KiwiSaver funds deliver record gains as conservative options outperform expectations
KiwiSaver investors saw strong returns at the end of 2025, with gains across most fund types. The year closed with positive results, while longer-term performance also highlighted standout performers in growth, balanced, and conservative categories.
Global markets played a key role, with emerging economies and developed regions like Japan and the UK boosting returns.
For the final quarter of 2025, the median balanced KiwiSaver fund delivered a 1.7% return, bringing the yearly gain to 9.8%. Growth funds performed even better over the year, with Westpac leading in both growth and balanced categories, while ASB topped conservative funds.
Over three years, Simplicity took first place in growth funds, ASB in balanced, and AMP in moderate. Conservative funds saw ASB leading over the same period. The median annual returns for these categories were 13.3% for growth, 10.9% for balanced, and 7.4% for conservative.
Looking back over a decade, Milford dominated in growth and balanced funds, while AMP led in moderate and Milford in conservative. Globally, the MSCI Emerging Index outperformed the Nasdaq, returning 30% compared to 20% over the year. Developed markets, particularly Japan and the UK, were major drivers of these results.
Simplicity also stood out in the final quarter, ranking first in growth, balanced, and conservative funds. However, no specific fund was identified as the top performer in active growth for 2025, and no details were available on fund sizes under managers like Ben Trollip.
The end of 2025 brought steady gains for KiwiSaver investors, with growth and balanced funds seeing the highest returns. Over the long term, Milford and AMP remained consistent leaders, while global markets—especially emerging economies and key developed regions—shaped overall performance. These trends reflect both local fund management strength and broader international investment conditions.
