Balanced KiwiSaver fund

Superlife Ethica Fund

Superlife KiwiSaver Scheme On Cam's implementation panel Currently rebranding to Smart KiwiSaver

Superlife Ethica Fund is a balanced fund in the Superlife KiwiSaver Scheme. Its provider discloses a risk indicator of 4 out of 7 and an annual fund charge of 0.70%. 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: 7.1%a year after fees, before tax, Morningstar, as at 30 September 2026
Risk indicator: 4 of 7Disclosed by the provider
Annual fund charge: 0.70%Total, as a share of the amount invested
Fund size: $78.2 million1,476 investors

Source: Morningstar KiwiSaver Survey, the three months to 30 September 2026, published 29 October 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

Designed for investors that want a balance between stability of returns and growth of their investment over the long term. Provides exposure to a diverse selection of global companies and income assets that align with our Responsible Investment Policy. We exclude assets that do not meet our socially responsible investment standards, and increase or decrease exposure to companies based on their environmental, social and governance (ESG) factors.

The fund's own description, as disclosed on the Disclose Register. Fund start date: 31 March 2008.

What the fund invests in

Asset mix
Asset class	Target	Actual
International equities	40.00%	40.78%
New Zealand fixed interest	16.00%	15.90%
International fixed interest	16.00%	15.87%
Australasian equities	14.00%	14.15%
Cash and cash equivalents	8.00%	6.87%
Listed property	6.00%	6.44%

Actual allocation as at 30 June 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.

Passive with their growth assets and active with the income assets.

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
NZ Government Bond 15/05/30 4.50%	New Zealand fixed interest	NZ	0.93%
IShares Core FTSE Global Property ex Australia AUD Hedged ETF	Listed property	AU	6.54%
IShares MSCI EM IMI ESG Screened UCITS ETF	International equities	IE	4.17%
Dimensional Global Bond Sustainability Trust (NZD Class)	International fixed interest	AU	15.87%
Dimensional Global Sustainability PIE Fund	International equities	NZ	17.62%
Dimensional Global Sustainability PIE Fund NZD Hedged	International equities	NZ	18.98%
Dimensional Australian Sustainability PIE Fund	Australasian equities	NZ	7.12%
NZ Government Bond 15/05/31 1.50%	New Zealand fixed interest	NZ	0.82%
NZ Government Bond 14/04/33 3.50%	New Zealand fixed interest	NZ	0.75%
NZ Government Bond 20/04/29 3.0%	New Zealand fixed interest	NZ	0.73%

Together 73.5% 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	279
The ten largest, together	73.5%
Largest single holding	Dimensional Global Sustainability PIE Fund NZD Hedged, 19.0% 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

Fees disclosed by the provider
Charge	Disclosed
Total annual fund charge	0.70%
Manager's basic fee	0.68%
Performance-based fees	0.00%
Other management charges	0.02%
Contribution fee	0.00%
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	12.42%
Average a year, 5 years	5.16%
Average a year, since the fund started	6.55%

Year by year, to 31 March
Year	This fund
12 months to 31 March 2026	7.49%
12 months to 31 March 2025	4.57%
12 months to 31 March 2024	12.81%
12 months to 31 March 2023	-5.43%
12 months to 31 March 2022	2.95%
12 months to 31 March 2021	27.91%
12 months to 31 March 2020	-3.76%
12 months to 31 March 2019	6.46%
12 months to 31 March 2018	2.57%
12 months to 31 March 2017	4.92%

A return says what happened and not what will.

Returns reported by Morningstar

Morningstar annualised returns
Period	This fund	Balanced category average
10 years	7.1%	6.8%
5 years	5.8%	5.6%
3 years	11.6%	11.2%

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 Balanced funds in the report. 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	-54.00%
Provider last updated this fund	31 July 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 Superlife KiwiSaver Scheme →

Other funds in the Superlife KiwiSaver Scheme

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