# EDGAR Filing Document

**Accession Number:** 0001775715
**File Stem:** 0001775715-26-000006
**Filing Date:** 2026-2
**Character Count:** 12257
**Document Hash:** 39ffd83ed3138e1f5fd95d62014e0f8e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001775715-26-000006.hdr.sgml**: 20260213

**ACCESSION NUMBER**: 0001775715-26-000006

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260213

**DATE AS OF CHANGE**: 20260212

**EFFECTIVENESS DATE**: 20260213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MILFORD FUNDS LTD
- **CENTRAL INDEX KEY:** 0001775715

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** Q2
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-26296
- **FILM NUMBER:** 26628421

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** LEVEL 12
- **STREET 2:** 50 ALBERT STREET
- **CITY:** AUCKLAND
- **PROVINCE COUNTRY:** Q2
- **ZIP:** 1022
- **BUSINESS PHONE:** 6499214700

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** PO BOX 960
- **STREET 2:** SHORTLAND STREET
- **CITY:** AUCKLAND
- **PROVINCE COUNTRY:** Q2
- **ZIP:** 1022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Milford Asset Management Ltd
- **DATE OF NAME CHANGE:** 20190503

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** MILFORD FUNDS LTD<br>**Address:** PO BOX 960<br>SHORTLAND STREET<br>AUCKLAND, Q2 1022

**Form 13F File Number:** 028-26296

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Matt Thomas<br>**Title:** Head of Operations<br>**Phone:** 6499214700

**Signature, Place, and Date of Signing:**

Matt Thomas  Auckland, Q2  02-12-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 76

