Every KiwiSaver balance is invested in a fund, and the fund type sets how much of it is in shares and property rather than bonds and cash. That mix decides how far the balance tends to fall in a bad year and how much it tends to grow over the long run. The guides in this section explain each fund type, how they differ, and how actively managed, passive, ethical and lifecycle funds fit in; the wider KiwiSaver hub covers contributions, providers and withdrawals.
How Fund Types Work
KiwiSaver funds invest in a mix of two broad asset classes:
- Growth assets: shares (NZ, Australian, global) and listed property. Higher long-run return potential, larger short-term ups and downs.
- Income (defensive) assets: cash, bonds and fixed interest. Lower returns, smaller swings.
The fund type label tells you roughly how that mix is split, from cash (almost no growth assets) through conservative, moderate, balanced and growth to aggressive (almost all growth assets). Labels aren’t standardised between providers, so the fund’s product disclosure statement is where to check the actual mix.
For the typical split of each type, see KiwiSaver fund types explained; for how the risk changes with the years until you need the money, see conservative vs balanced vs growth by time horizon.
Guides in This Section
- KiwiSaver Fund Types Explained
- Conservative vs Balanced vs Growth by Time Horizon
- Passive / Index vs Actively Managed KiwiSaver Funds
- Conservative KiwiSaver Fund (including defensive and cash funds)
- Moderate KiwiSaver Fund Explained
- Balanced KiwiSaver Fund NZ
- Growth KiwiSaver Fund NZ
- Aggressive KiwiSaver Fund
- Lifecycle KiwiSaver Funds Explained
- Ethical KiwiSaver Funds NZ
- Changing Your KiwiSaver Fund Type