Better year for Milford
The year ended March 31 was a much better year for Milford Funds than the previous year, largely because of performance fees.
Monday, July 29th 2024, 7:37AM
by Jenny Ruth
The annual report showed company lifted annual net profit 72.1% to $19.5 million with management fees jumping 18.7% to $185.7 million and it also earned $83.5 million in performance fees compared with nothing the previous year.
The last time Milford Funds collected performance fees was in the year ended March 2022 and that was less than a third of the latest fees at $26.4 million.
Despite the jump in profit, the company paid $10.2 million in dividends, down from $11.2 million the previous year.
But Milford did increase its donations to the Milford Foundation, its charitable arm, to $659,299 compared with $359,913 the previous year.
It also donated goods and services worth $573,956 to the foundation, less than the $618,640 donated last year.
Milford Private Wealth had a positive year too, lifting annual net profit 6.2% to just over $2 million and it paid dividends of $1.7 million, up from $1.5 million the previous year.
MJW's survey of fund performance showed Milford's growth, balanced and conservative KiwiSaver funds were the top performers in each category over the past 10 years ended March, with annual returns of 10.4%, 8.4% and 5.8% respectively.
However, nearer-term performance wasn't as stellar with the growth fund in fifth place out of 15 funds in the March quarter and fourth for the year ended March, the balanced fund 10th out of 17 funds for the quarter and 12th for the year, while the conservative fund was sixth out of 18 for the quarter and eighth for the year.
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