Milford Funds
AUCKLAND, Q2files as MILFORD FUNDS LTD
$6.1bn in 91 US stocks at the end of 30 June 2026. The top 10 are 46.9% of the money. It changed about 23.4% of the portfolio this quarter.
Value
$6.1bn
Stocks
91
Top 10 share
46.9%
Turnover
23.4%
What changed this quarter
New
Bought for the first time this quarter.
- Johnson & JohnsonJNJ1.6% of the fund
- Ingersoll RandIR0.9% of the fund
- FlowserveFLS0.9% of the fund
- Morgan StanleyMS0.9% of the fund
- IntelINTC0.5% of the fund
- UnitedHealth GroupUNH0.5% of the fund
- Palo Alto NetworksPANW0.4% of the fund
- OracleORCL0.4% of the fund
- ChevronCVX0.3% of the fund
- Space Exploration TechnologiesSPCX0.1% of the fund
- SandiskSNDK0.1% of the fund
- Texas InstrumentsTXN<0.1% of the fund
- Spdr Gold TRGLD<0.1% of the fund
- DatadogDDOG<0.1% of the fund
- AutodeskADSK<0.1% of the fund
- Veeva SystemsVEEV<0.1% of the fund
- Dell TechnologiesDELL<0.1% of the fund
- TwilioTWLO<0.1% of the fund
- American Water Works CompanyAWK<0.1% of the fund
- AlphabetGOOGL<0.1% of the fund
Added
Bought more of a stock they already held.
- NvidiaNVDA6.5% of the fund+64%
- Amazon.comAMZN6.5% of the fund+42%
- MicrosoftMSFT6.2% of the fund+37%
- AlphabetGOOG5.7% of the fund+57%
- AppleAAPL5.4% of the fund+111%
- Meta PlatformsMETA3.1% of the fund+49%
- Union PacificUNP2.0% of the fund+103%
- APi GroupAPG1.9% of the fund+29%
- BroadcomAVGO1.9% of the fund+22%
- Arthur J. GallagherAJG1.5% of the fund+14%
- JPMorgan ChaseJPM1.5% of the fund+51%
- Thermo Fisher ScientificTMO1.4% of the fund+3%
- HCA HealthcareHCA1.3% of the fund+30%
- Ryanair HoldingsRYAAY1.3% of the fund+25%
- Rio TintoRIO1.2% of the fund+19%
- Canadian Pacific Kansas CityCP1.2% of the fund+128%
- Applied MaterialsAMAT1.2% of the fund+28%
- Advanced Micro DevicesAMD1.2% of the fund+46%
- Eli LillyLLY1.0% of the fund+115%
- Cbre GroupCBRE1.0% of the fund+341%
- VisaV0.9% of the fund+498%
- BPBP0.9% of the fund+63%
- Cheniere EnergyLNG0.9% of the fund+248%
- WatersWAT0.8% of the fund+103%
- DanaherDHR0.7% of the fund+65%
Cut
Sold some of their stake.
- AramarkARMK4.8% of the fund-14%
- Taiwan Semiconductor ManufacturingTSM3.8% of the fund-25%
- National GridNGG2.1% of the fund-14%
- ShellSHEL2.1% of the fund-26%
- Micron TechnologyMU2.0% of the fund-59%
- Crown CastleCCI1.5% of the fund-33%
- American TowerAMT1.3% of the fund-21%
- ConocoPhillipsCOP0.9% of the fund-17%
- Toll BrothersTOL0.9% of the fund-5%
- NetflixNFLX0.9% of the fund-16%
- IntuitINTU0.9% of the fund-47%
- TransDigm GroupTDG0.8% of the fund-3%
- PultegroupPHM0.7% of the fund-36%
- PrologisPLD0.7% of the fund-21%
- MastercardMA0.6% of the fund-18%
- NewmontNEM0.5% of the fund-19%
- Jones Lang LasalleJLL0.5% of the fund-28%
- GXO LogisticsGXO0.4% of the fund-48%
- Becton DickinsonBDX0.3% of the fund-61%
- Intercontinental ExchangeICE0.2% of the fund-56%
- FiservFISV0.2% of the fund-65%
- McDonald'sMCD0.2% of the fund-48%
- Centerpoint EnergyCNP0.1% of the fund-37%
- Graphic Packaging HoldingGPK<0.1% of the fund-63%
- ResmedRMD<0.1% of the fund-93%
Sold out
Sold their entire stake.
