Best Performing KiwiSaver Funds in 2025 Mid Year Update
KiwiSaver Update
KiwiSaver assets climbed to nearly NZD 130 billion at the end of June 2025, rising almost $9 billion in the quarter thanks to a combination of strong market returns and steady inflows. Despite ongoing economic uncertainty, long-term investors continue to be rewarded for staying the course and not reacting emotionally to short-term fluctuations.
Over the past 10 years, Aggressive funds have delivered an average annual return of 8.6%, Growth funds 7.8%, Balanced funds 6.4%, Moderate funds 4.6%, and Conservative funds 4.1% again highlighting the long-term benefits of higher equity exposure for those comfortable with market ups and downs.
Key Highlights
Investment Performance:
KiwiSaver fund returns were strong in the June quarter, with all multisector categories delivering solid results (net of fees, before tax):
Aggressive funds: 5.6%
Growth funds: 4.8%
Balanced funds: 4.1%
Moderate funds: 2.9%
Conservative funds: 2.1%
These results reinforce the value of a diversified, growth-oriented strategy for long-term retirement savings.
The Power of Long-Term Investing:
Over the past 10 years, aggressive funds have averaged 8.6% annually, demonstrating the long-term benefits of a higher equity allocation.
For investors with a long investment timeframe, time is your greatest asset. Higher equity exposure can lead to significant growth, as shares tend to outperform bonds and cash over time. While equities can be more volatile in the short term, a long investment horizon allows investors to ride out market fluctuations and maximise returns.
Learn More: The Importance of a Higher Equity Allocation
Sustainable Investing Matters:
Morningstar’s Global Sustainability Ratings highlight KiwiSaver funds excelling in ESG (Environmental, Social, and Governance) criteria, allowing investors to align their portfolios with their values.
Compare Your KiwiSaver Fund:
We’ve compiled data from the Morningstar KiwiSaver Survey (as of 30 June, 2025), ranking funds based on their five-year average annual returns (after fees) to help investors make informed decisions.
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Contents
Conservative fund category top performers
QuayStreet Conservative: 4.3% (five year average return)
QuayStreet Income: 4.3% (five year average return)
Pathfinder Conservative Fund: 4.3% (five year average return)
What difference would this make to my KiwiSaver?
The industry average return for Conservative fund types over the most recent 5 years was 3.2%*.
Best KiwiSaver Funds - QuayStreet Conservative vs Conservative Fund Average
What are the fees compared to industry average?
KiwiSaver fees are typically calculated as a % of your total balance. The majority of KiwiSaver funds also charge a fixed admin fee, however this is relatively small and consistent across varying KiwiSaver schemes. Please note that all returns stated are net of fees (returns after fees, before tax).
Industry Average for Conservative Funds fees = 0.62%
QuayStreet Conservative fees = 0.76%
QuayStreet Conservative Description
The QuayStreet Conservative Fund invests in a diversified portfolio, with an emphasis on conservative assets such as fixed interest investments. The investment objective is to provide a level of return above the Fund’s benchmark over the long term. Investment returns may vary from year to year and may be negative.
The QuayStreet Conservative Fund description was obtained directly from the most recent QuayStreet Conservative Fund Fact sheet here.
QuayStreet Conservative Fund Asset Allocation
To find QuayStreet’s actual asset allocation percentages for their Conservative Fund as at 30th June 2025, hover over each of the graphs elements.
Thinking about the QuayStreet Conservative Fund?
The QuayStreet Conservative Fund is generally suitable for a short term or naturally cautious investor who is nearing retirement or intends on making a withdrawal in the short term. It also suits an investor who values lower volatility of returns over achieving potential higher returns. Do note that past performance is no guarantee of future performance, further there are several other factors to consider when deciding on a KiwiSaver fund that is right for you including:
Responsible Investing Considerations
Process and portfolio composition
Organisational Stability
Fees
Customer service
If you want to know if your KiwiSaver fund is both being maximised and suitable for your personal situation, follow the link below to our KiwiSaver advice page. The page contains a link to our KiwiSaver Discovery Quiz that takes approximately 5 minutes to complete, and once you have finished we will provide you with a complimentary no-obligation KiwiSaver recommendation.
Moderate fund category top performers
Milford Moderate Fund: 6.0% (five year average return)
Generate Moderate Fund: 5.5% (five year average return)
Westpac Moderate: 4.5% (five year average return)
What difference would this make to my KiwiSaver?
The industry average return for Moderate fund types over the most recent 5 years was 3.9%.
Best KiwiSaver Funds - Milford Moderate Vs Moderate Fund Average
What are the fees compared to industry average?
Industry Average for Moderate Funds fees = 0.80%
Milford Moderate Fund fees = 0.96%
Milford Moderate Fund Description
The Milford KiwiSaver Moderate Fund description was obtained directly from Milford’s most recent monthly update.
To provide moderate returns and capital growth over the minimum recommended investment timeframe. A diversified fund that primarily invests in fixed interest securities, with a significant allocation to equities.
Milford Moderate Fund Asset Allocation
To find Milford’s Moderate actual asset allocation percentages for their Moderate Fund as at 30 June 2025, hover over each of the elements of the graph.
Thinking about the Milford KiwiSaver Moderate Fund?
The Milford Moderate Fund is suitable for investors who have a minimum recommended investment timeframe of 3 years before planning on withdrawing. Do note that past performance is no guarantee of future performance, further there are several other factors to consider when deciding on a KiwiSaver fund that is right for you including:
Responsible Investing Considerations
Process and portfolio composition
Organisational Stability
Fees
Customer service
If you want to know if your KiwiSaver fund is both being maximised and suitable for your personal situation, follow the link below to our KiwiSaver advice page. The page contains a link to our Discovery Quiz that takes approximately 5 minutes to complete, and once you have finished we will provide you with a complimentary no-obligation KiwiSaver recommendation.
