst within the the Australian Dealer based in
at Milford is to research, is to conduct fixed income Operations team, responsible the Sydney office, responsible
meet and analyse a range of research, focused on corporate for the set-up of Milford’s for trade execution. Prior
companies to identify potential bond markets. Katlyn joined Charles River trading system. to joining Milford, Will was
investment opportunities. Milford in September 2015 Following successful system trading equity and FX for
Michael graduated from the after relocating to New implementation, Brad moved Kiwi Wealth Investments
University of Auckland in 2018 Zealand from Ireland, initially to the Investment team, where in Wellington. Will has a
with a Bachelor of Commerce, as a Private Wealth Associate he has responsibility for trade Bachelor of Commerce from
double majoring in Finance & and most recently as an execution on the Central the University of Otago, and is
Accounting. Having purchased Authorised Financial Adviser. Dealing Desk. working towards gaining the
his first shares at the age of 14, Prior to joining Milford she Prior to joining Milford, Brad CFA charter.
Michael previously managed was employed by Davy was a Business Analyst at
a private portfolio and Stockbrokers in Dublin. Katlyn Standard Chartered Bank. Brad
investment blog, specialising graduated with a first class has a Bachelor of Commerce
in small cap stocks across honours degree in Actuarial and Civil Engineering from the
Australia and New Zealand. Mathematics from Dublin City University of Canterbury.
University (DCU).
15Milford Unit Trust PIE Funds
Meet your Investment Team
Kristen Yong
Investment Performance
and Risk Manager
Kristen is responsible for
running a centre of excellence
for all performance, attribution
and risk analytics, plus a
wide range of internal and
external investment reporting.
She primarily evaluates and
presents key statistics to the
Investment Committee. She
also has oversight of fees,
key regulatory documents
and investment mandate
compliance. Prior to joining
Milford in August 2015, she
was an Associate at Redward
Associates, conducting
macroeconomic and foreign
currency research, as well
as financial and econometric
modelling. Kristen graduated
from the University of
Auckland in 2011 with a
Bachelor of Commerce (First
Class Honours in Finance).
During her undergraduate
studies, she double majored
in Accounting and Finance.
Kristen is a CFA Charterholder.
16Overview 28 February 2019
Milford’s Managed Fund products
Milford Unit Trust PIE 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 Australasian equities, with a moderate allocation to international equities and 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
a rolling three year period (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.
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 Unit Trust PIE Funds
Milford’s Managed Fund products
Milford KiwiSaver Plan
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.
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 Australasian equities, with a moderate allocation to international equities and fixed interest securities.
Please see the PDS for more information on the Funds. The latest Fund Updates can be found at www.milfordasset.com/forms-documents.
18Level 28, 48 Shortland Street, Auckland
PO Box 960, Shortland Street, Auckland 1140
Free phone 0800 662 345
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