Research
Industry portfolio composition
What NZ KiwiSaver and managed funds actually hold, by risk profile.
116 funds · 23+ providers · NZ$131b · 80 KiwiSaver, 36 managed · Mostly 30 June 2026, from Sorted Smart Investor
Cool colours are income, warm colours are growth.
Defensive
0 to 9.9% growth assetsKiwiSaver
10 funds, NZ$4.2b
1% growth
0.35% avg fee p.a.
2.6% 5yr p.a. net (8/10)
KiwiSaver, diversified only
2 funds, 8 pure-cash excluded
3% growth
0.22% avg fee p.a.
2.6% 5yr p.a. net (1/2)
No diversified managed fund in the sample sits under 10% growth: the managed universe starts at Conservative.
Every fund and its source (10)
| Fund | Growth % | Fee % p.a. | AUM NZ$m | 5yr ret % | Basis | Cash | NZ FI | Intl FI | Aus eq | Intl eq | Prop | Other | Source, as at | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| KS | ANZ (ANZ KiwiSaver Scheme)Cash Fund | 0.0 | 0.22 | 1.32b | 2.69 | actual | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 30 June 2026 |
| KS | ASBNZ Cash Fund | 0.0 | 0.35 | 894 | 2.53 | actual | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 30 June 2026 |
| KS | BNZBNZ KiwiSaver Cash Fund | 0.0 | 0.30 | 358 | 2.62 | actual | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 30 June 2026 |
| KS | BoosterBooster Enhanced Cash Fund | 0.0 | 0.84 | 101 | 2.17 | actual | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 30 June 2026 |
| KS | Fisher Funds (Fisher Funds KiwiSaver Plan - former Kiwi Wealth)Cash Fund | 0.0 | 0.47 | 515 | 2.78 | actual | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 30 June 2026 |
| KS | KernelKernel Cash Plus Fund (KiwiSaver) | 0.0 | 0.25 | 18 | - | actual | 91.8 | 8.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 30 June 2026 |
| KS | MercerMercer KiwiSaver Cash Fund | 0.0 | 0.33 | 33 | 2.53 | actual | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 30 June 2026 |
| KS | MilfordMilford KiwiSaver Cash Fund | 0.0 | 0.20 | 192 | 2.63 | actual | 15.9 | 70.0 | 14.1 | 0.0 | 0.0 | 0.0 | 0.0 | 30 June 2026 |
| KS | SimplicitySimplicity KiwiSaver Defensive Fund | 5.0 | 0.24 | 94 | - | target | 85.0 | 10.0 | 0.0 | 0.0 | 0.0 | 0.0 | 5.0 | 30 June 2026 |
| KS | WestpacCash Fund | 0.0 | 0.25 | 688 | 2.76 | actual | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 30 June 2026 |
Conservative
10 to 34.9%KiwiSaver
15 funds, NZ$13.7b
21% growth
0.68% avg fee p.a.
2.6% 5yr p.a. net (14/15)
Managed funds
9 funds, NZ$1.8b
24% growth
0.83% avg fee p.a.
2.2% 5yr p.a. net (7/9)
Every fund and its source (24)
Balanced
35 to 62.9%KiwiSaver
21 funds, NZ$26.7b
56% growth
0.84% avg fee p.a.
4.7% 5yr p.a. net (19/21)
Managed funds
10 funds, NZ$4.5b
55% growth
1.19% avg fee p.a.
3.6% 5yr p.a. net (7/10)
Every fund and its source (31)
Growth
63 to 89.9%KiwiSaver
18 funds, NZ$46.6b
79% growth
0.94% avg fee p.a.
6.1% 5yr p.a. net
Managed funds
11 funds, NZ$7.9b
76% growth
1.22% avg fee p.a.
4.4% 5yr p.a. net (10/11)
Every fund and its source (29)
Aggressive
90 to 100%KiwiSaver
16 funds, NZ$20.0b
97% growth
0.87% avg fee p.a.
7.5% 5yr p.a. net (6/16)
Managed funds
6 funds, NZ$5.6b
97% growth
1.26% avg fee p.a.
6.4% 5yr p.a. net (3/6)
Every fund and its source (22)
Performance
5-year average, after fees and tax, to 30 June 2026| Band | KiwiSaver avg % p.a. | $-wtd % p.a. | Coverage | Managed avg % p.a. | $-wtd % p.a. | Coverage |
|---|---|---|---|---|---|---|
| Defensive | 2.59 | 2.66 | 8/10 | - | - | - |
| Conservative | 2.60 | 2.69 | 14/15 | 2.16 | 2.50 | 7/9 |
| Balanced | 4.71 | 4.67 | 19/21 | 3.56 | 4.32 | 7/10 |
| Growth | 6.07 | 6.03 | 18/18 | 4.37 | 5.94 | 10/11 |
| Aggressive | 7.48 | 7.57 | 6/16 | 6.38 | 6.85 | 3/6 |
Past performance is not an indicator of future returns.
Funds under five years old are left out of the averages.
Where the money sits
aggregate AUM per band, and AUM-weighted growth and fee| Band | KiwiSaver AUM | Share | $-wtd growth % | $-wtd fee % | Managed AUM | $-wtd growth % | $-wtd fee % |
|---|---|---|---|---|---|---|---|
| Defensive | NZ$4.2b | 4% | 0.1 | 0.31 | - | - | - |
| Conservative | NZ$13.7b | 12% | 22.4 | 0.52 | NZ$1.8b | 23.1 | 0.83 |
| Balanced | NZ$26.7b | 24% | 57.3 | 0.83 | NZ$4.5b | 56.6 | 0.99 |
| Growth | NZ$46.6b | 42% | 80.5 | 0.90 | NZ$7.9b | 76.5 | 1.06 |
| Aggressive | NZ$20.0b | 18% | 96.9 | 0.97 | NZ$5.6b | 95.6 | 0.99 |
The sample holds NZ$111.2b of KiwiSaver and NZ$19.8b of managed-fund money in the sample.
Cross-check
our averages vs published surveys, % growth assets| Band | Ours, KiwiSaver | Ours, managed | Morningstar KiwiSaver survey Dec 2025 | Morningstar multisector indices Dec 2019 |
|---|---|---|---|---|
| Conservative | 20.6 | 23.9 | 18 | 18.55 |
| Balanced | 55.8 | 55.4 | 57 | 55.83 |
| Growth | 79 | 76.3 | 72 | 74.53 |
| Aggressive | 96.6 | 96.7 | 94 | 89.35 |
Growth splits line up with Morningstar within a few points in every band.
How this is built
- Bands follow each fund's growth-asset share, not its name: Defensive under 10%, Conservative 10 to 35, Balanced 35 to 63, Growth 63 to 90, Aggressive 90 plus.
- Every figure comes from the fund's Sorted Smart Investor page, refreshed each quarter from the fund updates managers must file. Target mix where published, otherwise actual.
- Averages weight each fund equally; the dollar-weighted view weights by fund size. Flat membership fees are not in the fee percentage.
- 116 funds. ANZ OneAnswer KiwiSaver Scheme + ANZ Default KiwiSaver Scheme (9 funds); Sharesies Smartshares Conservative / Balanced / Growth funds (3 funds); Fisher Funds TWO KiwiSaver Scheme (5 funds) left out as clones. Past performance is not a guide to future returns.