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Our Favourite KiwiSaver Funds

Do you want to know what is our favourite KiwiSaver fund for active management, long-term growth, a first-home, and/or for a comfortable retirement? Our editors list below funds which may suit your needs in these categories
Updated 11 December 2025
"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. 

Know This: Our list below is based on historical data and performance observations - please think carefully before deciding to change your KiwiSaver fund or scheme.

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. Our guide is journalistic in nature, and we stand by our shortlist. There is no "best" fund - this is simply an exercise to raise awareness of 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 particular fund.

Generally, we favour funds or schemes which are committed to low or transparent fees, have proven returns and put the customer first. The exclusion of any fund below does not mean it's not an attractive investment proposition. Our guide aims to simplify KiwiSaver investing decisions by focusing MoneyHub readers on the purpose of their investment - it's not always to build a retirement nest egg.

Related resources:
Advertising Disclosure: We include the funds below based on merit, although we may have commercial arrangements with specific innovative and market-leading schemes for general promotion. Our Advertising Policy has more details. We rely on Morningstar data for all fund returns information.

Video explainer: MoneyHub Founder Christopher Walsh explains the 31 March 2025 Morningstar KiwiSaver report (published on 1 May 2025) in the video below:

Our favourite KiwiSaver funds and schemes for specific needs

Our favourite high-growth index fund - The Kernel KiwiSaver Plan High Growth fund

  • Fund: Kernel KiwiSaver Plan High Growth fund
  • Fees: 0.25% annual management fee, no annual membership fee
  • Our view: The Kernel KiwiSaver Plan launched in 2022 and, in a nutshell, is innovative and offers low fees and investment diversity. The High Growth fund invests 98%+ of its money into growth assets, such as shares and listed property, meaning it's aggressive while following an index-investing strategy.
  • What makes the fund stand out? The High Growth fund is arguably one of the cheapest KiwiSaver growth funds on offer within KiwiSaver, and it's also a PIE (as are all Kernel funds), which means you pay the tax later and only to a maximum rate of 28%. This minimises tax leakage. Investors can also choose a portfolio of 10+ other Kernel funds depending on what they want to invest in.
  • More details: Kernel KiwiSaver Plan review

Our favourite KiwiSaver fund for sustainable investing

  • Fund: Pathfinder Growth Fund
  • Fees: 1.29% p.a. annual management fee and an annual $27 membership fee
  • Our view: Pathfinder's ethical investing policy is at the heart of everything it does. It arguably applies the strictest test, excluding any company it considers 'unethical' or a poor investment opportunity.
  • What makes the fund stand out? No KiwiSaver fund is more ethically-focused nor as generous (as a percentage of its charitable donations). Alongside holdings in Microsoft and wind farm companies, Pathfinder's intention is to invest in companies that are undervalued, have growth potential and do not harm society. It is actively managed, hence the higher management fee.
  • More details: Pathfinder KiwiSaver review.  Our guide to Retirement in a Nutshell has further information about why KiwiSaver is essential for retirement. 
  • Learn about Pathfinder KiwiSaver

Our favourite boutique KiwiSaver Scheme for actively-managed investing

The Pie KiwiSaver Scheme provides an actively managed option for KiwiSaver investors. With four fund choices - Aggressive, Growth, Balanced and Conservative, Pie Funds KiwiSaver appeals to varying risk appetites while aiming to maximise returns through strategic investments in international and Australasian equities. Backed by Pie Funds' reputation for innovation and performance, this actively managed scheme stands out in a crowded KiwiSaver market.
  • Why We Like It: A trusted name in active management, competitive performance, and clear options for every type of saver. The Pie KiwiSaver Scheme doesn't charge performance fees like some other top-performing KiwiSaver schemes.
  • Best For: KiwiSaver members wanting a hands-on approach to growing their retirement savings or first-home deposit.
  • Learn More: Read our Pie KiwiSaver Review
  • Get Started: Visit the Pie KiwiSaver website

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

  • Fund: Simplicity Growth Fund
  • Fees: 0.24% annual management 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 the New Zealand and international sharemarket. Its focus is on maximising each investor's retirement nest egg. It also aims to beat actively-managed funds in the long term (through being an index fund). 
  • What makes the fund stand out? Simplicity's growth fund is similar to many other index-based growth funds offered by banks and specialist fund managers. In that sense, it's not investing in anything unique. The main difference is that it charges 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 merits. 
  • More details: Simplicity KiwiSaver review

Our favourite long-term growth KiwiSaver fund with active management and 10+ years of solid returns

  • Fund: Milford Active Growth Fund (which continues to report market-leading ten-year results per Morningstar reports)
  • Fees: 1.05% annual management fee and an additional 0.15% performance fee (if certain results are achieved). Milford does not charge an annual membership fee.
  • ​Our view: The fund's 10-year track record, per Morningstar data, is solid. While past performance is no indication of future returns, Milford does have a track record of results and is a well-trusted fund manager.
  • What makes the fund stand out? The Active Growth Fund is Milford's signature fund, and its past returns are market-leading. Furthermore, its investment approach is both responsible and environmentally-leaning, and the investment managers avoid investing in exotic asset classes; your money will not buy shares in anything that creates negative social or environmental effects or be risky in nature. 
  • More details: Milford KiwiSaver review

Our favourite 100% equities fund with expert management and a history of strong performance

