What is swing pricing?

Swing pricing only applies to the InvestNow Milford Conservative Fund and InvestNow Milford Balanced Fund.

A swing price is applied to mitigate dilution in investment value due to transaction costs attributable to other investors buying or selling funds interests. On each valuation day the Underlying Milford Funds apply a swing factor adjustment to the price for investor applications and withdrawals. Subject to a threshold being met, the price is adjusted up or down based on the direction of the net investor flows. If net flows are positive, the price will swing up and if net flows are negative, the price will swing down.

The indicative swing factor adjustments for the Underlying Milford Funds are detailed in the InvestNow KiwiSaver Scheme Fees and Charges document.