Aggressive KiwiSaver fund

Investnow Mercer NZ Shares Passive Fund

Investnow KiwiSaver Scheme

Investnow Mercer NZ Shares Passive Fund is an aggressive fund in the Investnow KiwiSaver Scheme. Its provider discloses a risk indicator of 5 out of 7 and an annual fund charge of 0.38%. 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.

5-year return: 1.2%a year after fees, before tax, Morningstar, as at 30 September 2026. No 10-year figure available
Risk indicator: 5 of 7Disclosed by the provider
Annual fund charge: 0.38%Total, as a share of the amount invested
Fund size: $3.5 million322 investors

Source: Morningstar KiwiSaver Survey, the three months to 30 September 2026, published 29 October 2026. Morningstar files it under Australasian Shares. 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

Provides exposure to a passively managed New Zealand shares portfolio that is designed to track the return of the S&P/NZX 50 Index. Environmental, Social and Governance characteristics are integrated into the underlying investment managers' investment processes

The fund's own description, as disclosed on the Disclose Register. Fund start date: 20 October 2020.

What the fund invests in

Asset mix
Asset class	Target	Actual
Australasian equities	100.00%	99.32%
Cash and cash equivalents	0.00%	0.68%

Actual allocation as at 30 June 2026. Asset classes held at 0% are left out.

How it is managed

Management style: Passive (index tracking). The fund tracks a market index rather than having a manager pick investments. This describes how the fund is run, not whether one style is better.

The InvestNow Mercer NZ Shares Passive Fund is a passively managed, single sector, fund option.

From the InvestNow KiwiSaver Scheme SIPO, 8 July 2026 (opens in a new tab), read on 31 October 2026.

Passive vs active KiwiSaver funds: what the difference means for you →

Largest investments

The ten largest investments
Investment	Type	Country	Share of fund
Mercer NZ Shares Passive Fund	Australasian equities	NZ	100.00%

Together 100.0% of the fund. The rest is spread across other holdings.

How spread out is it?

Spread of the fund's holdings
Measure	Disclosed
Holdings the provider lists	1
The ten largest, together	100.0%
Largest single holding	Mercer NZ Shares Passive Fund, 100.0% of the fund

100% of this fund is in one holding. A holding can itself be a fund or an ETF that holds many investments, and the register does not show what is inside it, so read the provider's Product Disclosure Statement for what sits underneath.

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

Fees disclosed by the provider
Charge	Disclosed
Total annual fund charge	0.38%
Manager's basic fee	0.28%
Performance-based fees	0.00%
Other management charges	0.10%
Contribution fee	Not stated
Withdrawal fee	Not stated

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.

Provider-disclosed returns
Period	This fund
Past year	6.95%
Average a year, 5 years	0.95%
Average a year, since the fund started	1.61%

Year by year, to 31 March
Year	This fund
12 months to 31 March 2026	3.99%
12 months to 31 March 2025	1.22%
12 months to 31 March 2024	1.36%
12 months to 31 March 2023	-2.23%
12 months to 31 March 2022	-4.07%

A return says what happened and not what will.

Returns reported by Morningstar

Morningstar annualised returns
Period	This fund
10 years	Not reported
5 years	1.2%
3 years	7.1%

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. Morningstar publishes category averages for its five multi-sector categories only, so there is none to show for this fund. Past performance does not guarantee future returns.

See the full Morningstar returns comparison → (opens in a new tab)

Other details

Other disclosed details
Item	Disclosed
Asset liquidity ratio	100.00%
Debt ratio	0.00%
Provider last updated this fund	5 August 2026
Reporting period ended	30 June 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 Investnow KiwiSaver Scheme →

Other funds in the Investnow KiwiSaver Scheme

← Back to the KiwiSaver fund directory