Milford Fund Performance (after fees and before tax)

Returns to 30 April 2012*1
month
3
months
6
months
1
year
2
years (p.a)
3
 years (p.a)
Since
inception (p.a)**
Active Growth Fund1.6%7.0%8.9%7.1%6.4%10.6%10.1%
Active Growth Fund Benchmark 0.8%2.4%4.9%10.0%10.0%10.0%10.0%
NZX50Gross1.3%7.9%6.7%1.0%4.0%9.1%(4.0%)
Milford Trans-Tasman Fund1.9%7.8%8.9%4.7%6.3%13.1%5.6%
Trans-Tasman Fund Benchmark***1.7%5.1%3.9%1.3%3.7%10.6%(3.1%)
Milford Income Fund1.6%4.1%6.0%9.9%9.3% 9.8%
Income Fund Benchmark
(90 Day Bank Bill Index)
0.2%0.7%1.4%2.8%2.9% 2.9%
Milford Balanced Fund1.1%4.6%5.7%4.3%5.6% 5.2%

* Performance is after fees and before tax
** 1 October 2007 for the Milford Active Growth and Trans-Tasman Funds; 1 April 2010 for the Milford Income and Balanced Funds
*** From 1 October 2011 the Trans-Tasman benchmark is a mix of 50% ASX 200 Total Return Index (in NZ dollars) and 50% NZX 50 Portfolio Index. Prior to this date the benchmark was 100% of the NZX 50 Portfolio Index.

The Milford Balanced Fund and Milford Income Fund commenced 1 April 2010. For the available monthly performances of these Funds please click here.

Milford Active Growth FundActive Growth Fund BenchmarkMilford Balanced FundMilford Trans-Tasman FundTrans-Tasman BenchmarkMilford Income FundIncome Fund Benchmark
01/10/070.00%0.00%00
31/10/074.60%0.80%3.50%-0.50%
30/11/074.70%1.60%1.10%-0.50%
31/12/077.30%2.40%3.30%-0.70%
31/01/084.80%3.20%-4.80%-10.00%
29/02/085.10%4.10%-6.30%-11.90%
31/03/084.40%4.90%-8.10%-14.40%
30/04/086.40%5.70%-2.60%-10.70%
31/05/087.00%6.60%-3.20%-11.20%
30/06/087.80%7.40%-9.10%-20.60%
31/07/0810.70%8.30%-4.60%-17.70%
31/08/0811.70%9.10%-3.50%-16.00%
30/09/087.60%10.00%-11.00%-22.20%
31/10/086.90%10.90%-17.50%-28.40%
30/11/088.00%11.80%-17.10%-32.00%
31/12/089.10%12.70%-16.30%-31.90%
31/01/0912.00%13.60%-13.90%-31.20%
28/02/0910.80%14.50%-19.40%-37.30%
31/03/0911.20%15.40%-17.60%-35.40%
30/04/0914.70%16.30%-11.30%-33.00%
31/05/0916.90%17.20%-9.20%-30.40%
30/06/0917.70%18.20%-7.60%-30.40%
31/07/0921.70%19.10%-1.10%-24.70%
31/08/0924.50%20.00%2.00%-22.50%
30/09/0926.90%21.00%6.10%-20.50%
31/10/0929.30%22.00%7.80%-19.00%
30/11/0929.80%22.90%7.20%-20.70%
31/12/0932.20%23.90%11.10%-17.80%
31/01/1032.80%24.90%9.40%-19.00%
28/02/1032.20%25.90%8.60%-19.30%
31/03/1035.50%26.90%13.00%-16.00%
30/04/1037.00%27.90%-0.40%13.50%-15.50%0.68%0.20%
31/05/1031.60%28.90%-2.73%6.00%-21.70%0.59%0.40%
30/06/1030.30%30.00%-3.40%2.30%-24.10%1.55%0.70%
31/07/1031.70%31.00%-2.06%6.60%-22.20%2.68%0.90%
31/08/1032.40%32.00%-1.64%5.50%-22.10%3.63%1.20%
30/09/1036.00%33.10%0.47%11.20%-18.10%4.86%1.50%
31/10/1037.50%34.20%1.65%13.20%-14.60%6.05%1.70%
30/11/1035.90%35.20%0.71%10.60%-16.50%6.17%2.00%
31/12/1039.40%36.30%2.97%15.30%-15.30%6.88%2.30%
31/01/1140.00%37.40%3.07%14.70%-15.00%6.79%2.50%
28/02/1141.30%38.50%4.32%16.80%-14.30%7.62%2.80%
31/03/1142.40%39.60%5.29%19.60%-12.40%9.12%3.10%
30/04/1145.00%40.70%6.46%22.50%-10.40%10.40%3.30%
31/05/1145.30%41.80%5.66%21.20%-10.70%11.86%3.60%
30/06/1142.30%43.00%4.86%18.00%-12.90%12.52%3.80%
31/07/1142.20%44.10%3.36%16.00%-14.70%11.47%4.00%
31/08/1140.30%45.30%1.92%12.90%-17.00%11.73%4.20%
30/09/1140.00%46.40%2.03%11.80%-17.60%13.05%4.50%
31/10/1142.60%47.60%5.03%17.70%-16.55%14.55%4.80%
30/11/1142.80%48.80%4.12%16.60%-18.23%14.12%5.00%
31/12/1143.00%49.90%4.31%15.50%-19.31%14.98%5.20%
31/01/1245.00%51.10%6.20%18.90%-17.54%16.60%5.50%
29/02/1247.70%52.30%7.69%21.30%-16.65%17.36%5.70%
31/03/1252.70%53.60%9.85%25.80%-14.80%19.48%5.90%
30/04/201255.2%54.8%11.0%28.5%-13.3%21.4%6.2%