  • Fund: MAS KiwiSaver Global Equities Fund
  • Fees: 0.99% p.a. (MAS does not charge an annual membership fee or performance fees)
  • Our view: With $1.5 billion in funds under management, the MAS KiwiSaver Scheme is half the size of the more well-known Simplicity, and even smaller than Milford, Booster and Fisher Funds. While it goes relatively unnoticed in the media, their members have high average balances and have enjoyed strong returns in recent years.
  • What makes the fund stand out? MAS KiwiSaver Scheme's Global Equities fund outperforms many growth funds. The Fund invests into international and domestic shares. The international equities exposure uses a multi-strategy approach with three complementary strategies. While JBWere is the lead investment manager, they delegate some of the implementation to Blackrock. Despite the pedigree of its investment managers, the fund fee is a reasonable 0.99% p.a. We see the Global Equities Fund as an aggressive fund that has proven to look after its investors for the long term.
  • More details: MAS KiwiSaver Scheme review or Sign Up to MAS KiwiSaver

Our favourite KiwiSaver fund for anyone looking for an aggressive fund with leading long-term returns

  • Fund: Booster Geared Growth
  • Fees: 1.77% 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) while also borrowing money at a fixed interest rate to invest in shares. The idea is that borrowing at low-interest rates means returns from buying and selling investments will be higher as the cost of debt is cheap. This is also designed to maximise the fund's profits because the cost of borrowing is fixed and, all going well, less than the investment returns. While the management fee is higher than other Booster funds (due to the interest costs paid on additional money sourced), it aims 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 Booster Geared Growth Fund has a solid track record per Morningstar-reported results. 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: Booster KiwiSaver review.
  • Learn More, Switch or Join Booster KiwiSaver 

Looking for a socially responsible high-growth fund? The Booster SRI Growth Fund has reported solid results per Morningstar data. Unlike the Booster Geared Growth Fund, it doesn't borrow money to invest, so it offers a lower management fee. Also, it is dedicated to investing in companies which meet and exceed ethical investing standards. 

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 most New Zealanders have not set up their KiwiSaver properly, don’t have the right fund type and have not thoroughly considered which contribution rates will 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. This is a new scheme, so it is relatively untested, but its funds are index-based and 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: kōura KiwiSaver Review
  • Learn More, Switch or Join kōura KiwiSaver 

Our favourite KiwiSaver fund(s) for anyone looking to mix and match

  • Fund: SuperLife (various funds)
  • Fees: The management fee for most funds sits between 0.50% to 0.70% p.a., charged in addition to an annual $30 membership fee
  • Our view: SuperLife offers the choice of 40 KiwiSaver funds. Predominantly, these invest in a range of index funds offered by a company owned by the NZX. The funds performed robustly in 2019-2021, and investors can pick one or as many funds as they like, giving low-fee diversification (similar to InvestNow KiwiSaver). Top-performing funds include SuperLife KiwiSaver US Large Growth and SuperLife KiwiSaver US 500.
  • What makes the funds stand out? SuperLife offers a huge range of investment options with varying degrees of risk, including Kiwi companies, global companies, emerging markets, mining, property and bonds and government debt. Per Morningstar data, some of the funds have outperformed the majority of KiwiSaver growth funds in recent periods. The choice of 40+ funds may be overwhelming, but as they're index and sector funds, you're not relying on a particular investment manager, nor is there an obligation to pick more than one fund.
  • More details: SuperLife KiwiSaver review
Important: General Disclaimer
  • MoneyHub provides this guide for informational and journalistic purposes only and does not constitute personal financial advice, investment advice, or a recommendation to buy, sell, or hold any financial product, including KiwiSaver funds, investment funds or other investment options.
  • The funds or schemes highlighted on MoneyHub are selected based on historical performance data (e.g., from Morningstar or similar sources), fees, structure, and general market observations. Past performance is not a guarantee of future results.
  • Any opinions, preferences, or "favourite" designations reflect the editorial views of MoneyHub and are not guarantees of future performance. Past results are not indicative of future returns, and all investments carry inherent risks, including the potential for capital loss.
  • MoneyHub is not a financial adviser under the Financial Markets Conduct Act 2013, and we are not regulated by the Financial Markets Authority (FMA) to provide personalised financial advice. Readers should seek independent advice from a qualified, licensed financial adviser or use official tools before making any investment decisions. We strongly recommend considering your personal circumstances, risk tolerance, and financial goals, and consulting a professional to assess suitability.
  • The information in this guide is based on historical data and may become outdated as a result. We do not accept liability for any loss or damage (including consequential loss) arising from reliance on this content, errors, omissions, or changes in market conditions. While we strive for accuracy, market data and fund performance can fluctuate. We encourage regular review of official fund reports or consultation with providers to ensure accurate information. 
  • MoneyHub may have commercial arrangements with certain schemes or providers for general promotional purposes. However, fund selections are based on merit and editorial judgment, not payment. For the latest details, contact the relevant fund provider directly.

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 or e-mail them; they'll explain the process and handle 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 might not be the most suitable for their needs. 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 on how your investment is performing. The best thing you can do is to read what they send you and to ask questions (or Google) if you don't understand something. It's not complicated, and it will build your investing confidence.
Performance Data sourced from Morningstar
​Important: Our trusted guide, How Much Do You Need to Retire Comfortably in New Zealand, explains what you need to know should this be of interest.

​Disclaimer: This list does not constitute financial advice, and the funds listed 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 particular fund.

The financial products featured on MoneyHub offer a curated comparison that may not encompass all features critical to your unique decision-making process, such as tax implications, risk appetite, or investment timeline, and may not align with your individual financial situation. MoneyHub accepts no liability for losses arising from its use.