NZ Fund Managers

[Snoopy]

Would appreciate thoughts / recommendations on NZ Fund managers. Was thinking of Milford but open to helpful comments etc.
Cheers

Hi there... I am looking to put some money with a NZ or Australian based fund, but.. i refuse to put my money with some turkey who has his main interest being to ensure he sticks close to index or ensure he doesnt have portfolio position such that he wont be too far out of line with index. I am looking for someone who wants to achieve -absolute returns- for the investor... ie; actually managing it, rather than just accumulating it.. I have no time for someone who charges you for managing your money, then parks it against index, loses some of it, then justifies the losses by saying the index lost money as well -- or even worse ' we are legends because the index lost 10% and we only lost 9%'. I want a proper fund manager who has a set of nuts... If anyone knows of any funds that have a goal of achieving absolute returns I would be interested to hear....
cheers

I am doing my own investigation into NZ based fund managers and find myself thinking along the same lines as GBPNZDBASISTRADER. So I thought I would share some of my thoughts on this thread. Are Milford the answer to Jack's question? They could be.

Milford have three share based funds with a track record:

1/ 'Global Equity Fund'

Investment Theme	Almost entirely invested in non Australasian shares. From the disclosed holdings they are are heavily biased towards the NYSE and the NASDAQ. The only disclosed holding that does not fall under that umbrella is LVMH. 'Moët Hennessy Louis Vuitton', commonly known as LVMH, is a French holding multinational corporation and conglomerate specializing in luxury goods, headquartered in Paris. I have heard of those brands but know nothing about the company. So maybe it is evidence of thinking outside the index box?
Currency Hedging Policy	0%, 50%, 100% (mid figure is neutral exposure)
Principal Holdings	Three of the funds top four holdings (Microsoft, Alphabet (was Google) and Apple) also top the NASDAQ capitalisation list. But absent from a top ten holding position is NASDAQ number 3, Amazon and NASDAQ number 4 Tesla. Those were interesting omissions, I thought.
Distribution over FY2022	None
Total value of fund	@31-03-2022 was $886.0m
Base management fee	= 1.35%
Fund risk rating	'5' (where '1' (Cash) is the least risky and '7' the most risky)

2/ 'Dynamic Fund'

Investment Theme	Australian mid-cap shares
Currency Hedging Policy	-20%, 0%, 50% (mid figure is neutral exposure)
Principal holdings	Collins Foods (A YUM Brands franchisee), Credit Corp Group, Metcash, IPH Limited (deals with legalities of Intellectual Property), Contact Energy (looks like the Aussies have adopted Contact as their own), Seven Group Holdings, Carsales.com and Lifestyle Communities (retirement village owners).
Distribution over FY2022	None
Total value of fund	@31-03-2022 was $778.7m
Base management fee	= 1.35%
Fund risk rating	'6', but is now closed to new investment.

3/ 'Trans-tasman Equity Fund'

Investment Theme	Stock picking across the NZX and the ASX
Currency Hedging Policy	-10%, 0%, 60% (mid figure is neutral exposure)
Principal Holdings	F&P Healthcare, Mainfreight, Ebos, CSL Limited, Infratil, BHP, CBA, NAB, Contact Energy and Auckland International Airport
Distribution over FY2022	3.0cpu (based on a unit price of 3.7875 @05-05-2022 and a tax rate of 28%, this is a gross yield of 1.10%)
Total value of fund	@31-03-2022 was $811.5m
Base management fee	= 1.05%.
Fund risk rating	'5'

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Miford's statement on Investment Policies and Objectives is here:
https://milfordasset.com/wp-content/...Funds-SIPO.pdf

An omission from the Milford line up is that there is no purely New Zealand based share fund. What does that omission indicate I wonder? (Edit later: In the video presentation below (post 3), it was mentioned that Milford now have too large a quantum of funds to manage to allow them to operate a pure NZ market based share fund).

If I add Milford's 'Investment Leadership Team' to Milford's 'Investment Team' I get a total of 33 people.

SNOOPY