Trading and voting policies

 

Trade allocation and execution

All asset purchases and sales are equitably allocated to all Milford clients. Note this still allows for Portfolio Managers to specify pre-trade, a target allocation across funds that is not pro-rata.

Prices are averaged where execution prices fluctuate. Where the number of shares purchased is less than required, the allocation is made to client portfolios on the basis of their percentage of the original order (i.e that was specified pre trade). No client portfolios are favoured in terms of trade prices, volumes or allocation.

 

Proxy voting

Milford’s policy is to aim to vote its proxies on all issues for all the entities it invests in on behalf of its investors.

 

Milford Funds Limited – responsible investing

Milford’s responsible investment policy is to improve New Zealand’s long-term economic wellbeing by taking strong stands on corporate governance issues. Analysing whether an entity adheres to appropriate corporate governance policies is a key part of any research Milford undertakes on the merits of investing into an entity.

 

The corporate governance policies that Milford follow include:

  • A clear separation between Chairman and Chief Executive.
  • A demonstrated commitment to increasing entity value for all shareholders.
  • At least half independent directors.
  • A board that consists of highly competent and involved directors, with a mix of skills to contribute. A strong emphasis is placed on the commercial skills of directors.
  • Clearly articulated and consistently followed fair remuneration policies for senior management and the board.
Milford Asset Management Limited                
Wednesday, May 24, 2017
MTD PERFORMANCE FIGURES
PORTFOLIOFUND NAMEHIPORT CODEPREVIOUS MONTH END DATEPREVIOUS MONTH END UNIT PRICEDistribution DateDISTRIBUTIONS IN PERIOD (DOLLARS PER UNIT)PREVIOUS UNIT PRICE DATEPREVIOUS UNIT PRICECURRENT UNIT PRICE DATECURRENT UNIT PRICE% DAY MOVEMENT IN UNIT PRICE% MTD MOVEMENT IN UNIT PRICE
700100Milford Active Growth Wholesale FundWMLAGF28/04/171.96180.000023/05/171.981624/05/171.98800.32%1.34%
700101Milford Dynamic Wholesale FundWMLDNC28/04/171.60470.000023/05/171.619524/05/171.62990.64%1.57%
700102Milford NZ Equities Wholesale FundWMLNZE28/04/172.27610.000023/05/172.292224/05/172.30750.67%1.38%
700103Milford Australian Equities WholesaleWMLAEQ28/04/171.26310.000023/05/171.250524/05/171.25270.18%-0.82%
700104Milford Global Select Wholesale FundWMLGLB28/04/171.50480.000023/05/171.510424/05/171.51660.41%0.78%
700105Milford Income Wholesale FundWMLINC28/04/171.87480.000023/05/171.891724/05/171.89640.25%1.15%
700106Milford Trans-Tasman Bond Wholesale FundWMLTTB28/04/171.09300.000023/05/171.100624/05/171.1001-0.05%0.65%
700107Milford Global Bond Wholesale FundWMLGBF28/04/171.01880.000023/05/171.024824/05/171.02520.04%0.63%
700200Milford Retail Active Growth FundMILAGG28/04/173.00750.000023/05/173.034224/05/173.04250.27%1.16%
700201Milford Retail Dynamic FundMILDNC28/04/171.48690.000023/05/171.499324/05/171.50880.63%1.47%
700202Milford Retail Balanced FundMILBAL28/04/171.96280.000022/05/171.979223/05/171.9781-0.06%0.78%
700203Milford Retail Trans-Tasman FundMILTTA28/04/172.26740.000023/05/172.244024/05/172.25100.31%-0.72%
700204Milford Retail Global FundMILGLB28/04/171.36250.000022/05/171.374823/05/171.3732-0.12%0.79%
700205Milford Retail Diversified Income FundMILINC28/04/171.626122/05/170.016023/05/171.623024/05/171.62650.22%1.01%
700206Milford Retail Conservative FundMILCON28/04/171.07620.000023/05/171.083724/05/171.08440.06%0.76%
700300Milford KiwiSaver Active GrowthMILKSA28/04/173.03420.000023/05/173.061224/05/173.06950.27%1.16%
700301Milford KiwiSaver BalancedMILKSB28/04/171.99750.000022/05/172.014723/05/172.0135-0.06%0.80%
700302Milford KiwiSaver ConservativeMILKSC28/04/171.58010.000023/05/171.591024/05/171.59210.07%0.76%
700400Milford AON KiwisaverAONKSA28/04/173.03930.000023/05/173.066224/05/173.07450.27%1.16%
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