BNZ KiwiSaver Conservative Fund
BNZ KiwiSaver Scheme
BNZ KiwiSaver Conservative Fund is a conservative fund in the BNZ KiwiSaver Scheme. Its provider discloses a risk indicator of 3 out of 7 and an annual fund charge of 0.45%. This page sets out what the provider has disclosed on the Disclose Register, with the Morningstar return where there is one. It is general information, not a recommendation to join or switch.
- 10-year return
- 3.5%a year after fees, before tax, Morningstar, as at 30 September 2026
- Risk indicator
- 3 of 7Disclosed by the provider
- Annual fund charge
- 0.45%Total, as a share of the amount invested
- Fund size
- $928.8 million32,431 investors
Source: Morningstar KiwiSaver Survey, the three months to 30 September 2026, published 29 October 2026. Morningstar files it under Conservative. Returns are annualised: each figure is a return per year, averaged across the period shown. Figures are net of the fund's annual charges and before your own tax. KiwiSaver is taxed at your prescribed investor rate, so two people in the same fund keep different amounts, and fixed dollar member fees are not reflected in a percentage. Past performance does not guarantee future returns.
What the provider says
The Conservative Fund invests mostly in income assets, which generally have lower levels of risk with the potential for lower returns. It also has a modest allocation to growth assets, which generally have higher levels of risk and potential returns. It aims to achieve relatively stable returns over the short to medium term.
The fund's own description, as disclosed on the Disclose Register. Fund start date: 11 February 2013.
What the fund invests in
| Asset class | Target | Actual |
|---|---|---|
| International fixed interest | 41% | 43.86% |
| Cash and cash equivalents | 25% | 26.07% |
| International equities | 13% | 14.54% |
| New Zealand fixed interest | 14% | 11.02% |
| Australasian equities | 7% | 4.51% |
Actual allocation as at 30 September 2026. Asset classes held at 0% are left out.
How it is managed
Management style: Mix of active and passive. The provider uses both active management and index tracking in this fund. This describes how the fund is run, not whether one style is better.
Both active management (which aims to achieve a return that is higher than that of a market index) and passive management (which aims to achieve a return that is close to that of a market index) have a place in investment management.
From the BNZ KiwiSaver Scheme SIPO, 1 April 2026 (opens in a new tab), read on 31 October 2026.
Passive vs active KiwiSaver funds: what the difference means for you →
Largest investments
| Investment | Type | Country | Share of fund |
|---|---|---|---|
| New Zealand (Government) 1.5% 15/05/2031 | New Zealand fixed interest | NZ | 0.80% |
| ASB Bank Ltd Registered Certificate of Deposit 10/12/2026 | Cash and cash equivalents | NZ | 1.55% |
| Westpac New Zealand Ltd | Cash and cash equivalents | NZ | 1.44% |
| BNZ RDA 185 Day OCR +50bps | Cash and cash equivalents | NZ | 1.19% |
| New Zealand (Government) 0.25% 15/05/2028 | New Zealand fixed interest | NZ | 0.85% |
| ASB Bank Ltd Registered Certificate of Deposit 07/05/2027 | Cash and cash equivalents | NZ | 1.82% |
| ASB Bank Ltd Registered Certificate of Deposit 02/06/2027 | Cash and cash equivalents | NZ | 0.80% |
| ANZ Bank New Zealand Registered Certificate of Deposit 15/09/2027 | Cash and cash equivalents | NZ | 1.01% |
| New Zealand (Government) Inflation Index Bond 3.9705% 20/09/2030 | New Zealand fixed interest | NZ | 0.84% |
| Fisher & Paykel Healthcare | Australasian equities | NZ | 0.82% |
Together 11.1% of the fund. The rest is spread across other holdings.
How spread out is it?
| Measure | Disclosed |
|---|---|
| Holdings the provider lists | 4,143 |
| The ten largest, together | 11.1% |
| Largest single holding | ASB Bank Ltd Registered Certificate of Deposit 07/05/2027, 1.8% of the fund |
The risk indicator measures how much a fund's returns have moved, not how many investments it holds, so it cannot show concentration on its own. Two funds that hold the same index can carry different indicators. Shares are as the provider disclosed them, and a total above 100% is the provider's own figure.
Fees and charges
| Charge | Disclosed |
|---|---|
| Total annual fund charge | 0.45% |
| Manager's basic fee | 0.45% |
| Performance-based fees | 0.00% |
| Other management charges | 0.00% |
| Contribution fee | 0.00% |
| Withdrawal fee | 0.00% |
Charges as a share of the amount invested. A blank on the register is shown as not stated. How an adviser is paid is separate, and is set out in our disclosure statement.
Returns the provider has disclosed
These are the provider's own figures from its fund update. They are the register's "net" returns, which are after the fund's charges and after tax, so they will not match the Morningstar figures in the headline and in the next section, which are after charges and before tax. Read each on its own terms.
| Period | This fund |
|---|---|
| Past year | 1.85% |
| Average a year, 5 years | 2.33% |
| Average a year, since the fund started | 2.92% |
| Year | This fund |
|---|---|
| 12 months to 31 March 2026 | 3.73% |
| 12 months to 31 March 2025 | 4.20% |
| 12 months to 31 March 2024 | 6.07% |
| 12 months to 31 March 2023 | -1.59% |
| 12 months to 31 March 2022 | -1.69% |
| 12 months to 31 March 2021 | 5.49% |
| 12 months to 31 March 2020 | 1.77% |
| 12 months to 31 March 2019 | 3.24% |
| 12 months to 31 March 2018 | 4.24% |
| 12 months to 31 March 2017 | 4.67% |
A return says what happened and not what will.
Returns reported by Morningstar
| Period | This fund | Conservative category average |
|---|---|---|
| 10 years | 3.5% | 3.8% |
| 5 years | 2.7% | 3.0% |
| 3 years | 6.6% | 6.4% |
Annualised returns a year as at 30 September 2026, from the Morningstar KiwiSaver Survey, published 29 October 2026. Returns are annualised: each figure is a return per year, averaged across the period shown. Figures are net of the fund's annual charges and before your own tax. KiwiSaver is taxed at your prescribed investor rate, so two people in the same fund keep different amounts, and fixed dollar member fees are not reflected in a percentage. The category average is Morningstar's average for the Conservative funds in the report. Past performance does not guarantee future returns.
See the full Morningstar returns comparison → (opens in a new tab)
Other details
| Item | Disclosed |
|---|---|
| Asset liquidity ratio | 100.04% |
| Debt ratio | 0.04% |
| Provider last updated this fund | 30 October 2026 |
| Reporting period ended | 30 September 2026 |
Where this comes from
Fund details are from the Disclose Register (opens in a new tab), read on 31 October 2026. The Morningstar return is from the same report as the Morningstar returns comparison. Read the provider's current Product Disclosure Statement before you decide.
Cam compares KiwiSaver providers and funds across the wider NZ market, and a fund appearing here, or on his implementation panel, is not a recommendation. Whether a fund suits you depends on your goals, timeframe and comfort with risk. How Solid Steele is paid depends on the provider and is set out in the disclosure statement. A free KiwiSaver session is the way to see how it applies to you.
See every open fund in the BNZ KiwiSaver Scheme →