Balanced fund category top performers
QuayStreet Socially Responsible Investment: 8.8% (five year average return)
QuayStreet Balanced : 8.7% (five year average return)
Milford Balanced: 8.3% (five year average return)
What difference would this make to my KiwiSaver?
The industry average return for Balanced fund types over the most recent 5 years was 6.4%*
Best KiwiSaver Funds - QuayStreet Socially Responsible Investment Fund Vs Balanced Fund Average
What are the fees compared to industry average?
Industry Average for Balanced Funds fees = 0.75%
QuayStreet Socially Responsible Investment Fund fees = 1.02%
QuayStreet Socially Responsible Investment Fund Description
The QuayStreet Socially Responsible Investment Fund description was obtained directly from the QuayStreet Socially Responsible Investment Fact Fund sheet here.
The QuayStreet Balanced Fund invests in a diversified portfolio with a balance between fixed interest and growth assets. The investment objective is to provide a level of return above the Fund’s benchmark over the long term. Investment returns may vary considerably from year to year and may be negative
QuayStreet Socially Responsible Investment Fund Asset Allocation
To find QuayStreet’s actual asset allocation percentages for their Socially Responsible Investment Fund as at 30 June 2025, hover over each of the graphs elements.
Thinking about the QuayStreet Socially Responsible Investment Fund?
The QuayStreet Socially Responsible Investment Fund is suitable for investors who have a minimum recommended investment timeframe of 5 years before planning on withdrawing. Do note that past performance is no guarantee of future performance, further there are several other factors to consider when deciding on a KiwiSaver fund that is right for you including:
Responsible Investing Considerations
Process and portfolio composition
Organisational Stability
Fees
Customer service
If you want to know if your KiwiSaver fund is both being maximised and suitable for your personal situation, follow the link below to our KiwiSaver advice page. The page contains a link to our fact find that only takes 5 minutes to complete, and once you have finished we will provide you with a free no-obligation KiwiSaver recommendation.
Growth FUND CATEGORY TOP PERFORMERS
Milford Active Growth: 11.1% (five year average return)
QuayStreet Growth: 10.6% (five year average return)
Pathfinder Growth: 9.9% (five year average return)
What difference would this make to my KiwiSaver?
The industry average return for Growth fund types over the most recent 5 years was 8.0%*.
Best KiwiSaver Funds - Milford Active Growth Vs Growth Fund Average
What are the fees compared to industry average?
Industry Average for Growth Funds fees = 0.97%
Milford Active Growth Fund Fees = 1.25%
Milford Active Growth Fund Description
The Milford Active Growth Fund description was obtained directly from Milford’s latest Fund Fact sheet here.
Diversified fund that primarily invests in equities, with a moderate allocation to fixed interest securities.
Milford Active Growth Fund Asset Allocation
To find Milford’s actual asset allocation percentages for their Active Growth Fund as of 30th June 2025, hover over each of the elements of the graph.
Thinking about the Milford Active Growth Fund?
The Milford Active Growth Fund is suitable for investors with a minimum recommended investment timeframe of 7 years before planning on withdrawing. Do note that past performance is no guarantee of future performance, further there are several other factors to consider when deciding on a KiwiSaver fund that is right for you including:
Responsible Investing Considerations
Process and portfolio composition
Organisational Stability
Fees
Customer service
If you want to know if your KiwiSaver fund is both being maximised and suitable for your personal situation, follow the link below to our KiwiSaver advice page. The page contains a link to our KiwiSaver Discovery Quiz that takes approximately 5 minutes to complete, and once you have finished we will provide you with a complimentary no-obligation KiwiSaver recommendation.
aggressive FUND CATEGORY TOP PERFORMERS
Milford Aggressive Fund: 11.2% (five year average return)
SuperLife High Growth: 10.6% (five year average return)
Generate Focused Growth: 10.3% (five year average return)
What difference would this make to my KiwiSaver?
The industry average return for Aggressive fund types over the most recent 5 years was 9.2%*.
Best KiwiSaver Funds - Milford Aggressive Vs Aggressive Fund Average
What are the fees compared to industry average?
Industry Average for Aggressive Funds fees = 0.95%
Milford Aggressive Fund fees = 1.15%
Milford Aggressive Fund Description
The Milford Aggressive Fund description was obtained directly from Milford’s recent monthly Fund Fact sheet here.
The Milford Aggressive Fund aims to maximise capital growth over the minimum recommended investment timeframe. It primarily invests in international equities, with a moderate allocation to Australasian equities.
Milford Aggressive Fund Asset Allocation
To find this fund’s actual asset allocation percentages as of 30th June 2025, hover over each of the graphs elements.
Thinking about the Milford Aggressive Fund?
The Milford Aggressive Fund is suitable for investors who have a minimum suggested investment timeframe of at least 10 years before planning on withdrawing. Do note that past performance is no guarantee of future performance, further there are several other factors to consider when deciding on a KiwiSaver fund that is right for you including:
Responsible Investing Considerations
Process and portfolio composition
Organisational Stability
Fees
Customer service
*Please note that all graphs depicting projections use a $10,000 starting balance, with compounding interest at the rates stated. They exclude any further contributions (such as your employee, employer or Government contributions).
If you want to know if your KiwiSaver fund is both being maximised and suitable for your personal situation, follow the link below to our KiwiSaver advice page. The page contains a link to our fact find that only takes 5 minutes to complete, and once you have finished we will provide you with a complimentary no-obligation KiwiSaver recommendation.
Compound Wealth are based in Mount Maunganui, Tauranga and offer KiwiSaver, Investment & Retirement Financial Advice to clients all over New Zealand.