- Carrier GlobalCARR-100%
- TransUnionTRU-100%
- EquifaxEFX-100%
- Iqvia HoldingsIQV-100%
Holdings
- National GridNGG
- Share
- 2.1%
- Value
- $127m
- Shares
- 1,529,471
-14%
- ShellSHEL
- Share
- 2.1%
- Value
- $126m
- Shares
- 1,629,520
-26%
- Ryanair HoldingsRYAAY
- Share
- 1.3%
- Value
- $82m
- Shares
- 1,263,847
+25%
- Space Exploration TechnologiesSPCX
- Share
- 0.1%
- Value
- $7m
- Shares
- 40,400
New
- Spdr Gold TRGLD
- Share
- <0.1%
- Value
- $5m
- Shares
- 13,231
New
- TC EnergyTRP
- Share
- <0.1%
- Value
- $3m
- Shares
- 29,163
Held
- HaleonHLN
- Share
- <0.1%
- Value
- $2m
- Shares
- 180,000
Held
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| NvidiaNVDA | 6.5% | $402m | 2,008,089 | +64% |
| Amazon.comAMZN | 6.5% | $398m | 1,670,487 | +42% |
| MicrosoftMSFT | 6.2% | $379m | 1,016,770 | +37% |
| AlphabetGOOG | 5.7% | $347m | 982,421 | +57% |
| AppleAAPL | 5.4% | $331m | 1,144,314 | +111% |
| AramarkARMK | 4.8% | $296m | 5,206,279 | -14% |
| Taiwan Semiconductor ManufacturingTSM | 3.8% | $231m | 484,461 | -25% |
| Meta PlatformsMETA | 3.1% | $190m | 336,824 | +49% |
| Bank of AmericaBAC | 2.9% | $181m | 3,170,053 | Held |
| National GridNGG | 2.1% | $127m | 1,529,471 | -14% |
| ShellSHEL | 2.1% | $126m | 1,629,520 | -26% |
| Micron TechnologyMU | 2.0% | $123m | 106,516 | -59% |
| Union PacificUNP | 2.0% | $121m | 443,806 | +103% |
| APi GroupAPG | 1.9% | $119m | 2,814,037 | +29% |
| BroadcomAVGO | 1.9% | $117m | 309,303 | +22% |
| Johnson & JohnsonJNJ | 1.6% | $99m | 390,256 | New |
| Arthur J. GallagherAJG | 1.5% | $94m | 407,718 | +14% |
| JPMorgan ChaseJPM | 1.5% | $93m | 284,028 | +51% |
| Boston ScientificBSX | 1.5% | $93m | 2,169,484 | Held |
| Crown CastleCCI | 1.5% | $92m | 1,213,248 | -33% |
| Thermo Fisher ScientificTMO | 1.4% | $85m | 169,454 | +3% |
| HCA HealthcareHCA | 1.3% | $82m | 210,739 | +30% |
| Ryanair HoldingsRYAAY | 1.3% | $82m | 1,263,847 | +25% |
| American TowerAMT | 1.3% | $80m | 489,853 | -21% |
| Rio TintoRIO | 1.2% | $76m | 800,895 | +19% |
| Canadian Pacific Kansas CityCP | 1.2% | $75m | 684,565 | +128% |
| Applied MaterialsAMAT | 1.2% | $74m | 102,084 | +28% |
| Advanced Micro DevicesAMD | 1.2% | $74m | 126,671 | +46% |
| Duke EnergyDUK | 1.1% | $70m | 552,093 | Held |
| Eli LillyLLY | 1.0% | $64m | 53,305 | +115% |
| Cbre GroupCBRE | 1.0% | $63m | 465,564 | +341% |
| Ingersoll RandIR | 0.9% | $58m | 705,825 | New |
| VisaV | 0.9% | $57m | 167,308 | +498% |
| ConocoPhillipsCOP | 0.9% | $57m | 547,947 | -17% |
| FlowserveFLS | 0.9% | $56m | 752,387 | New |
| Toll BrothersTOL | 0.9% | $55m | 335,735 | -5% |
| Morgan StanleyMS | 0.9% | $55m | 264,258 | New |
| NetflixNFLX | 0.9% | $55m | 768,519 | -16% |
| BPBP | 0.9% | $53m | 1,435,411 | +63% |
| Cheniere EnergyLNG | 0.9% | $53m | 221,631 | +248% |
| IntuitINTU | 0.9% | $53m | 202,506 | -47% |
| WatersWAT | 0.8% | $51m | 135,437 | +103% |
