According to the most recent KiwiSaver report, there are 3.39 million KiwiSaver members, who have $123bn invested across 38 schemes. Between those providers there are over 400 funds, offering a wide range of investment options, growth strategies and different levels of risk.
But the latest KiwiSaver report, released in September, only covers to the end of March 2025. Back then, overall, it was good news. Balances and contributions were up around 8.5%, and net investment returns were $6.4bn. However, this total was down 50% from $13.1bn the previous year.
But what’s happened since then?
The latest KiwiSaver figures, covering the 12 months to the end of September 2025, reveal continued positive returns.
The average 12-month return (net charges and tax) across the top-10 funds by number of members was 10.6%, and the average return across the seven growth funds in the top 10 was 11.6%.
However, whatever a fund’s short-term return, it’s worth remembering that as a KiwiSaver member you should be in it for the long-haul. Always concentrate on long-term returns, and carefully pick your fund and provider on criteria including:
- Your age
- Whether you intend to use KiwiSaver as a means for a first home deposit
- Your appetite for risk
- Your retirement lifestyle aspirations
- Fees and value for money
While Canstar has a free comparison tool that can help you make the right choice, just click on this button…
Compare KiwiSaver providers for free with Canstar!
… it is interesting to take a look at how KiwiSaver members have invested their money. To this end, we’ve compiled a list of the top ten most popular KiwiSaver funds, by total number of members.
Plus, we’ve also a table from our database listing the five growth funds that earned the biggest returns over the past five years.
Top 10 KiwiSaver Funds By No. Members
1 ANZ KIWISAVER GROWTH FUND
No. members: 230,946
Value: $5,436,123,396
Past year return: 10.3% net charges and tax
Net returns for the 10-year period ending 30/09/25: 7.1%
Invests mainly in growth assets (equities, listed property and listed infrastructure), with a smaller exposure to income assets (cash and cash equivalents and fixed interest).
2 ASB KIWISAVER GROWTH FUND
No. members: 152,267
Value: $7,011,517,737
Past year return: 14.6% net charges and tax
Net returns for the 10-year period ending 30/09/25: 8.2%
Aims to provide high total returns, allowing for large movements of value up and down. Invests in income and growth assets, with a target investment mix of 22% income assets and 78% growth assets.
3 WESTPAC KIWISAVER CONSERVATIVE FUND
No. members: 145,082
Value: $3,261,669,145
Past year return: 5.9% net charges and tax
Net returns for the 10-year period ending 30/09/25: 3.7%
Aims to provide stable returns over the short to medium term. The fund invests primarily in income assets but also has a 25% target allocation to growth assets. More volatile than Westpac’s Defensive Conservative Fund, but lower than the bank’s Moderate Fund.
4 ASB KIWISAVER CONSERVATIVE FUND
No. members: 133,010
Value: $3,698,821,323
Past year return: 6.8% net charges and tax
Net returns for the 10-year period ending 30/09/25: 3.6%
Aims to provide modest total returns, allowing for modest movements of value up and down. Invests in income and growth assets with a target investment mix of 80% income assets and 20% growth assets.
5 WESTPAC KIWISAVER GROWTH FUND
No. members: 119,814
Value: $3,544,967,923
Past year return: 12.8% net charges and tax
Net returns for the 10-year period ending 30/09/25: 7.4%
Aims to provide higher returns over the long term. The fund invests primarily in growth assets but also has an allocation to income assets. Volatility is expected to be the highest of Westpac’s KiwiSaver funds.
6 FISHER FUNDS KIWISAVER GROWTH FUND
No. members: 117,798
Value: $4,253,514,220
Past year return: 7.2% net charges and tax
Net returns for the 10-year period ending 30/09/25: 8.1%
The fund aims to grow your savings with more focus on capital growth over the long term. Invested in mainly growth assets.
7 GENERATE FOCUSED GROWTH FUND
No. members: 107,349
Value: $4,507,571,103
Past year return: 15.0% net charges and tax
Net returns for the 10-year period ending 30/09/25: 9.4%
Aims to provide a higher return over the long term. The fund invests in an actively managed portfolio made up predominately of growth assets, with a minor allocation to income assets. Volatility is likely to be high. Returns will vary and may be low or negative at times.
8 ASB BALANCED FUND
No. members: 100,836
Value: $4,526,449,772
Past year return: 11.8% net charges and tax
Net returns for the 10-year period ending 30/09/25: 6.7%
Aims to provide moderate to high total returns allowing for moderate to high movements of value up and down. The Balanced Fund invests in income and growth assets with a target investment mix of 42% income assets and 58% growth assets.
9 ANZ KIWISAVER BALANCED GROWTH FUND
No. members: 97,968
Value: $3,925,102,555
Past year return: 8.7% net charges and tax
Net returns for the 10-year period ending 30/09/25: 6.1%
Invests mainly in growth assets (equities, listed property and listed infrastructure), with some exposure to income assets (cash and cash equivalents and fixed interest). The fund aims to achieve moderate to high returns over the long term, allowing for moderate to large up and downs in value.
10 MILFORD KIWISAVER ACTIVE GROWTH FUND
No. members: 93,597
Value: $7,963,906,149
Past year return: 12.7% net charges and tax
Net returns for the 10-year period ending 30/09/25: 10%
The fund’s objective is to provide annual returns of 10% after the base fund fee but before tax and before the performance fee, over the minimum recommended investment timeframe of seven years. It’s a diversified fund that primarily invests in equities, with a moderate allocation to fixed interest securities.
Top KiwiSaver Growth Funds By 5-Year Returns
If you’re comparing KiwiSaver funds, the comparison table below displays some of the products currently available on Canstar’s database for a KiwiSaver member with a balance of $20,000 in a Growth fund, sorted by past 5-year return (highest to lowest), followed by company name (alphabetical) – some may have links to providers’ websites. Use Canstar’s KiwiSaver comparison selector to view a wider range of KiwiSaver funds. Canstar may earn a fee for referrals.
To read more about our latest KiwiSaver Awards click this link or to compare KiwiSaver providers, click on the button below.
Compare KiwiSaver providers for free with Canstar!
About the author of this page
Bruce Pitchers is Canstar NZ’s Content Manager. An experienced finance reporter, he has three decades’ experience as a journalist and has worked for major media companies in Australia, the UK and NZ, including ACP, Are Media, Bauer Media Group, Fairfax, Pacific Magazines, News Corp and TVNZ. As a freelancer, he has worked for The Australian Financial Review, the NZ Financial Markets Authority and major banks and investment companies on both sides of the Tasman.
In his role at Canstar, he has been a regular commentator in the NZ media, including on the Driven, Stuff and One Roof websites, the NZ Herald, Radio NZ, and Newstalk ZB.
Away from Canstar, Bruce creates puzzles for magazines and newspapers, including Woman’s Day and New Idea. He is also the co-author of the murder-mystery book 5 Minute Murder.
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