*Past performance is not necessarily indicative of future performance.
*All returns are per annum after fees and tax (28% PIR) as of the quarter ended 30th September 2024.
*Source: National Capital Research
Investing with a provider based on past returns is not the best approach, as past returns do not guarantee future performance.
We’re here to help you find the best KiwiSaver fund for you. National Capital specialises in KiwiSaver & Investment research in order to provide free and independent KiwiSaver advice to empower Kiwis towards financial security.
Complete our KiwiSaver HealthCheck and become a client of National Capital if you want personalised advice that is reviewed regularly to ensure your investment strategy remain aligned to your goals and circumstances on an ongoing basis.
Choosing a KiwiSaver fund solely based on past returns is not the best approach to financial security, as past performance is not a guarantee of future returns. Its essential to conduct a robust assessment to ensure your investment strategy aligns with your risk profile, financial circumstances, and the purpose for your KiwiSaver—whether it’s for retirement or buying your first home.
At National Capital, we provide independent, research-based advice for free, as we are paid by the KiwiSaver Providers. We recommend the best provider and fund for you from our partnered providers, who collectively manage over 60 % of the KiwiSaver funds under management (MorningStar KiwiSaver Survey, December 2024).
– Milford
– Generate
– Booster
– Fisher Funds
– AMP
– ANZ
– Mercer
– Nikko
– Pathfinder
– SBS
– SmartShares
Complete the National Capital HealthCheck today to find the best KiwiSaver Provider and fund for you. By choosing National Capital as your independent KiwiSaver Financial Adviser today you could make a significant difference to your KiwiSaver balance.
Your Best KiwiSaver Fund Finder
There is an overwhelming number of providers and KiwiSaver funds to choose from. Furthermore, we know reading about all the different KiwiSaver funds and how they differ is one of those chores you’re inclined to put off as it’s not the most exciting weekend task.
To make life a little easier, we’ve put together some detailed information on the best KiwiSaver funds based on each category’s annual returns. The data is based on National Capital research from the quarterly fund reports.
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Pathfinder Conservative Fund - Five Year Return to September 2024, 4.37% p.a.
Pathfinder Conservative Fund is a portfolio with a higher exposure to income assets and a lower exposure to growth assets. This fund’s value is unlikely to fluctuate as much as the Balanced or Growth KiwiSaver funds.
The chart below shows the annual return of Pathfinder Conservative Fund compared to the Market Index. The average annual return of Pathfinder’s Conservative fund since inception, as at 31 Mar 2024, was 3.49%, whereas the average market index was 2.41%. This was the top performer amongst the conservative KiwiSaver funds.
The asset allocation gives an idea of what the KiwiSaver fund is invested in and its proportions. It is a good indicator of volatility, risk, and return a KiwiSaver fund experience over time.
As at March 2024, the actual asset allocation for Pathfinder Conservative Fund was as follows:
A conservative KiwiSaver fund is for those that prioritise stability and lower volatility over high returns, and are aiming to withdraw in the next couple of years for a first home deposit or retirement. In this case, you wouldn’t want a sudden drop to your KiwiSaver balance when you’re ready to use your KiwiSaver funds.
Suppose you feel unsure about whether or not you should be in a conservative fund. We keep track of the latest KiwiSaver funds performance results so you don’t have to. Analysing performance and identifying the best KiwiSaver funds for you. By submitting a KiwiSaver HealthCheck, you’ll get personalised recommendations, so you don’t have to make the decision alone. Ultimately, National Capital servers as your KiwiSaver adviser and best fund finder.
Generate Moderate Fund - Five Year Return to September 2024, 4.51% p.a.
Generate Moderate Fund aims to achieve modest annual return over the medium term. This fund experiences modest movements in value up and down, including occasional negative yearly returns. Thus making is one of the lower-risk KiwiSaver fund.
The chart below shows the annual returns of the Generate Moderate Fund compared to the Market Index. The average annual return of Generate’s Moderate fund over ten years, as at 31 Mar 2024, was 5.10%, whereas the market index was 5.99%.
As at March 2024, the actual asset allocation of Generate Moderate Fund was as follows:
Fees are only one of the many factors to be considered when looking into the best KiwiSaver funds; therefore, don’t be deterred by Generate’s Moderate Fund having higher than average fees. If you’re in a moderate fund, you likely prioritise stability over high returns but are willing to accept slightly more volatility than a conservative fund. You may also be a few years away from withdrawing your KiwiSaver savings.
If you’re unsure about whether your KiwiSaver is doing the most you, take our KiwiSaver HealthCheck. Utilise National Capital as your best KiwiSaver fund finder.
Pathfinder Balanced Fund - Five Year Return to September 2024, 7.79% p.a.
Pathfinder Balanced Fund is a diversified fund that primarily invests in equities while maintaining a significant allocation to fixed interest securities.
The chart below shows the annual return of Pathfinder’s KiwiSaver Balanced Fund compared to the Market Index. The average annual return of Pathfinder’s Balanced Fund since inception, as at 31 March 2024, was 7.12%, whereas the market index was 6.98%.
