Our Favourite KiwiSaver Funds

Wanting to know what our favourite KiwiSaver fund for a first-home, long-term growth, active management and/or a comfortable retirement are? Our editors list funds below which may suit your needs

Updated 1 September 2020

"What KiwiSaver fund should I be in?" is a question for the ages. In this guide, we help you answer it based on your needs. 

Disclaimer: This list does not constitute financial advice, and the funds listed below are included based on their short-term performance, fees, structure and, where possible, their longer-term performance. We have assigned fund risk types (i.e. conservative, growth etc.) to life stages (home deposit, retirement etc.) subjectively using commonly accepted investing principles. No KiwiSaver scheme has paid to be on the list, and our guide is journalistic in nature. There is no "best" fund - this is simply an exercise to raise awareness on the different benefits KiwiSaver delivers. The "What makes the fund stand out?" section is informational only with the purpose of explaining the merits of the fund - we are not suggesting you invest in any fund. 

Generally, we favour funds or schemes that are committed to low or transparent fees, have proven returns and put you first. The exclusion of any fund below does not mean it's not an attractive investment proposition. Our aim for this guide is to simplify KiwiSaver investing decisions by focusing MoneyHub users as to what the purpose of their investment is - it's not always to build a retirement nest egg. 

Read this first: Our Retirement in a Nutshell guide explains why saving for your retirement is essential, not optional. It outlines everything you need to know to live comfortably when you're 65 or older. 

Our favourite KiwiSaver funds for specific needs:

1. Our favourite long-term growth KiwiSaver fund for low management and membership fees
2. Our favourite KiwiSaver fund for helping you maximise your retirement
3. Our favourite KiwiSaver fund for when you're saving up to make a first home withdrawal
4. Our favourite KiwiSaver fund for actively-managed returns (in recent times)
5. Our favourite KiwiSaver fund for aggressive returns (in recent times)
6. Our favourite KiwiSaver fund for sustainable investing
7. Our favourite KiwiSaver fund for anyone approaching retirement
8. Our favourite KiwiSaver funds for kids, students and young adults

Our favourite KiwiSaver funds for specific needs

Our favourite long-term growth KiwiSaver fund for low management and membership fees

• Fund: Simplicity Growth Fund
• Fees: 0.31% annual management fee and an annual $20 membership fee
• Our view: Simplicity is a not-for-profit KiwiSaver scheme that is committed to low fees and index investing. Simplicity invests its Growth Fund money in New Zealand and international sharemarket. Its focus is on maximising each investor's retirement nest egg. It also promotes its aim of beating actively-managed funds in the long term (by way of its nature as an index fund). 
• What makes the fund stand out? Simplicity's growth fund is similar to many other index-based growth funds offered by the banks and specialist fund managers. In that sense, it's not investing in anything unique. The main difference is it has the lowest fees, which means you'll have more in retirement all things being equal. If you are comfortable with joining and contributing payday after payday, the Simplicity Growth Fund has a lot of merit. 
• More details: Simplicity KiwiSaver review

Our favourite KiwiSaver fund for helping you maximise your retirement

• Fund: kōura KiwiSaver (multi-fund investment)
• Fees: 0.63% annual management fee and an annual $30 membership fee
• Our view: kōura shares our view that the majority of New Zealanders have not set up their KiwiSaver properly, they don’t have the right fund type and have not properly considered their contribution rates to give them what they expect in retirement. kōura's response to this is to offer digital advice; every kōura customer is told what their KiwiSaver outcomes will be before signing up, and kōura builds a personalised portfolio based on a person's retirement objectives, salary and stage of life.
• What makes the fund stand out? While some other KiwiSaver schemes let you mix and match funds to build a portfolio, kōura does this for you and monitors the investing results and your life journey. It's a new scheme so relatively untested, but its funds are index-based, and it's backed by industry giant Hobson Wealth Partners. If you want to control how much you retire with, rather than just arrive at a lump sum,  kōura helps you do this.
• More details: koura KiwiSaver review

Our favourite KiwiSaver fund for when you're saving up to make a first home withdrawal

• Fund: Simplicity Conservative Fund. Disclaimer: Our view, which is subjective, is that a Conservative fund is most suitable for anyone planning to purchase a home in the next 3-12 months. A Conservative Fund may not be the best option if you are planning to buy in 3-5 years times. Before making any decision, please seek independent advice and/or talk with your KiwiSaver scheme. 
• Fees: 0.31% annual management fee and an annual $20 membership fee
• Our view: Simplicity is a not-for-profit KiwiSaver scheme that is committed to low fees and index investing. Their Conservative Fund Simplicity invests its 80% of its money into fixed-income assets (rather than shares), so if your purpose is to buy a property with the KiwiSaver money, the fund is less risky than any growth-focused. It's also low-fee, so you're maximising your returns until you find your home and withdraw it.
• What makes the fund stand out? Simplicity's Conservative Fund stays true to its name, and recent performance results put it as the #1 performer for 1-year and 3-year returns. Its low fee structure goes a long way to achieve this. If you are saving for a home, the Simplicity Conservative Fund won't ride the ups and downs of the market but instead help you save efficiently for a house deposit. 
• More details: Simplicity KiwiSaver review. ​Our guide to the Kiwisaver First-Home Withdrawal talks you through the process and outlines everything you need to know.

