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  1. #1741
    Member Lego_Man's Avatar
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    Quote Originally Posted by Jaa View Post
    I left Milford's KS and their so called "active growth fund" after it started looking less "active" with some of the top 5 holdings simply being ETFs. That and the fact the FMA caught one of their traders manipulating share prices. After repeated correspondence Milford refused to acknowledge that any wrongdoing had occurred despite paying a $1.5m fine. The trader is still a shareholder. A pity as I had been a big fan in part because they invest in NZ and advocated for better NZ corporate governance.

    I moved to Superlife whose fees are less than half of Milford's and allows you to select what ETFs you want directly. Split my funds:

    50% to NZ mid cap ETF
    25% to APAC ETF
    25% to Emerging markets ETF

    So far am about even for the last 11 months but would have done better in the US 500 ETF or Total World ETF. Early days still and always nice to have some overseas exposure to balance the NZ assets.

    Always been a firm believer too that Kiwisaver exists in part to invest in NZ, build NZ capital markets, companies and NZ Inc's wealth.

    Problem is, the Kiwi stockmarket is dying. There is no flow of decent new listings to replace the natural attrition, and the market is becoming less and less diversified.

    Kiwisaver is effectively contributing to this by mandating a low fee passive approach, which isn't going to broaden capital market access for businesses as there are fewer fund managers to sift through and allocate capital to those fledgling businesses.

    The function of Kiwisaver now is to goose up the returns of the dwindling number of stocks, by providing a price-insensitive buyer of these stocks at all times.

  2. #1742
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    Great, isn't it?

  3. #1743
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    milford growth down over 7%
    fisher funds down over 7%
    harbour down over 10%
    pie down over 7%

    to name a few growth funds and theres many more , all over the last 3 mths. just goes to show what a terrible 3 mth period it was for the markets and peoples kiwisaver a/c
    bull

  4. #1744
    An Awesome Cool Cat winner69's Avatar
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    Quote Originally Posted by bull.... View Post
    milford growth down over 7%
    fisher funds down over 7%
    harbour down over 10%
    pie down over 7%

    to name a few growth funds and theres many more , all over the last 3 mths. just goes to show what a terrible 3 mth period it was for the markets and peoples kiwisaver a/c
    Just as well all down about the same ...no real under performers eh
    “Imagination is more important than knowledge.”

  5. #1745
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    Quote Originally Posted by Jaa View Post
    I left Milford's KS and their so called "active growth fund" after it started looking less "active" with some of the top 5 holdings simply being ETFs.
    Yes, I was surprised to see Milford was getting into ETFs.
    Very interesting to see that the returns since inception for different Milford Kiwisaver funds are so similar. I would have expected the Conservative to be much less than the Active Growth. I note that in November Milford said it had dialled down risk by using derivatives to protect portfolios from the worst of market declines.


    Milford Kiwisaver @ 31/12/18 1 year 3 year 5 year Since inception
    Conservative Fund
    Balanced Fund
    Active Growth Fund
    2.38%
    0.49%
    1.62%
    5.88%
    6.60%
    7.65%
    7.95%
    8.88%
    10.29%
    9.04%
    9.55%
    12.18%

  6. #1746
    Member Lego_Man's Avatar
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    Quote Originally Posted by moka View Post
    Yes, I was surprised to see Milford was getting into ETFs.
    Size. All their outperformance was generated when the fund was sub-500m and able to take meaningfully idiosyncratic ideas.

    The larger a fund gets, the more it will approximate an ETF, especially in a small market like NZ.

  7. #1747
    An Awesome Cool Cat winner69's Avatar
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    Jack Bogle the father of Index funds has died

    That’s sad
    “Imagination is more important than knowledge.”

  8. #1748
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    Totally blowing my trumpet here and posting my prediction of the NZX50 back from the end of October last year when we were all in the depths of despair

    NZX50-31102018.JPG

    And now nearly 3 months later it pretty much has happened except insomuch as the b wave was more of a triangle than expected

    NZX50-210119.JPG

    so what do I think now


    For clarity, nothing I say is advice....

  9. #1749
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    Quote Originally Posted by bull.... View Post
    nz markets sitting on support now , held 5 times now. when it breaks down should see a bit of catch up action with other markets i reckon
    that support provided good gains , probably in peat camp now looking for some downside
    bull

  10. #1750
    Guru peat's Avatar
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    Quote Originally Posted by bull.... View Post
    that support provided good gains , probably in peat camp now looking for some downside
    to clarify, I'm not wanting downside as such, i still am invested in some NZ shares, and have no index shorts or similar, but am better prepared for it as I do consider it a real possibility at this point. I have sold VHP holding y'day and AIR today.
    For clarity, nothing I say is advice....

  11. #1751
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    first mth of the yr nearly over and nz is one of the worst performing markets for the mth. they say what was best one yr not necessary the best next yr
    bull

  12. #1752
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    Quote Originally Posted by bull.... View Post
    first mth of the yr nearly over and nz is one of the worst performing markets for the mth. they say what was best one yr not necessary the best next yr
    You should honestly consider changing your alias to bear...

  13. #1753
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    Quote Originally Posted by hogie View Post
    You should honestly consider changing your alias to bear...
    i dont know how stating a fact is bearish , maybe i should have said nz participated in the rally and did well considering the competition.
    bull

  14. #1754
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    Quote Originally Posted by bull.... View Post
    first mth of the yr nearly over and nz is one of the worst performing markets for the mth. they say what was best one yr not necessary the best next yr
    Probably just means that NZX taking a breather while the losers of last year have a wee chance to come at least closer. What is the relevance of NZX underperforming in January?
    ----
    "Prediction is very difficult, especially about the future" (Niels Bohr)

  15. #1755
    A Fool greater fool's Avatar
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    Quote Originally Posted by BlackPeter View Post
    Probably just means that NZX taking a breather while the losers of last year have a wee chance to come at least closer. What is the relevance of NZX underperforming in January?
    15 Feb: Golden Cross. All good, no worries.
    SMA50 8936.50 SMA200 8934.76

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