AMP KiwiSaver Scheme
Milford Conservative Fund
Recent material changes
Diffs we track across PDS, SIPO, holdings + fee history
Overview
About this conservative fund
The Milford Conservative Fund sits within the AMP KiwiSaver Scheme and holds 81% in income assets and 19% in growth assets. Conservative scheme funds target steady returns with lower volatility, prioritising capital preservation and regular income over capital growth. This fund occupies the conservative end of the scheme's investment lineup, suitable for members seeking a cautious approach to long-term retirement savings.
Over the five years to 30 June 2026, this scheme fund delivered an average annual return of 7.19%. The annual fee of 1.33% sits above the peer median of 0.84% for conservative-type scheme funds in the market. Past performance is not a reliable indicator of future returns.
The FMA risk indicator for this scheme fund is 3 out of 7, reflecting lower expected volatility and a longer time horizon before capital may be needed. Conservative risk profiles are typically considered appropriate for members nearing retirement, those with low risk tolerance, or those who prioritise stability over growth potential. Past performance is not a reliable indicator of future returns.
Holdings
As of 2026-03-31 Milford Conservative Fund reports an asset mix of 19% growth assets (shares, listed property, alternatives) and 81% income assets (cash, bonds, fixed interest). This split is typical for a conservative fund. The full asset-mix breakdown including overseas vs domestic and listed vs unlisted exposure appears in the asset-allocation chart below.
Performance
Milford Conservative Fund has 2 quarters of QFU data on file (2024-03-31 to 2026-03-31). Past performance is not a reliable indicator of future returns.
Fees
At 1.33% in annual charges, Milford Conservative Fund's fee sits 0.49 percentage points above the median for Conservative KiwiSaver scheme funds in our coverage (median 0.84%). 45 of the 45 funds in this cohort charge a lower annual fee (this fund ranks 46 cheapest of 45). Fee level is a mechanical signal — does not factor in returns, risk, or manager skill.
Risk and suitability
Milford Conservative Fund carries a risk indicator of 3/7 on the FMA risk scale. Risk indicator 3-4 funds are typically considered for members with a medium investment horizon (3-10 years) or those balancing growth potential against shorter-term volatility. FundCompare does not provide personalised advice; consult a licensed financial adviser to understand whether this risk profile fits your circumstances.
Snapshot
A 1.33% annual fee on a $30,000 balance
Five-year return
No 5-year average return figure held. Recorded fund start date 23 February 2022 is less than five years before March 2026.
Five Year Average Return
About “—” in return figures: it means no figure is held, not a return of zero. No 5-year average return figure is held for this fund. Figures are drawn from fund disclosures on the FMA Disclose register, chiefly quarterly fund updates. Each fund shows the most recent figure held; the latest quarter broadly covered across all funds is March 2026. A fund too new to report a period has no figure for it; other gaps are figures not yet captured from the updates ingested so far.
Returns (green) show the fund’s growth over the five years to 31 March 2026, after fees and taxes. Compare these results with the average Conservative KiwiSaver scheme fund (light green).
Annual fee
1.33%
One Year Average Fees
Fees shown here (blue) represent what you would pay over a year if you had $30,000 invested in this fund. Compare them with the average fees for Conservative KiwiSaver scheme funds (light blue).
Growth / income split
The fund’s mix of growth assets (shares, property) and income assets (bonds, cash) as of 31 March 2026. The average mix for conservative KiwiSaver scheme funds is shown in light blue.
In the provider’s words
What the provider says about this fund
Here’s the provider’s overview of the managed fund:
“To provide a diversified portfolio that primarily invests in fixed interest securities, with a moderate allocation to equities. The fund's objective is to achieve moderate returns and protect capital over the minimum recommended investment timeframe. While conservative in nature, the fund may experience short term negative returns, particularly in times of heightened volatility.”
When can I get my money out?
This is a fund within a KiwiSaver scheme, which means generally you can withdraw only to purchase a first home, after the age of 65 or in cases of financial hardship.
Asset mix
19% growth assets, 81% income assets
This fund's asset mix
Average for conservative funds
Your investment mix shapes your outcome
The balance of assets you choose — your asset allocation, has the biggest impact on how your investments perform and how much their value may rise or fall along the way. Selecting that balance is crucial. By adjusting the proportion of growth-oriented investments you include, you’re effectively setting your preferred level of risk. Generally, taking on more risk can increase the potential for higher returns, but there’s never a guarantee — that’s the nature of risk. To find an allocation suited to your personal circumstances (sometimes called your risk profile), you can start with an investor risk questionnaire or a KiwiSaver-specific guide.
