This is the actual mix of growth assets (shares, property) and income assets (bonds, cash) that this fund held on 30 September 2022. The average mix for conservative KiwiSaver funds is in grey.



The fees shown here (in purple) are what you would have paid if you had $10,000 in this fund during the year ending 31 March 2022. Average fees for conservative KiwiSaver funds are in grey.



Returns here (in green) show how much this fund has grown in value over the five years up to 30 September 2022, after fees and taxes. Compare with the average conservative KiwiSaver fund (in grey).


Key facts

Here is what the provider says about this managed fund

Invests mostly in defensive assets such as fixed interest, with only limited investment in growth assets such as shares. May be suitable for investors who want to achieve slightly higher returns than those expected from investing solely in the Cash fund. Investors need to be comfortable with the possibility of some fluctuations in returns. This fund is managed with reference to environmental, social and governance (ESG) factors and is certified by the Responsible Investment Association of Australasia.

Provider website


Fund start date

01 October 2007

When can you get your money out?

This is a KiwiSaver fund, which means generally you can withdraw only to purchase a first home, after the age of 65 or in cases of financial hardship.


This is a snapshot of the proportion of growth assets (shares, property, other) or income assets (cash, bonds) that this fund held on 30 September 2022.

You can also see the average for Conservative funds, which typically hold from 10% to 35% of growth assets.

This fund's asset mix

  • Growth assets
  • Income assets

Breakdown on Shares assets
Total 18.96% 18.68%
International shares 13.90% 15.00% 12.67%
Australasian shares 5.06% 5.00% 6.02%

About shares

Buying shares gives you part ownership in a company and can bring returns from your share of the profits (dividends) or from selling the shares for more than you paid. Shares are growth assets and are also known as equities or stock. Here's more on the basics of shares.

Breakdown on Property assets
Total 0.00% 2.46%
Listed property 0.00% 0.00% 1.83%
Unlisted property 0.00% 0.00% 0.63%

About property

Property refers to commercial real estate (not the family home) owned through property trusts or companies that own or develop real estate as their business. Properties are growth assets and can be listed on an exchange or be unlisted.

Breakdown on Other assets
Total 0.00% 1.33%
Commodities 0.00% 0.00% 0.07%
Other 0.00% 0.00% 1.27%
Unknown 0.00% 0% 0.00%

What "other" means

This category can include alternative investments such as derivatives, often through a hedge fund. These "other" investments are typically considered growth assets, or high-risk investments.

Breakdown on Bonds assets
Total 45.55% 56.78%
New Zealand bonds 14.82% 15.00% 26.53%
International bonds 30.73% 35.00% 30.25%

About bonds

A bond is a bit like a term deposit at a bank, but it's effectively a loan you make to a company or government which they promise to pay back in full on a specific date. Until then, you receive regular interest at a fixed or agreed rate. Bonds are income assets and can also be called "fixed interest" or "debt securities". Since they can typically be traded on a secondary market, their value can go up and down. Here's more on the basics of bonds

Breakdown on Cash assets
Total 35.49% 20.75%
Cash and equivalents 35.49% 30.00% 20.75%

About cash

Cash is a kind of investment that generally pays you interest. (An exception to this are shariah-compliant funds, which can hold cash but are prohibted from earning interest.) Cash typically includes term deposits, floating-rate notes and money market accounts. Cash, which is often a loan to a bank, is considered an income asset. Here's more on investing in term deposits.

Top 10 investments

These assets make up 13.10% of this fund.

Asset Asset class Type Country % of Fund
ANZ BANK NEW ZEALAND LIMITED RCD MATURING 28/11/2022 Cash Cash and equivalents NZ 1.85%
WESTPAC NEW ZEALAND LIMITED RCD 07/11/2022 Cash Cash and equivalents NZ 1.58%
NEW ZEALAND GOVERNMENT BOND 3.00% 20/04/2029 Bonds New Zealand fixed interest NZ 1.37%
NEW ZEALAND GOVERNMENT BOND 2.00% 15/05/2032 Bonds New Zealand fixed interest NZ 1.32%
BANK OF NEW ZEALAND RCD MATURING 15/11/2022 Cash Cash and equivalents NZ 1.29%
NEW ZEALAND GOVERNMENT BOND 1.75% 15/05/2041 Bonds New Zealand fixed interest NZ 1.26%
BNP USD COLLATERAL ACCOUNT Bonds International fixed interest US 1.13%
BANK OF NEW ZEALAND RCD MATURING 18/11/2022 Cash Cash and equivalents NZ 1.11%
NEW ZEALAND GOVERNMENT BOND 0.25% 15/05/2028 Bonds New Zealand fixed interest NZ 1.10%
HOUSING NEW ZEALAND LIMITED BOND 3.36% 12/06/2025 Bonds New Zealand fixed interest NZ 1.09%

Full list of investments this fund holds

xlsx, 313 KB


These are the fees you would have paid (in purple) if you had $10,000 in this fund during the 12 months that ended on 31 March 2022. You can compare these with fees for the average conservative KiwiSaver fund (in grey).