Our favourite KiwiSaver fund for actively-managed returns (in recent times)

• Fund: JUNO Growth Fund
• Fees: Determined by total funds invested, and charged monthly. For example balances under $5,000 = $0, ​$5,000 to $24,999 =$5/month, $25,000 - $49,999 = $15/month and so on. 
• ​Our view: The JUNO Growth Fund launched in mid-2018 but has already outperformed many other actively-managed growth-focused funds (including those from the popular Fisher Funds, Milford Asset Management and Generate schemes). As it's part of PIE Funds, a challenger (and arguably very successful) fund manager, investors get the benefits of PIE's management for a much lower cost than if they were a PIE client. The JUNO Growth Fund, in no uncertain terms, is all about maximising investor returns while being transparent about charging a single monthly fee.
• What makes the fund stand out? Right now, there are around thirty KiwiSaver growth funds, but JUNO's version is performing well ahead of the market, which makes it an attractive proposition. You'll be relying on the expertise of PIE's management team -so there is a risk of the fund under-performing the index fund alternatives, but this is the case with any actively managed fund. We like that the fees are simple - there is one fixed monthly fee based on your fund size. You won't be charged membership fees, nor are there performance fees (both of which are common in high-performing actively-managed growth funds).
• ​More details: JUNO KiwiSaver review

Our favourite KiwiSaver fund for anyone looking for an aggressive fund

• Fund: Generate Focused Growth Fund
• Fees: 1.74% annual management fee and an annual $36 membership fee
• Our view: This specialist fund has a target to invest 99% of its money into growth assets (equities and listed property) and 1% in cash, although this may be greater if market conditions deteriorate and the fund manager wants to limit exposure to equities. It's Generate's most popular fund (by investment size), and while the management fee is higher than any index fund, its aim is to outperform market returns.
• What makes the fund stand out? If you are comfortable with taking an aggressive approach to your KiwiSaver retirement fund, the Generate Focused Growth Fund goes big with its ratio of equity/growth assets. The fund is the #1 performer for 3-year returns and #2 for 5-year returns in its investment category. If you're comfortable paying the fees with the aim of earning above-market returns, and are happy to ride the markets, this fund could be for you.
• More details: Generate KiwiSaver review. ​Our guide to Retirement in a Nutshell has further information about why KiwiSaver is essential for retirement.

Our favourite KiwiSaver fund for sustainable investing

• Fund: CareSaver Growth Fund
• Fees: 1.26% p.a. annual management fee and an annual $27 membership fee
• Our view: CareSaver's ethical investing policy is at the heart of everything it does. It arguably applies the strictest test, excluding any company it considers to be 'unethical' or a poor investment opportunity. It also invests outside the sharemarket and has recently taken an equity stake in Sharesies.
• What makes the fund stand out? There is no KiwiSaver fund that's more ethically-focused, nor as generous as a percentage with its charitable donations. Alongside holdings in Microsoft and wind farm companies, CareSaver's intention is to invest in companies that are undervalued, have growth potential and do not harm society. It's actively managed, hence the higher management fee.
• More details: CareSaver KiwiSaver review. ​Our guide to Retirement in a Nutshell has further information about why KiwiSaver is essential for retirement.

Our favourite KiwiSaver fund for anyone approaching retirement

• Fund: Simplicity Conservative Fund. Disclaimer: Our view, which is subjective, is that a Conservative fund is most suitable for anyone approaching retirement in the next 3-12 months. A Conservative Fund may not be the best option if you will be working for a while longer, or are happy to accept added risk (in which case a Moderate fund or Balanced fund should be considered). Before making any decision, please seek independent advice and/or talk with your KiwiSaver scheme.
• Fees: 0.31% annual management fee and an annual $20 membership fee
• Our view: Simplicity is arguably as much about income-protection as it is growth, so if you're 65 or over and want to draw down the money you've saved while avoiding KiwiSaver fees, Simplicity's Conservative Fund is a top-performing option. 80% of its money is invested into fixed-income assets (rather than shares), so if markets do drop in COVID-19-like conditions, most of your money is held in low-risk fixed-term investments like term deposits and government bonds (which don't drop in value like shares do).
• What makes the fund stand out? When you retire, you probably want to be 'conservative'. There's no point risking your KiwiSaver balance and going for growth when the most sensible approach is to withdraw what you need (and leave the rest to grow until you need it). Simplicity's Conservative Fund is the #1 performer for 1-year and 3-year returns. Its low fee structure helps achieve this and means you can spend the money (and not lose it in above-average fees). 
• More details: Simplicity KiwiSaver review. ​Our guide to Retirement in a Nutshell has further information about why KiwiSaver is essential for retirement.

