New Zealand’s Top 10 KiwiSaver Funds

According to the most recent KiwiSaver report, there are 3.33 million KiwiSaver members, who have $111.8bn invested across 38 schemes. Between those providers there are over 300 different funds, offering a wide range of investment options, growth strategies and different levels of risk.

But the latest KiwiSaver report, released last September, only covers to the end of March 2024. Back then it was all good news: KiwiSaver returns were up $13.1b, compared to a $1.9b loss over the 12 months to March 2023. But what’s happened since then?

Over the 12 months to the end of December 2024, the average 12-month return (net charges and tax) across the top 10 funds by number of members was 12.5%. And of those ten schemes, the average of the five growth funds was 8.8%.

And the latest KiwiSaver figures, covering the 12 months to the end of June 2025, paint a similar picture. While the average 12-month return (net charges and tax) across the top 10 funds by number of members slipped to 8.4%, the average return across the six growth funds in the top 10 was up, to 9.2%.

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 a range of 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: 235,486

Value: $5,163,310,134

Past year return: 8.7% net charges and tax 

Net returns for the 10-year period ending 30/06/25: 8.7%

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: 153,997

Value: $6,482,497,007

Past year return: 10.5% net charges and tax

Net returns for the 10-year period ending 30/06/25: 8.4%

Aims to provide high total returns, with a negative return expected less than one in every four years. Invests in income and growth assets, with a target investment mix of 20% income assets and 80% growth assets.

3 WESTPAC KIWISAVER CONSERVATIVE FUND

No. members: 148,411

Value: $3,195,789,181

Past year return: 5.9% net charges and tax

Net returns for the 10-year period ending 30/06/25: 4.4%

Aims to provide stable returns over the short to medium term. Fund invests primarily in income assets, but also has an allocation to growth assets. More volatile than Wespac’s Default Fund, but lower than the bank’s Moderate Fund.

4 ASB KIWISAVER CONSERVATIVE FUND

No. members: 135,998

Value: $3,608,821,565

Past year return: 6.2% net charges and tax

Net returns for the 10-year period ending 30/06/25: 4.1%

Aims to provide modest total returns, with a negative return expected less than one in every 25 years. 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: 121,933

Value: $3,340,079,483

Past year return: 9.7% net charges and tax

Net returns for the 10-year period ending 30/06/25: 8.1%

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: 119,802

Value: $4,132,738,195

Past year return: 7.3% net charges and tax

Net returns for the 10-year period ending 30/06/25: 8.7%

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: 102,945

Value: $4,034,443,170

Past year return: 11.4% net charges and tax

Net returns for the 10-year period ending 30/06/25: 10.3%

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.

8 ASB BALANCED FUND

No. members: 100,220

Value: $4,171,882,969

Past year return: 9.1% net charges and tax

Net returns for the 10-year period ending 30/06/25: 7.0%

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 40% income assets and 60% growth assets.

9 ANZ KIWISAVER BALANCED GROWTH FUND

No. members: 98,568

Value: $3,736,424,383

Past year return: 7.8% net charges and tax

Net returns for the 10-year period ending 30/06/25: 7.6%

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 a positive yearly return (after the fund charge and before tax) that over the long term is 4% over inflation (allowing for a negative return 4.7 years in every 20).

10 ANZ KIWISAVER BALANCED FUND

No. members: 89,212

Value: $3,673,673,842

Past year return: 7.0% net charges and tax

Net returns for the 10-year period ending 30/06/25: 6.5%

Invests in similar amounts of income assets (cash and cash equivalents and fixed interest) and growth assets (equities, listed property and listed infrastructure). It aims to achieve a positive yearly return (after the fund charge and before tax) that over the long term is 3.2% over inflation, allowing for a negative return 4.1 years in every 20.

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.