**Form 13F Information Table Value Total:** $5092352901

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| Apple Inc | COM | 037833100 | BBG000B9XRY4 | 167873278 | 617499 | SH |  | SOLE |  | 617499 | 0 | 0 |
| Arthur J Gallagagh  Co | COM | 363576109 | BBG000BBHXQ3 | 111820054 | 432088 | SH |  | SOLE |  | 432088 | 0 | 0 |
| American Tower Corp | COM | 03027X100 | BBG000B9XYV2 | 115573693 | 658277 | SH |  | SOLE |  | 658277 | 0 | 0 |
| Amazon.Com Inc | COM | 023135106 | BBG000BVPV84 | 273434219 | 1184621 | SH |  | SOLE |  | 1184621 | 0 | 0 |
| APi Group Corp | COM | 00187Y100 | BBG00HXKRGY9 | 124486447 | 3253697 | SH |  | SOLE |  | 3253697 | 0 | 0 |
| ARAMARK | COM | 03852U106 | BBG001KY4N87 | 181203834 | 4916002 | SH |  | SOLE |  | 4916002 | 0 | 0 |
| Broadcom Inc | COM | 11135F101 | BBG00KHY5S69 | 57095771 | 164969 | SH |  | SOLE |  | 164969 | 0 | 0 |
| Bank of America Corp | COM | 060505104 | BBG000BCTLF6 | 228739335 | 4158897 | SH |  | SOLE |  | 4158897 | 0 | 0 |
| Becton Dickinson and Co | COM | 075887109 | BBG000BCZYD3 | 52300118 | 269491 | SH |  | SOLE |  | 269491 | 0 | 0 |
| BP Plc-Spons ADR | COM | 055622104 | BBG000BT4FC2 | 8335200 | 240000 | SH |  | SOLE |  | 240000 | 0 | 0 |
| Boston Scientific Corp | COM | 101137107 | BBG000C0LW92 | 77736853 | 815279 | SH |  | SOLE |  | 815279 | 0 | 0 |
| Crown Castle Inc | COM | 22822V101 | BBG000FV1Z23 | 168755243 | 1898900 | SH |  | SOLE |  | 1898900 | 0 | 0 |
| Carnival Corporation | COM | 143658300 | BBG000BF6LY3 | 100741382 | 3298670 | SH |  | SOLE |  | 3298670 | 0 | 0 |
| Salesforce.com Inc | COM | 79466L302 | BBG000BN2DC2 | 141201004 | 533015 | SH |  | SOLE |  | 533015 | 0 | 0 |
| Duke Energy Corp | COM | 26441C204 | BBG000BHGDH5 | 97904693 | 835293 | SH |  | SOLE |  | 835293 | 0 | 0 |
| Elevance Health Inc | COM | 036752103 | BBG000BCG930 | 46492745 | 132628 | SH |  | SOLE |  | 132628 | 0 | 0 |
| Fiserv Inc | COM | 337738108 | BBG000BJKPG0 | 40853802 | 608215 | SH |  | SOLE |  | 608215 | 0 | 0 |
| Alphabet Inc Class C | CL C | 02079K107 | BBG009S3NB30 | 303582986 | 967441 | SH |  | SOLE |  | 967441 | 0 | 0 |
| Graphic Packaging Holding Co | COM | 388689101 | BBG000GQ7K93 | 43374457 | 2880110 | SH |  | SOLE |  | 2880110 | 0 | 0 |
| GXO Logistics Inc | COM | 36262G101 | BBG00YDGX945 | 43250445 | 821627 | SH |  | SOLE |  | 821627 | 0 | 0 |
| HCA Holdings Inc | COM | 40412C101 | BBG000QW7VC1 | 52589912 | 112646 | SH |  | SOLE |  | 112646 | 0 | 0 |
| Haleon PLC | COM | 405552100 | BBG018GZNCH6 | 1819800 | 180000 | SH |  | SOLE |  | 180000 | 0 | 0 |
| Intuit Inc | COM | 461202103 | BBG000BH5DV1 | 112231833 | 169427 | SH |  | SOLE |  | 169427 | 0 | 0 |
| Jones Lang LaSalle Inc | COM | 48020Q107 | BBG000C2L2L0 | 86117478 | 255944 | SH |  | SOLE |  | 255944 | 0 | 0 |
| JPMorgan Chase  Co | COM | 46625H100 | BBG000DMBXR2 | 93757964 | 290975 | SH |  | SOLE |  | 290975 | 0 | 0 |
| LIFE360 INC | COM | 532206109 | BBG00256NGB3 | 9604131 | 149737 | SH |  | SOLE |  | 149737 | 0 | 0 |
| Meta Platforms Inc | COM | 30303M102 | BBG000MM2P62 | 94571094 | 143270 | SH |  | SOLE |  | 143270 | 0 | 0 |
| Microsoft Corporation | COM | 594918104 | BBG000BPH459 | 327365763 | 676907 | SH |  | SOLE |  | 676907 | 0 | 0 |
| Micron Technology Inc | COM | 595112103 | BBG000C5Z1S3 | 87742455 | 307426 | SH |  | SOLE |  | 307426 | 0 | 0 |
| Newmont Mining Corp | COM | 651639106 | BBG000BPWXK1 | 101749247 | 1019021 | SH |  | SOLE |  | 1019021 | 0 | 0 |
| Netflix Inc | COM | 64110L106 | BBG000CL9VN6 | 59671396 | 636427 | SH |  | SOLE |  | 636427 | 0 | 0 |
| National Grid PLC | COM | 636274409 | BBG000L4Y5K6 | 183208193 | 2368561 | SH |  | SOLE |  | 2368561 | 0 | 0 |
| NVIDIA Corp | COM | 67066G104 | BBG000BBJQV0 | 142186854 | 762396 | SH |  | SOLE |  | 762396 | 0 | 0 |
| Pultegroup Inc | COM | 745867101 | BBG000BR54L0 | 68379114 | 583141 | SH |  | SOLE |  | 583141 | 0 | 0 |
| Prologis Inc | COM | 74340W103 | BBG000B9Z0J8 | 11878252 | 93046 | SH |  | SOLE |  | 93046 | 0 | 0 |
| Rio Tinto Plc-Spon ADR | COM | 767204100 | BBG000FD28T3 | 93143236 | 1163854 | SH |  | SOLE |  | 1163854 | 0 | 0 |
| Resmed Inc | COM | 761152107 | BBG000L4M7F1 | 28422660 | 118000 | SH |  | SOLE |  | 118000 | 0 | 0 |
| Ryanair Holdings PLC | COM | 783513203 | BBG000J9CBT0 | 39378995 | 545491 | SH |  | SOLE |  | 545491 | 0 | 0 |
