Trading and voting policies - Milford Asset

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                
Tuesday, November 21, 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 FundWMLAGF31/10/172.15290.000020/11/172.159021/11/172.16480.27%0.55%
700101Milford Dynamic Wholesale FundWMLDNC31/10/171.82150.000020/11/171.847021/11/171.85110.22%1.63%
700102Milford NZ Equities Wholesale FundWMLNZE31/10/172.58310.000020/11/172.553621/11/172.55730.14%-1.00%
700103Milford Australian Equities WholesaleWMLAEQ31/10/171.32680.000020/11/171.336021/11/171.34040.33%1.03%
700104Milford Global Select Wholesale FundWMLGLB31/10/171.68940.000020/11/171.722721/11/171.73310.60%2.59%
700105Milford Income Wholesale FundWMLINC31/10/171.96410.000020/11/171.971121/11/171.97520.21%0.57%
700106Milford Trans-Tasman Bond Wholesale FundWMLTTB31/10/171.11040.000020/11/171.114121/11/171.11450.04%0.37%
700107Milford Global Bond Wholesale FundWMLGBF31/10/171.04110.000020/11/171.039721/11/171.04080.11%-0.03%
700200Milford Retail Active Growth FundMILAGG31/10/173.26160.000020/11/173.270521/11/173.27790.23%0.50%
700201Milford Retail Dynamic FundMILDNC31/10/171.67320.000020/11/171.695421/11/171.69910.22%1.55%
700202Milford Retail Balanced FundMILBAL31/10/172.07100.000017/11/172.074620/11/172.07530.03%0.21%
700203Milford Retail Trans-Tasman FundMILTTA31/10/172.49210.000020/11/172.475021/11/172.48240.30%-0.39%
700204Milford Retail Global FundMILGLB31/10/171.46600.000017/11/171.472220/11/171.47310.06%0.48%
700205Milford Retail Diversified Income FundMILINC31/10/171.660320/11/170.016020/11/171.649421/11/171.65250.19%0.49%
700206Milford Retail Conservative FundMILCON31/10/171.10200.000020/11/171.105121/11/171.10660.14%0.42%
700300Milford KiwiSaver Active GrowthMILKSA31/10/173.29030.000020/11/173.299121/11/173.30670.23%0.50%
700301Milford KiwiSaver BalancedMILKSB31/10/172.10940.000017/11/172.113220/11/172.11380.03%0.21%
700302Milford KiwiSaver ConservativeMILKSC31/10/171.63900.000020/11/171.643521/11/171.64570.13%0.41%
700400Milford AON KiwisaverAONKSA31/10/173.29620.000020/11/173.305021/11/173.31260.23%0.50%
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