Pathfinder KiwiSaver Balanced Fund
Pathfinder KiwiSaver Plan On Cam's implementation panel
Pathfinder KiwiSaver Balanced Fund is a balanced fund in the Pathfinder KiwiSaver Plan. Its provider discloses a risk indicator of 4 out of 7 and an annual fund charge of 1.30%. 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
- 6.1%a year after fees, before tax, Morningstar, as at 30 June 2026. No 10-year figure available
- Risk indicator
- 4 of 7Disclosed by the provider
- Annual fund charge
- 1.30%Total, as a share of the amount invested
- Fund size
- $156.3 million3,176 investors
Source: Morningstar KiwiSaver Survey, the three months to 30 June 2026, published 30 July 2026. Morningstar files it under Balanced. 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
An ethical portfolio with a balance between growth assets and income assets. This Fund’s value is likely to fluctuate more than the Conservative Fund but less than the Growth Fund.
The fund's own description, as disclosed on the Disclose Register. Fund start date: 23 July 2019.
What the fund invests in
| Asset class | Target | Actual |
|---|---|---|
| International equities | 32% | 38.89% |
| International fixed interest | 22% | 19.85% |
| New Zealand fixed interest | 17% | 17.08% |
| Australasian equities | 13% | 11.61% |
| Cash and cash equivalents | 10% | 8.10% |
| Other | 3% | 2.39% |
| Listed property | 3% | 2.08% |
Actual allocation as at 30 June 2026. Asset classes held at 0% are left out.
Largest investments
| Investment | Type | Country | Share of fund |
|---|---|---|---|
| Cash at Bank - NZD - ANZ | Cash and cash equivalents | NZ | 4.76% |
| Microsoft Corporation | International equities | US | 1.83% |
| NVIDIA Corp | International equities | US | 2.17% |
| New Zealand Government Bond 15/05/2054 | New Zealand fixed interest | NZ | 1.34% |
| Fisher & Paykel Healthcare Ltd | Australasian equities | NZ | 1.14% |
| Cash at Bank - NZD - Westpac | Cash and cash equivalents | NZ | 2.49% |
| Apple Inc | International equities | US | 1.93% |
| Alphabet Inc Class A | International equities | US | 1.54% |
| New Zealand Local Government Funding Agency Ltd. 15/04/2037 | New Zealand fixed interest | NZ | 1.12% |
| European Investment Bank 14/02/2033 | International fixed interest | LU | 1.02% |
Together 19.3% of the fund. The rest is spread across other holdings.
How spread out is it?
| Measure | Disclosed |
|---|---|
| Holdings the provider lists | 454 |
| The ten largest, together | 19.3% |
| Largest single holding | Cash at Bank - NZD - ANZ, 4.8% 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 | 1.30% |
| Manager's basic fee | 1.10% |
| Performance-based fees | 0.00% |
| Other management charges | 0.20% |
| 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, shown against the market index it chose. 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 | Market index |
|---|---|---|
| Past year | 9.55% | 13.53% |
| Average a year, 5 years | 5.49% | 6.57% |
| Average a year, since the fund started | 7.23% | 8.04% |
| Year | This fund | Market index |
|---|---|---|
| 12 months to 31 March 2026 | 6.72% | 9.76% |
| 12 months to 31 March 2025 | 2.81% | 6.75% |
| 12 months to 31 March 2024 | 11.79% | 12.71% |
| 12 months to 31 March 2023 | -1.85% | -1.43% |
| 12 months to 31 March 2022 | 4.97% | 4.51% |
| 12 months to 31 March 2021 | 21.62% | 25.20% |
A return says what happened and not what will.
Market index: The market index changed from 1 May 2026 from the Morningstar® New Zealand Target Allocation Index: Balanced Multisector for New Zealand (100% of non-NZD Fixed Interest hedged to NZD) to the Morningstar® New Zealand Balanced Target Allocation Plus (100% of non-NZD Fixed Interest, and 50% of international equities hedged to NZD) for a more aligned currency hedging policy on international equities. The benchmark index is on a net return (‘NR’) basis, that is, including dividends and net of withholding tax for relevant equity classes. Historical index returns are used to calculate market index performance prior to 1 May 2026, and current market index returns are used since then
Returns reported by Morningstar
| Period | This fund | Balanced category average |
|---|---|---|
| 10 years | Not reported | 7.2% |
| 5 years | 6.1% | 5.7% |
| 3 years | 9.3% | 10.5% |
Annualised returns a year as at 30 June 2026, from the Morningstar KiwiSaver Survey, published 30 July 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 Balanced funds in the report. Past performance does not guarantee future returns.
The Morningstar report does not show a 4 or 5 Globe Sustainability Rating for this fund. It may have fewer globes or none, and the report does not say which.
Morningstar's Sustainability Rating is its own measure of how a fund's holdings score on environmental, social and governance factors compared with similar funds. It says nothing about returns.
See the full Morningstar returns comparison → (opens in a new tab)
Other details
| Item | Disclosed |
|---|---|
| Asset liquidity ratio | 97.84% |
| Debt ratio | 0.12% |
| 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 4 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.
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