| Shell PLC | COM | 780259305 | BBG0147BN6G2 | 71297864 | 970303 | SH |  | SOLE |  | 970303 | 0 | 0 |
| AT Inc | COM | 00206R102 | BBG000BSJK37 | 6955200 | 280000 | SH |  | SOLE |  | 280000 | 0 | 0 |
| Thermo Fisher Scientific Inc | COM | 883556102 | BBG000BVDLH9 | 48509816 | 83717 | SH |  | SOLE |  | 83717 | 0 | 0 |
| Transunion | COM | 89400J107 | BBG002Q7J5Z1 | 40225925 | 469107 | SH |  | SOLE |  | 469107 | 0 | 0 |
| Taiwan Semiconductor-SP ADR | COM | 874039100 | BBG000BD8ZK0 | 149755473 | 492795 | SH |  | SOLE |  | 492795 | 0 | 0 |
| Union Pacific Corp | COM | 907818108 | BBG000BW3299 | 60656730 | 262220 | SH |  | SOLE |  | 262220 | 0 | 0 |
| Visa Inc-Class A Shares | CL A | 92826C839 | BBG000PSKYX7 | 9819880 | 28000 | SH |  | SOLE |  | 28000 | 0 | 0 |
| Advanced Drainage Systems | COM | 00790R104 | BBG000G7CDN9 | 15641640 | 108000 | SH |  | SOLE |  | 108000 | 0 | 0 |
| CBRE Group Inc | COM | 12504L109 | BBG000C04224 | 23433213 | 145738 | SH |  | SOLE |  | 145738 | 0 | 0 |
| Danaher Corp | COM | 235851102 | BBG000BH3JF8 | 61675626 | 269420 | SH |  | SOLE |  | 269420 | 0 | 0 |
| Equifax Inc | COM | 294429105 | BBG000BHPL78 | 25336972 | 116771 | SH |  | SOLE |  | 116771 | 0 | 0 |
| Interactive Brokers Group Inc-CL A | CL A | 45841N107 | BBG000LV0836 | 26799906 | 416730 | SH |  | SOLE |  | 416730 | 0 | 0 |
| Intercontinental Exchange Inc | COM | 45866F104 | BBG000C1FB75 | 25115947 | 155075 | SH |  | SOLE |  | 155075 | 0 | 0 |
| IQVIA Holdings Inc | COM | 46266C105 | BBG00333FYS2 | 32086663 | 142348 | SH |  | SOLE |  | 142348 | 0 | 0 |
| Eli Lilly and Company | COM | 532457108 | BBG000BNBDC2 | 35191471 | 32746 | SH |  | SOLE |  | 32746 | 0 | 0 |
| Lowe's Companies Inc | COM | 548661107 | BBG000BNDN65 | 18871493 | 78253 | SH |  | SOLE |  | 78253 | 0 | 0 |
| Mastercard Inc-Class A | CL A | 57636Q104 | BBG000F1ZSQ2 | 62710026 | 109848 | SH |  | SOLE |  | 109848 | 0 | 0 |
| McDonald's Corp | COM | 580135101 | BBG000BNSZP1 | 15052889 | 49252 | SH |  | SOLE |  | 49252 | 0 | 0 |
| Servicenow Inc | COM | 81762P102 | BBG000M1R011 | 36096926 | 235635 | SH |  | SOLE |  | 235635 | 0 | 0 |
| Novo Nordisk A/S | COM | 670100205 | BBG000BQBKR3 | 7952442 | 156298 | SH |  | SOLE |  | 156298 | 0 | 0 |
| Roper Industries Inc | COM | 776696106 | BBG000F1ZSN5 | 21186407 | 47596 | SH |  | SOLE |  | 47596 | 0 | 0 |
| S Global Inc | COM | 78409V104 | BBG000BP1Q11 | 83684427 | 160134 | SH |  | SOLE |  | 160134 | 0 | 0 |
| Transdigm Group Inc | COM | 893641100 | BBG000L8CBX4 | 41908893 | 31514 | SH |  | SOLE |  | 31514 | 0 | 0 |
| Toll Brothers Inc | COM | 889478103 | BBG000BVHBM1 | 14828631 | 109663 | SH |  | SOLE |  | 109663 | 0 | 0 |
| Uber Technologies Ord Shs | COM | 90353T100 | BBG002B04MT8 | 12446884 | 152330 | SH |  | SOLE |  | 152330 | 0 | 0 |
| Vulcan Materials Co | COM | 929160109 | BBG000BWGYF8 | 28385094 | 99520 | SH |  | SOLE |  | 99520 | 0 | 0 |
| Wal-Mart Stores Inc | COM | 931142103 | BBG000BWXBC2 | 22199891 | 199263 | SH |  | SOLE |  | 199263 | 0 | 0 |
| XPO Logistics Inc | COM | 983793100 | BBG000L5CJF3 | 24467741 | 180029 | SH |  | SOLE |  | 180029 | 0 | 0 |
| Ameren Corp | COM | 023608102 | BBG000B9X8C0 | 24549383 | 245838 | SH |  | SOLE |  | 245838 | 0 | 0 |
| Citizens Financial Group | COM | 174610105 | BBG006Q0HY77 | 13726350 | 235000 | SH |  | SOLE |  | 235000 | 0 | 0 |
| CenterPoint Energy Inc | COM | 15189T107 | BBG000FDBX90 | 7852645 | 204816 | SH |  | SOLE |  | 204816 | 0 | 0 |
| Cheniere Energy Inc | COM | 16411R208 | BBG000C3HSR0 | 11406805 | 58680 | SH |  | SOLE |  | 58680 | 0 | 0 |
| SBA Communications Corp | COM | 78410G104 | BBG000D2M0Z7 | 13754807 | 71110 | SH |  | SOLE |  | 71110 | 0 | 0 |
| Kinder Morgan Inc/DE | COM | 49456B101 | BBG0019JZ882 | 1438469 | 52327 | SH |  | SOLE |  | 52327 | 0 | 0 |
| NextEra Energy Inc | COM | 65339F101 | BBG000BJSBJ0 | 1153383 | 14367 | SH |  | SOLE |  | 14367 | 0 | 0 |
| Baldwin Insurance Group Inc | COM | 05589G102 | BBG00QDCHF36 | 8322046 | 346319 | SH |  | SOLE |  | 346319 | 0 | 0 |
| KLA-Tencor Corp | COM | 482480100 | BBG000BMTFR4 | 1730274 | 1424 | SH |  | SOLE |  | 1424 | 0 | 0 |
| Nice Ltd | COM | 653656108 | BBG000KC17R4 | 7550733 | 66797 | SH |  | SOLE |  | 66797 | 0 | 0 |

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