Conservative KiwiSaver fund

Kōura Conservative Strategy

Kōura KiwiSaver Scheme On Cam's implementation panel

Kōura Conservative Strategy is a conservative fund in the Kōura KiwiSaver Scheme. Its provider discloses a risk indicator of 3 out of 7 and an annual fund charge of 0.75%. 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.

Morningstar return: NoneMorningstar does not report a return for this fund
Risk indicator: 3 of 7Disclosed by the provider
Annual fund charge: 0.75%Total, as a share of the amount invested
Fund size: $71,4073 investors

This fund is not in the Morningstar report, so there is no Morningstar return to show. The provider's own disclosed returns are further down this page.

What the provider says

The Conservative Strategy aims to replicate the equivalent of 25% growth and 75% income assets by investing in Koura Funds. Our Conservative Strategy primarily focuses on safeguarding your money while aiming for modest capital growth.

The fund's own description, as disclosed on the Disclose Register. Fund start date: 15 April 2024.

What the fund invests in

Asset mix
Asset class	Target	Actual
New Zealand fixed interest	56.3%	52.72%
International equities	20.8%	25.57%
Cash and cash equivalents	19%	21.71%

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

How it is managed

Management style: Mostly passive (index tracking). The fund is built mainly from index-tracking investments, with some actively managed parts. This describes how the fund is run, not whether one style is better.

Kōura KiwiSaver funds are primarily passive and index-based, though they include one actively managed option.

In Cam Steele's words, 31 October 2026. The provider's published documents do not set this out in these terms, so it rests on Cam's own knowledge of the scheme.

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

Largest investments

The ten largest investments
Investment	Type	Country	Share of fund
NZLGFA 2.25% 15/05/2031	New Zealand fixed interest	NZ	3.43%
MERINZ 5.4% 21/03/2030	New Zealand fixed interest	NZ	2.19%
BZLNZ 5.8720% 01/09/2028	New Zealand fixed interest	NZ	1.94%
NZLGFA 4.5% 15/05/2030	New Zealand fixed interest	NZ	2.54%
BNZ NZD Account	Cash and cash equivalents	NZ	6.49%
DCTL 3.22% 27/11/2028	New Zealand fixed interest	NZ	2.43%
JPMorgan Global REI Equity Active UCITS ETF	International equities	GB	25.57%
Bank of China Term Deposit 3.0% 03/08/2026	Cash and cash equivalents	NZ	6.81%
Bank of China Term Deposit 3.25% 09/09/2026	Cash and cash equivalents	NZ	2.74%
Bank of China Term Deposit 2.8% 02/07/2026	Cash and cash equivalents	NZ	2.27%

Together 56.4% 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	93
The ten largest, together	56.4%
Largest single holding	JPMorgan Global REI Equity Active UCITS ETF, 25.6% of the fund

26% 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	0.75%
Manager's basic fee	0.69%
Performance-based fees	0.00%
Other management charges	0.06%
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.

Provider-disclosed returns
Period	This fund
Past year	8.50%
Average a year, since the fund started	7.47%

Year by year, to 31 March
Year	This fund
12 months to 31 March 2026	5.03%

A return says what happened and not what will.

Returns reported by Morningstar

This fund is not in the Morningstar report, so there are no Morningstar returns to show. The provider's own disclosed returns are above.

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	0.69%
Provider last updated this fund	3 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 Kōura KiwiSaver Scheme →

Other funds in the Kōura KiwiSaver Scheme

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