As at March 2024, the actual asset allocation of Pathfinder KiwiSaver Balanced Fund was as follows:
When looking for a KiwiSaver fund finder for a Balanced fund, it is important to ensure that the assets in the fund give you the stability and returns you seek. Everyone has different goals, being in a KiwiSaver fund that aligns with your goals could save you thousands.
Have you picked the right one amongst the best KiwiSaver funds out there? Take our Free KiwiSaver HealthCheck to find the the right choice for you.
Pathfinder Growth Fund - Five Year Return to September 2024, 10.11% p.a.
The Pathfinder Growth Fund has a higher exposure to growth assets and a lower exposure to income assets. This fund’s value is likely to fluctuate more than the Moderate, Balanced and Conservative funds, making it a higher risk option in your KiwiSaver fund finder quest.
The chart below shows the annual return of Pathfinder Growth Fund compared to the Market Index. The average annual return of Pathfinder Growth Fund since inception, as at 31 March 2024, was 9.93%, whereas the the market index was 9.34%.
As at March 2024, the actual asset allocation of Pathfinder Growth Fund was as follows:
If you’re in a KiwiSaver growth fund, you’re likely ok with volatility in the value of your KiwiSaver fund and don’t plan to withdraw your savings anytime soon. You prioritise returns but also know that it’s important not to get caught up in headline figures. Since past performance doesn’t necessarily predict nor guarantee future performance, researching what your fund invests in and how the fund provider chooses each asset is important.
National Capital is continuously review and research everything KiwiSaver to be an independent adviser and best KiwiSaver fund finder. We also ensure you stay informed about what to do if your circumstances or your provider’s situation changes. That is why we stay up to date with the latest information – to help you in your search for the best KiwiSaver fund finder.
Milford Aggressive- Five Year Return to September 2024, 11.29% p.a.
The Milford Aggressive Fund aims to maximise capital growth over the minimum recommended investment timeframe of ten years. High growth funds are the most volatile amongst KiwiSaver funds.
The chart below shows the annual return of Milford’s Aggressive Fund compared to the Market Index. The average annual return of Milford Aggressive Fund since inception as of 31 Mar 2024 was 10.78%, whereas the market index was 10.71%.
As at March 2024, the actual asset allocation of Milford Aggressive Fund was as follows:
As an aggressive KiwiSaver investor, similar to a growth investor, you likely have a high tolerance and capacity for volatility. Timeframe is an important factor to consider in your KiwiSaver fund finder mission. Investment in this fund means you are able to withstand fluctuations and will not need to withdraw your KiwiSaver in the short term.
As with any fund, but importantly aggressive funds, the proportion of growth to income assets, where your money is invested, and who manages it all plays a role in long term performance. If you are unsure and are seeking advice in your KiwiSaver fund finder journey, you should complete a KiwiSaver Healthcheck.
We have looked at the best performing KiwiSaver funds based on their 5-year returns, however, looking at the past performance of a fund is just one aspect when choosing amongst the best KiwiSaver funds. Other questions you need to give consideration to are:
Our recommendations look at the big picture and not just the scorecard. We sift through the KiwiSaver funds and providers to recommend the best performers that match your circumstances and goals. Our position is to serve as your lifelong KiwiSaver fund finder and adviser to match your expectations with the best available option on the market.
Common questions regarding the best KiwiSaver funds.
This is a perfectly reasonable question if you’re unfamiliar with the financial markets world. Simply put, your savings are invested into various assets with the expectation of a growth in value. The main metric differentiating the best KiwiSaver funds from the rest is the return on investment. These aforementioned assets that make up your KiwiSaver funds may include cash, bonds, fixed interest, property, and shares.
Cash, bonds, and fixed interest are classified as income assets which make up a part of your KiwiSaver funds. These are generally more stable assets that carry lower risk and likely generate lower returns in the long run. The more conservative KiwiSaver funds invest a larger proportion of money into these assets for those seeking a lower-risk investment.
On the other hand, property and shares are growth assets. Growth assets are likely to exhibit short-term volatility and are generally considered higher-risk. However, these assets focus on capital growth and income and the best KiwiSaver funds are the ones with maximising returns.
Nonetheless, it is important to note that maximising returns isn’t the only factor people are concerned about. Some funds structure their investment strategy based on ethical, religious, and environmental beliefs. Hence, for some people, those may be the best KiwiSaver funds for them.
All of this information is publicly available for all Kiwis clarification about where their money is being invested. While researching 30+ investment companies will take you a fair bit of time, we’ve got an easy alternative for you via our KiwiSaver fund finder. We’ve already done the research and continue to do so consistently to ensure you’re getting up-to-date information. You can simply submit a HealthCheck form to find the best KiwiSaver funds for you.
Several factors could cause fluctuations in value. Market movements, economic conditions, and the types of investments making up your KiwiSaver funds can influence its value.