Milford Active Growth Fund
Estimated After-Tax Performance (also after fees)*

Ending 30 April 20121 Year2 Years (p.a)3 Years (p.a)Since Inception (p.a)
Before Tax7.1%6.4%10.6%10.1%
10.50%7.4%6.7%10.9%10.0%
17.50%7.2%6.4%10.7%9.9%
28.00%6.7%6.0%10.4%9.4%

If the after tax return is higher than the before tax return, the Fund has received more imputation credits than there was tax to pay, for instance a performance fee was taken out of the Fund.

Milford Trans-Tasman Fund
Estimated After-Tax Performance (also after fees)*

Ending 30 April 20121 Year2 Years (p.a)3 Years (p.a)Since Inception (p.a)
Before Tax5.0%6.4%13.0%5.6%
10.50%5.3%6.7%13.4%6.0%
17.50%5.0%6.4%13.2%5.9%
28.00%4.5%6.0%13.0%5.6%

If the after tax return is higher than the before tax return, the Fund has received more imputation credits than there was tax to pay, for instance a performance fee was taken out of the Fund.

*This is indicative only and may vary for each individual investor. The above table also assumes that investors with a PIR of 17.5% previously used the 19.5% PIR prior to the tax changes on 1 April 2010.

Milford Income Fund
Estimated After-Tax Performance (also after fees)*

From Inception (p.a)28.00%17.50%10.50%0.00%
Before Tax Return9.8%9.8%9.8%9.8%
After Tax Return8.0%8.7%9.2%9.8%
Effective Tax Rate8.6%5.4%3.0%0.0%
Effective Annual After Tax Return*8.0%8.7%9.2%9.8%
Equivalent Bank Rate**11.1%10.5%10.3%9.8%

* Based on the historical performance of the fund this is the annualised return an investor could expect to
receive. Please note past performance isn’t indicative of future performance.

** This is the annual rate an investor would have to receive at the bank in ‘before tax’ terms to receive the
same after tax returns