| TransDigm GroupTDG | 0.8% | $49m | 36,841 | -3% |
| PultegroupPHM | 0.7% | $43m | 312,140 | -36% |
| DanaherDHR | 0.7% | $43m | 224,115 | +65% |
| PrologisPLD | 0.7% | $40m | 295,893 | -21% |
| SLB LimitedSLB | 0.6% | $38m | 822,856 | +545% |
| MastercardMA | 0.6% | $37m | 71,339 | -18% |
| NewmontNEM | 0.5% | $33m | 353,829 | -19% |
| Jones Lang LasalleJLL | 0.5% | $32m | 104,000 | -28% |
| IntelINTC | 0.5% | $30m | 212,918 | New |
| UnitedHealth GroupUNH | 0.5% | $28m | 68,386 | New |
| AmerenAEE | 0.5% | $28m | 245,838 | Held |
| Palo Alto NetworksPANW | 0.4% | $28m | 80,722 | New |
| GXO LogisticsGXO | 0.4% | $26m | 519,977 | -48% |
| S&P GlobalSPGI | 0.4% | $25m | 60,435 | +14% |
| OracleORCL | 0.4% | $23m | 157,195 | New |
| Interactive Brokers GroupIBKR | 0.3% | $21m | 246,101 | +3% |
| Hilton Worldwide HoldingsHLT | 0.3% | $21m | 63,032 | +17% |
| WalmartWMT | 0.3% | $19m | 168,275 | +8% |
| ChevronCVX | 0.3% | $18m | 111,375 | New |
| Lowe's CompaniesLOW | 0.3% | $17m | 78,253 | Held |
| Becton DickinsonBDX | 0.3% | $16m | 108,000 | -61% |
| Constellation EnergyCEG | 0.3% | $16m | 63,723 | +4148% |
| Uber TechnologiesUBER | 0.2% | $14m | 198,376 | +30% |
| Intercontinental ExchangeICE | 0.2% | $11m | 87,228 | -56% |
| FiservFISV | 0.2% | $10m | 208,000 | -65% |
| McDonald'sMCD | 0.2% | $10m | 37,218 | -48% |
| Citizens Financial GroupCFG | 0.2% | $9m | 135,000 | +45% |
| Centerpoint EnergyCNP | 0.1% | $9m | 208,322 | -37% |
| Life360LIF | 0.1% | $8m | 149,737 | Held |
| Space Exploration TechnologiesSPCX | 0.1% | $7m | 40,400 | New |
| SandiskSNDK | 0.1% | $7m | 3,005 | New |
| Texas InstrumentsTXN | <0.1% | $5m | 16,714 | New |
| Spdr Gold TRGLD | <0.1% | $5m | 13,231 | New |
| Graphic Packaging HoldingGPK | <0.1% | $5m | 440,110 | -63% |
| DatadogDDOG | <0.1% | $5m | 17,768 | New |
| AutodeskADSK | <0.1% | $4m | 18,192 | New |
| TC EnergyTRP | <0.1% | $3m | 29,163 | Held |
| ResmedRMD | <0.1% | $2m | 10,000 | -93% |
| Veeva SystemsVEEV | <0.1% | $2m | 9,648 | New |
| HaleonHLN | <0.1% | $2m | 180,000 | Held |
| Kinder MorganKMI | <0.1% | $2m | 52,327 | Held |
| NextEra EnergyNEE | <0.1% | $1m | 14,367 | Held |
| Dell TechnologiesDELL | <0.1% | $1m | 2,709 | New |
| TwilioTWLO | <0.1% | $845,953 | 4,100 | New |
| American Water Works CompanyAWK | <0.1% | $486,846 | 3,700 | New |
| ServiceNowNOW | <0.1% | $458,773 | 4,621 | -79% |
| SalesforceCRM | <0.1% | $426,115 | 2,720 | -99% |
| AlphabetGOOGL | <0.1% | $357,370 | 1,000 | New |
| SBA CommunicationsSBAC | <0.1% | $352,920 | 2,000 | -97% |
Over time and by industry
Value over time
Dec '25
Jun '26
Value is up 20.6% since 31 December 2025.
Where the money is
Technology31.0%
Retail & consumer13.7%
Industrials9.8%
Financial services9.7%
Media & telecom9.6%
Health care9.2%
Real estate5.0%
Energy3.6%
Utilities2.1%
Materials1.9%
Everyday goods0.3%
Other4.2%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.