According to the most recent KiwiSaver report, there are 3.44 million KiwiSaver members, who have $139bn invested across 39 schemes. Between those providers there close to 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 2026. Back then, overall, it was good news. Total funds under management were up 12.8% and the average member balance was up 11%.
But what's happened since then?
The latest KiwiSaver figures, covering the 12 months to the end of June 2026, reveal continued positive returns. The average 12-month return (net charges and tax) across all funds is 12%, which matches the average return across the top-10 funds by number of members.
And if you look at the average return across the six growth funds in the top 10 that figure increases to 13%.
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
However, it's always 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.
Top 10 KiwiSaver Funds By No. Members
1 ANZ KIWISAVER GROWTH FUND
No. members: 218,726
Value: $5,580,000,000
Past year return: 15.5% net charges and tax
Net returns for the 10-year period ending 30/06/26: 7.6%
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: 147,739
Value: $7,510,000,000
Past year return: 16.3% net charges and tax
Net returns for the 10-year period ending 30/06/26: 8.4%
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: 136,581
Value: $3,220,000,000
Past year return: 6.7% net charges and tax
Net returns for the 10-year period ending 30/06/26: 3.6%
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: 127,452
Value: $3,760,000,000
Past year return: 7% net charges and tax
Net returns for the 10-year period ending 30/06/26: 3.5%
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 GENERATE FOCUSED GROWTH FUND
No. members: 119,233
Value: $5,510,000,000
Past year return: 16.6% net charges and tax
Net returns for the 10-year period ending 30/06/26: 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. Volatility is likely to be high. Returns will vary and may be low or negative at times.
6 WESTPAC KIWISAVER GROWTH FUND
No. members: 114,033
Value: $3,690,000,000
Past year return: 16.9% net charges and tax
Net returns for the 10-year period ending 30/06/26: 7.9%
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.
7 FISHER FUNDS KIWISAVER GROWTH FUND
No. members: 110,656
Value: $4,130,000,000
Past year return: 5.1% net charges and tax
Net returns for the 10-year period ending 30/06/26: 7.6%
The fund aims to grow your savings with more focus on capital growth over the long term. Invested in mainly growth assets.
8 MILFORD KIWISAVER ACTIVE GROWTH FUND
No. members: 107,406
Value: $8,960,000,000
Past year return: 6.8% net charges and tax
Net returns for the 10-year period ending 30/06/26: 9.3%
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.
9 ASB BALANCED FUND
No. members: 101,782
Value: $4,930,000,000
Past year return: 12.8% net charges and tax
Net returns for the 10-year period ending 30/06/26: 6.8%
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.
10 KIWI WEALTH KIWISAVER BALANCE FUND
No. members: 101,114
Value: $4,310,000,000
Past year return: 5.6% net charges and tax
Net returns for the 10-year period ending 30/06/26: 6.2%
Aims to provide a balance between stability of returns and growing your investment over the long term by investing in a mix of 45% income and 55% growth assets. An enhanced passive investment style may be used at times.