Fees breakdown

Here's a breakdown of the different charges in this fund (in purple), compared to the average conservative KiwiSaver fund (in grey).

Fee Type % For Year Ending 30/09/2022 Amount Paid on a 10K Balance


This fee is charged to you by the fund manager on the fund or an underlying fund, and is based on a percentage of your balance.

AVG: 0.74%
AVG: $74.40


This is a summary of other potential costs not covered in the categories displayed.

AVG: 0.10%
AVG: $9.77


These fees are based on the performance of the fund or underlying fund. When the fund performs well, these will be higher.

AVG: 0.00%
AVG: $0.45


You pay this membership charge (a flat fee) each year, regardless of your balance or the fund's performance.

AVG: 0.18%
AVG: $17.63

Total combined fees

These are a total of management and administration charges and performance-based fees for the year ending 31 March 2022. They do not include fees for activities like transferring or withdrawing.

AVG: 1.02%
AVG: $102.25


For the past five years, this fund returned this average each year to investors (in green). This was after fees and taxes (28% PIR) were taken out. To compare, you can see the average return over the same time for all conservative KiwiSaver funds (in grey).

Yearly returns

These annual returns (in green) were for the 12 months up to 31 March 2022. You can compare them to the average conservative KiwiSaver fund (in grey).


Specific risks for this fund

Chasing higher returns while investing always increases risks. Several kinds of risks, actually. It is important to evaluate whether the returns are worth it, whether you can cope, and whether this investment will in fact help you achieve your goals. Also, since the way an investment is structured can make it riskier, it's important to understand how it works.

You'll find the specific risks in the Risk section of the PDS, and here's more about understanding risk.

pdf, 2.3 MB

Risk indicator

This is a gauge of how volatile this investment has been – how much it has gone up and down in value. It has been calculated based on the fund's five-year performance (or an appropriate market index if it has not been around that long).

The left side of this range of numbers indicates a Lower risk

The right side of this range of numbers indicates a Higher risk

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7

The left side of this range of numbers indicates Potentially
lower returns

The right side of this range numbers indicates Potentially
higher returns

Key documents

These are the most important documents that a provider is required to file about this investment.

Product disclosure statement

Before you invest in a product like a fund, you are given a PDS which has essential details about it and the company providing it. Here's more on how to read a PDS.

pdf, 2.3 MB

Fund update (most recent)

This update from the provider lets you see much of the same information shown here in Smart Investor: how this fund is performing, what it costs and the investments it currently holds.

pdf, 395 KB

Additional disclosure documents

These are more documents from the provider that can contain interesting information.

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Statement of investment policy and objectives (SIPO)

A SIPO tells you where the fund managers are coming from. It sets out the governance and management framework, philosophy, strategies and objectives for this investment.

pdf, 1.1 MB

Key personnel

These are the directors and employees who have the most influence on investment decisions for this fund.

Name Current position Time in role
KRISTEN KOHERE-SOUTAR Chair - Mercer (N.Z.) Ltd 2 years, 10 months
MARTIN LEWINGTON CEO - Mercer (N.Z.) Ltd 13 years, 7 months
KYLIE WILLMENT Chief Investment Officer, Pacific, Mercer Australia (Pty) Ltd 4 years, 11 months
PADRAIG BROWN Chief Investment Officer - New Zealand, Mercer (N.Z.) Ltd 4 months
ROBERT KAVANAGH Head of Portfolio Management NZ - Mercer (N.Z.) Ltd 8 years, 6 months

Additional details

Manager details




NZ Limited Company






Fund details

Asset liquidity ratio


Total value of fund


Debt ratio


Continuous issue


Default KiwiSaver


Lifecycle option


Multi-fund option


Schedule 1 exemption


FMA exemption


Number of members


Reference numbers







Next steps

Want to know more about this investment or how it compares to others? Have a look at its peers.

This is a

conservative KiwiSaver fund

Product disclosure statement

Take a deeper dive into the PDS, which has essential details about this offer and the company providing it. Here's more on how to read a PDS.

Fund update (most recent)

These are provided to members of the fund (usually once each quarter) to update them on its performance.

Getting investment advice

Good advice is gold. Everyone can benefit from expert advice, provided the adviser has your interests at heart. Here's how to find one and key questions to ask. 

Interested in investing in this offer? Visit the provider's website. mercer.co.nz