KiwiSaver Fund Comparison

Find a better KiwiSaver fund. See the difference in dollars.

Quarterly data from the Disclose Register · No sponsored listings

THE FEE GAP — NZ AVERAGE GROWTH FUND VS LOWEST-COST OPTION

0.84% vs 0.25%

On $50K over 30 years: $54,493 more in fees

FUNDS TRACKED

Across 30+ providers

BEST 5YR RETURN

8.34%

Milford Funds Limited

NZ KIWISAVER FUM

$123B

FMA Annual Report 2025

Fund data: Disclose Register · Updated quarterly

What matters most to you?

Note: Lower fees don't guarantee better outcomes — but they are the one variable entirely within your control.

Sorted: Lowest fee ↑

Fund

Risk

Fee ↑

5yr p.a.

At 65 (est.)

Kernel High Growth Fund

Kernel Wealth Limited · Aggressive · $465.0M

6/7

0.25%

N/A

—

Lowest fee

Key FactsIndex-based aggressive fund. 0.25% annual fee. Launched April 2022. No 5-year track record available. 97% equities allocation (72% international, 25% NZ). No fixed income.

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Simplicity High Growth Fund

Simplicity NZ Limited · Aggressive · $1B

6/7

0.25%

N/A

—

Lowest fee

Key FactsMember-owned structure. Donates 15% of management fees to charity. 0.25% annual fee. Launched April 2023. Includes 6.5% unlisted property via Simplicity Living. Default KiwiSaver provider. 28,792 members.

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Fisher Funds Default Fund

Fisher Funds Management Limited · Balanced · $1B

4/7

0.37%

2.33%

—

Default fund

Key FactsDefault KiwiSaver fund. Balanced allocation (51% equities, 36% fixed income/cash). 0.37% annual fee. Launched December 2021. 72,624 members.

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Fisher Funds Conservative Fund

Fisher Funds Management Limited · Conservative · $0

3/7

0.93%

2.33%

—

Key FactsConservative allocation. 0.93% annual fee. 5-year return 2.33% p.a. 30% NZ fixed income, 22% cash. Launched October 2007.

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MAS Aggressive Fund

MAS · Aggressive · $0

5/7

0.98%

7.67%

—

Key FactsOriginally for medical professionals, now open to all. 0.98% annual fee. 5-year return 7.67% p.a. 94% equities allocation (74% international, 20% NZ), 6% cash.

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Milford KiwiSaver Active Growth Fund

Milford Funds Limited · Growth · $8B

5/7

1.05%

8.34%

—

Key FactsActively managed growth fund. $8.5B fund size, 98,975 members. Launched April 2010. 1.05% annual fee. 5-year return 8.34% p.a. 71% equities, 20% fixed income, 9% property.

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Fisher Funds Growth Fund

Fisher Funds Management Limited · Growth · $3B

6/7

1.13%

N/A

—

Key FactsActively managed growth fund. Launched October 2007. $3.0B fund size, 69,236 members. 1.13% annual fee. 74% equities, 15% fixed income, 5% property, 7% cash.

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Generate Stepping Stones 0-35

Generate Investment Management · Aggressive · $0

5/7

1.39%

8.34%

—

Key FactsAge-based lifecycle fund. Allocation automatically shifts toward conservative as member approaches 65. 1.39% annual fee. 5-year return 8.34% p.a. 90% equities for members under 35.

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Projections use fund-specific return assumptions. Past performance is not a reliable indicator of future returns. Not financial advice.