Quote Originally Posted by kiora View Post
My understanding is funds like Milford Growth Fund that are 'mirror' images of Kiwisaver growth fund with a higher proportion of unlisted investments then it could affect their returns?
well my point is that liquidity requirements are less likely to affect a KS fund.
Any non KS mutual fund will potentially have returns affected by liquidity in the usual way which is : being able to accept lower liquidity can potentially increase returns (as long as you're not forced to liquidate at a bad time).
I understand this is called a liquidity premium.
And the converse is true that if you require high liquidity your investments will likely have lower returns.