Our favourite KiwiSaver funds for kids, students and young adults

Anyone under 18 years of age can avoid KiwiSaver membership fees with certain schemes, but JUNO KiwiSaver goes one better and eliminates all fees for anyone with a balance below $5,000. $5,000 in KiwiSaver terms, is a lot for a new member. We appreciate that an active investment management isn't for everyone (which JUNO offers), so we've included the passively managed (and low-fee scheme) Simplicity as our other favourite KiwiSaver funds for kids, students and young adults. In both cases we've highlighted their respective growth funds.

• Fund 1: JUNO Growth Fund (an actively-managed fund, meaning professionals regularly buy and sell shares with the aim of maximising the profits of every investor)
• Fees: Anyone with a balance under $5,000 pays ​$0 monthly fees. We believe it would take the average student ten years of full-time summer jobs to contribute $5,000 into KiwiSaver at standard contribution rates. For this reason, having a funds management company such as Pie Funds (who run JUNO) working essentially for free is very attractive.
• ​Our view: The free fees for balances that are below $5,000 is market-leading. Furthermore, the JUNO Growth Fund launched in mid-2018 but has already outperformed many other actively-managed growth-focused funds.
• What makes the fund stand out? Zero fees and a track record of market-beating results.
• ​More details: JUNO KiwiSaver review

• Fund 2: Simplicity Growth Fund (an index fund - find out what that means here)
• Fees: 0.31% annual management fee and an annual $20 membership fee (anyone under 18 pays no membership fee).
• Our view: Young adults are unlikely to know what's best for them regarding KiwiSaver, and there is no "best" fund. However, Simplicity is a not-for-profit KiwiSaver scheme that is committed to low fees and index investing. Simplicity invests its Growth Fund money in New Zealand and international sharemarket. Its focus is on maximising each investor's retirement nest egg. It also promotes its aim of beating actively-managed funds in the long term (by way of its nature as an index fund). If you're young and want to save for retirement, you will not find a lower-fee fund.
• What makes the fund stand out? The growth fund is similar to many other index-based growth funds offered by the banks and specialist fund managers. In that sense, it's not investing in anything unique. The main difference is it has the lowest fees, which means you'll have more in retirement all things being equal. If you are comfortable with joining and contributing payday after payday, the Simplicity Growth Fund has a lot of merit. As you'll be new to KiwiSaver, Simplicity's classroom series offers videos and email guides to explain the basics. They're easy to follow and you'll likely learn more than you expect.
• More details: Simplicity KiwiSaver review

Our favourite KiwiSaver Funds - Where to Go From Here?

1. Joining or switching a KiwiSaver fund is very easy - all you need to do is talk to the KiwiSaver scheme you want to invest with. The best way is to call them or e-mail; they'll explain the process and take care of everything for you.
2. Never rush a decision - while you can switch again, the best approach is to make a considered decision. Our KiwiSaver guides help, as does Sorted's FundFinder tool.
3. If you're in a default scheme, now is the time to consider your options - many people stay in default funds which costs their retirement. If you're in one, ask yourself what you want from KiwiSaver, and look for a better fund. 
4. Pay attention to the investor reporting - every three months, your KiwiSaver scheme will send you an update as to how your investment is performing. The best thing you can do is read what they send you, and ask questions (or Google) if you don't understand something. It's not complicated and will build your investing confidence.

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Performance Data sourced from Morningstar and CompareKiwiSaverFunds.co.nz

Disclaimer: This list does not constitute financial advice, and the funds listed below are included based on their short-term performance, fees, structure and, where possible, their longer-term performance. No KiwiSaver scheme has paid to be on the list, and our guide is journalistic in nature. There is no "best" fund - this is simply an exercise to raise awareness on the different benefits KiwiSaver delivers. The "What makes the fund stand out?" section is informational only with the purpose of explaining the merits of the fund - we are not suggesting you invest in any fund.

KiwiSaver scheme reviews:

• Amanah KiwiSaver ​Scheme
• ​AON KiwiSaver ​Scheme
• ​AMP KiwiSaver ​Scheme
• ANZ KiwiSaver Scheme
• ​ASB KiwiSaver Scheme
• Booster KiwiSaver Scheme
• BNZ KiwiSaver ​Scheme
• Fisher KiwiSaver Scheme
• ​Generate KiwiSaver Scheme
• JUNO KiwiSaver Scheme
• ​Kiwi Wealth KiwiSaver Scheme​

• kōura Wealth Kiwisaver Scheme
• Lifestages KiwiSaver Scheme
• Mercer KiwiSaver Scheme
• Milford KiwiSaver Plan
• Nikko AM KiwiSaver Scheme
• QuayStreet KiwiSaver 
• Simplicity KiwiSaver Scheme 
• NZ Defence Force KiwiSaver Scheme
• Summer KiwiSaver ​Scheme
• Superlife KiwiSaver Scheme
• ​Westpac KiwiSaver Scheme