Defensive KiwiSaver fund

Superlife NZ Cash Fund

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

Superlife NZ Cash Fund is a defensive fund in the Superlife KiwiSaver Scheme. Its provider discloses a risk indicator of 2 out of 7 and an annual fund charge of 0.52%. 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: 2.7%a year after fees, before tax, Morningstar, as at 30 September 2026
Risk indicator: 2 of 7Disclosed by the provider
Annual fund charge: 0.52%Total, as a share of the amount invested
Fund size: $73.4 million3,076 investors

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

Invests in New Zealand cash (including term deposits) and is designed to provide a return (before tax, fees and other expenses) that outperforms the S&P/NZX Bank Bills 90-Day Index over rolling one-year periods.

The fund's own description, as disclosed on the Disclose Register. Fund start date: 8 October 2007.

What the fund invests in

Asset mix
Asset class	Target	Actual
Cash and cash equivalents	100.00%	100.00%

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

How it is managed

Management style: Active. The manager chooses investments, or shifts the mix, to try to do better than the market. 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
Rabobank FRN 08/12/26	Cash and cash equivalents	NZ	2.46%
Kiwibank TD 17/12/26 3.15%	Cash and cash equivalents	NZ	2.33%
Toyota Finance New Zealand FRN 30/09/27	Cash and cash equivalents	NZ	2.21%
Transpower NZ FRN 14/09/26	Cash and cash equivalents	NZ	2.01%
Auckland Council FRN 04/10/27	Cash and cash equivalents	NZ	1.84%
Kiwibank TD 14/09/26 3.08%	Cash and cash equivalents	NZ	1.56%
Westpac New Zealand TD 18/12/26 3.075%	Cash and cash equivalents	NZ	1.55%
NZLGFA Bond 15/04/27 4.50%	New Zealand fixed interest	NZ	3.90%
NZD Cash Account (ANZ Bank)	Cash and cash equivalents	NZ	2.14%
Housing New Zealand Bond 05/10/26 2.247%	New Zealand fixed interest	NZ	2.00%

Together 22.0% 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	100
The ten largest, together	22.0%
Largest single holding	NZLGFA Bond 15/04/27 4.50%, 3.9% 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	0.52%
Manager's basic fee	0.50%
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	1.96%
Average a year, 5 years	2.48%
Average a year, since the fund started	1.96%

Year by year, to 31 March
Year	This fund
12 months to 31 March 2026	2.02%
12 months to 31 March 2025	3.69%
12 months to 31 March 2024	3.70%
12 months to 31 March 2023	2.08%
12 months to 31 March 2022	0.57%
12 months to 31 March 2021	0.72%
12 months to 31 March 2020	1.34%
12 months to 31 March 2019	1.73%
12 months to 31 March 2018	1.82%
12 months to 31 March 2017	1.96%

A return says what happened and not what will.

Returns reported by Morningstar

Morningstar annualised returns
Period	This fund
10 years	2.7%
5 years	3.6%
3 years	4.2%

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. 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	-15.00%
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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