Market Volatility: The value of your KiwiSaver funds can go up and down quite a bit. This is because the financial markets where your money is invested can be very volatile. Sudden changes are caused by things like big news stories, the state of the economy generally, or investor confidence. The best KiwiSaver funds aim to navigate through market volatility and come out on top.
Type of Asset: Funds offer different types of investment assets, such as shares, bonds, property, and cash. Each of these assets has its level of risk and potential return. If you choose to invest in higher-risk assets, like shares, your investment may go up or down a lot. By choosing lower-risk KiwiSaver funds that invest mostly in bonds or cash, your investment may not change much in value.
Fund Performance: It’s important to know that not all KiwiSaver funds perform the same, as they’re managed differently by each provider. Factors that influence fund performance include where the managers invest your money, their fees, and the state of the economy. So, it’s important to understand how your fund is doing compared to the best KiwiSaver funds out there.
Contributions and Fees: The fees charged by providers can have a big impact on your returns. These fees cover things like managing your investments, running the scheme, and providing other services. Although they may seem small, even small fees can add up over time and eat into your investment returns. That’s why it’s important to understand how fees work and choose amongst the best KiwiSaver funds that charge competitive fees.
Get in touch with National Capital to help in your KiwiSaver funds finder journey.
For the best performing KiwiSaver funds to exist, others will have to underperform in order for a natural order to form. Here we assess all KiwiSaver funds and rank out the top performers in each category.
Through your account, you can check out your existing returns on investment. How does your provider compare against the industry average and the best in your fund category? Your KiwiSaver fund finder choices are plentiful, but are you in the right one?
If you’re happy with the current performance and it compares well, great! On the other hand, if you see that your returns are well below other KiwiSaver funds you should investigate further. How long has your fund been underperforming? If it is just a short period of time, it may well be an anomaly. However, if your fund has been outperformed over years of investing, it may be time to reconsider your options.
All companies providing KiwiSaver funds display their past performance for public record. These results are generally updated quarterly on their respective websites. Thus you can take it into your own hands to compare results versus the top performers listed on this page. We have chosen a period of 5 years as a good measure to track fund performance and consistency. Alternatively, you can complete our Health Check application and identify the best KiwiSaver funds for you.
Remember, there are many other factors to consider when looking at KiwiSaver funds. Rather than making a rash switch, talk to us in order to make an informed decision.
There are a lot of options to choose from and this can make it hard to decide. Some people may not know that you can indeed split your savings in multiple funds offered by your provider.
This is to give you the ability to split funds based on risk and reward. If you are nearing retirement and have a sizeable amount of money saved you may want stability. Normally, stability comes with a lower ROI in the form of Moderate and Cash KiwiSaver funds offered. However, if your risk tolerance is naturally high, you may seek to split your savings between a High Growth Fund and a Moderate Fund.
You may also be in your teens or early twenties and seek to split your savings between multiple KiwiSaver funds. At this age, your risk tolerance is generally higher than someone nearing retirement. This is partly because your balance is much lower (less to lose), and because there’s plenty of time until retirement. With your first home purchase in mind, your savings can be split between different funds. You may seek the highest returns possible in a short period of time but also some stability. As an example, partly investing in a Growth or Moderate Fund to hedge against the high volatility of High Growth Funds.
The split ratio of savings in different funds is also completely up to you. For example, you can invest 80% into a High Growth Fund and 20% into a Moderate Fund. Alternatively, you may have 60% in Moderate, 20% in Growth, and 20% in a High Growth Fund. This allows you the flexibility to match your KiwiSaver funds more precisely with your short and long-term goals.
Most providers will have between 5 and 6 KiwiSaver funds for you to choose from. What differentiates them is the range in risk, volatility, and potential return rates.
In your KiwiSaver fund finder quest, your options may range from cash to aggressive funds. Here’s a breakdown of KiwiSaver funds offered:
Cash Fund (Risk Profile: 1/7)
Conservative Fund (Risk Profile: 3/7)
Moderate Fund (Risk Profile: 4/7)
Balanced Fund (Risk Profile: 4/7)
Growth Fund (Risk Profile: 5/7)
Aggressive Fund (Risk Profile: 6/7)
Choosing between these KiwiSaver funds should really depend on your circumstances. If you’re young and intend to invest long-term, then you may consider one of the higher-risk KiwiSaver funds. On the other hand, if you are about to retire, you are looking for stability in your investment. Therefore, picking one of the lower-risk funds.
Lower-risk funds typically invest in assets that are deemed to be much less volatile and exposed to external shocks. Those investments are typically held in cash or government bonds for a low yet stable return.
Higher-risk funds will typically invest in listed companies around the world and multiple industries. These types of companies are usually left much more exposed to the overall economic environment and thus more volatile. However, there is the opportunity for higher returns when invested in the right companies in the long run.
The right KiwiSaver fund will make a big difference to your payout.
Spending 10 minutes to complete our HealthCheck may be the most important thing you can do for your KiwiSaver funds right now.