Largest holdings · 7 September 2025
Top 10 holdings — 100.00% of this fund
These assets make up 100.00% of this fund as at 7 September 2025.
These are the most recent holdings held for this fund, and they predate the 31 March 2026 figures shown elsewhere on this page. Holdings are captured from the fund’s quarterly updates, which do not always carry a readable holdings table, so a fund can be current on fees and returns while its holdings list is older.
| Asset | Asset Class | Type | Country | % of Fund | |
|---|---|---|---|---|---|
 | MILFORD CONSERVATIVE FUND | Fund | NZ | 100.00% |
Fees in context
How this fee compares with the category
1.33%
This Fund
0.83%
Average Conservative KiwiSaver scheme funds
The blue segment shows the annual fees you’d pay if you invested $30,000 in this fund. The grey segment represents the typical yearly fees for an average Conservative KiwiSaver scheme fund, so you can compare them directly.
Smaller Fees, Bigger Potential
When it comes to investing, spending more doesn’t automatically lead to stronger results. In fact, higher fund fees can often eat into your returns. Remember, what you keep is calculated after fees and taxes are deducted. Because no one can predict how any fund will perform, it’s generally wise to look for options with lower costs whenever you can.
Fee breakdown
What makes up the 1.33% annual charge
| Fee Type | % Over a year | Amount paid on a 30k balance |
|---|---|---|
| total Total fund charges | 0.78% | — |
Returns in context
How the five-year return compares with the category
No five-year data available
This Fund
2.32%
Average Conservative KiwiSaver scheme funds
Over the past five years, this fund delivered the average annual return shown here (in green) to investors, after fees and taxes (28% PIR) were applied. For comparison, the average return over the same period for all Conservative KiwiSaver scheme funds is shown in grey.
Returns: Reflecting the Past
Investing is about seeking returns, but the figures shown here represent historical performance—they cannot be relied upon to continue in the future. Selecting a fund solely based on past performance is not advisable. A well-informed decision should consider factors such as an appropriate investment mix for your goals and reasonable fees.
Risk
Risk indicator: 3 of 7
Risk indicator
This indicator reflects how much the investment’s value has fluctuated over time. It is calculated from the fund’s five-year performance, or from a comparable market index if the fund has a shorter history.
Fund details
The numbers that don’t make headlines
Manager information
| Name | AMP WEALTH MANAGEMENT NEW ZEALAND LIMITED |
| Type | NZ Limited Company |
| Website | amp.co.nz |
| NZBN | 9429038259210 |
| FSP Number | FSP25061 |
Fund information
| Asset liquidity ratio | 100.00% |
| Total value of fund | $19,457,434 |
| Debt ratio | 0.06% |
Fee + return history
View detailed history →Quarterly fees and after-tax returns recorded against this fund since inception. Sourced from FMA Disclose Quarterly Fund Updates. The detailed view shows the full chart + per-quarter data table.
PDS changes
View detailed PDS history →Material changes to the Product Disclosure Statement over time — fee adjustments, asset-allocation shifts, scheme-rule amendments. Diff against the previous PDS shown side-by-side in the detailed view.
Holdings changes
View detailed holdings diff →Top-10-holdings additions, removals, and weight changes across quarters. Shows the manager's actual portfolio decisions over time, sourced from the fund's Quarterly Fund Update.
SIPO changes
View detailed SIPO history →Statement of Investment Policy and Objectives revisions — investment objective rewrites, asset-class target shifts, ESG policy changes, derivatives policy changes. The detailed view diffs against prior SIPO versions.
AI · API · Markdown
Machine-readable surfaceEvery fund page on FundCompare ships with structured JSON and a plain-markdown summary alongside the HTML — so LLMs, MCP clients, and analysts can cite the same regulator-sourced data the page renders. Source documents come from FMA Disclose, IRD, and Sorted Fund Finder.
Identifiers
- FMA fund code
- FND36360
- FSP number
- FSP25061
- NZBN
- 9429038259210
- Provider
- AMP
- Scheme
- AMP KiwiSaver Scheme
Endpoints for Milford Conservative Fund
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} } }
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The information provided on this website is not a recommendation to buy, sell, or hold any financial products. Nothing on this website constitutes financial advice for the purposes of the Financial Markets Conduct Act 2013. FundCompare.co.nz is not a licensed Financial Advice Provider.
Investing involves risk. The value of your investment can go down as well as up, and you may get back less than you put in. Past performance is not a reliable indicator of future returns.
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