Brian Gaynor’s Milford Aggressive Fund, which has $70 million under management, has taken a 16.92% stake in NZX-listed Salvus Strategic Investments.

The acquisition, in a private off-market transaction disclosed to the NZX today, consisted of 3.4 million shares priced at 70c-a-share.

Milford bought the shares from Hubbard Churcher Trust Management, whose founder Allan Hubbard is currently battling to recapitalise his Timaru-based finance company South Canterbury Finance.

Media commentator and fund manager Brian Gaynor never shies away from having a crack at management fees so it will be interesting what he makes of Morningstar's assessment of his own KiwiSaver fund.

By and large the fund rating agency gave Milford's Aggressive portfolio the thumbs up in a recent assessment, noting that Mr Gaynor has maintained a bearish outlook on markets so the portfolio has been heavily invested in cash (around 70% since launch).

That helped the fund record a one year return of 8.13%, against the NZSX-50 index’s -25% return over the same period.