Best Performing KiwiSaver Funds in New Zealand – Year Ending June 2025

KiwiSaver investors had a range of strong performers in the year ending June 2025. Below we look at the leading diversified Growth, Balanced and Conservative funds, outlining their annual returns and the investment approach behind each option.

Reporting period: 1 July 2024 to 30 June 2025. These are one-year returns, not June-quarter returns. Rankings use the one-year column in Morningstar’s June 2025 survey, within the three categories shown. Separate aggressive, geared, single-sector and replicated-option tables are outside this comparison.

Top Diversified KiwiSaver Funds for the Year Ending June 2025 by Category

Growth Funds

1. Milford Active Growth Fund

   • One-year return: 12.8%

   • Fund Type: Growth

   • Overview: Milford led the Growth category for this annual period. Its actively managed portfolio invests primarily in shares, with a moderate fixed-interest allocation. The share-led approach offers long-term growth potential, alongside the possibility of substantial movements in your balance.

2. ASB KiwiSaver Scheme Growth Fund

   • One-year return: 11.8%

   • Fund Type: Growth

   • Overview: ASB placed second among the Growth funds compared. Its growth-oriented mix gives investors substantial exposure to growth assets, supported by income assets. It is an option to assess for longer-term goals where the investor can tolerate larger ups and downs.

3. QuayStreet Growth

   • One-year return: 11.5%

   • Fund Type: Growth

   • Overview: QuayStreet completed the Growth category’s top three. When reviewing this result, consider the fund’s growth mandate alongside its current investment mix and fees. Its annual placing is a starting point for comparison, rather than evidence that it will remain a leader.

Balanced Funds

1. QuayStreet Socially Responsible Investment

   • One-year return: 13.8%

   • Fund Type: Balanced

   • Overview: QuayStreet’s socially responsible option led this Balanced comparison. The fund combines growth and fixed-interest investments selected under its socially responsible investment policy. It provides an option for investors who want their investment approach considered alongside the balance between growth potential and risk.

2. Kernel Balanced Fund

   • One-year return: 11.3%

   • Fund Type: Balanced

   • Overview: Kernel ranked second in the category. It combines equities and fixed interest through other Kernel funds, with a balanced allocation across the two. This diversified structure provides market exposure while retaining income assets to moderate the portfolio’s overall risk.

3. Milford Balanced Fund

   • One-year return: 10.6%

   • Fund Type: Balanced

   • Overview: Milford rounded out the Balanced top three. It seeks capital growth through a diversified portfolio, primarily in shares but with a significant fixed-interest allocation. The mix is intended to balance growth opportunities with a more measured risk profile than a share-heavy growth fund.

Conservative Funds

1. Milford Conservative Fund

   • One-year return: 8.9%

   • Fund Type: Conservative

   • Overview: Milford led the Conservative category over the year. The fund invests primarily in fixed interest, with a moderate allocation to shares. It offers a more cautious investment mix than its growth-oriented counterparts, although neither the return nor invested capital is guaranteed.

2. Generate Conservative Fund

   • One-year return: 8.3%

   • Fund Type: Conservative

   • Overview: Generate placed second in this comparison. Its actively managed approach focuses largely on income assets while retaining some growth investments. Investors can use that mix when assessing whether the fund matches their withdrawal timeframe and comfort with changes in value.

3. QuayStreet Income

   • One-year return: 7.9%

   • Fund Type: Conservative (Morningstar category; income-focused)

   • Overview: QuayStreet Income completed the top three in Morningstar’s Conservative table. Its defensive approach centres on a diversified portfolio of income-producing investments, including New Zealand and international fixed interest. An income focus does not eliminate market risk or the possibility of negative returns.

What stood out: Milford led both the Growth and Conservative lists, while QuayStreet’s socially responsible fund headed Balanced. The Balanced leader also exceeded the Growth leader over this particular year; category labels describe investment exposure, not a guaranteed order of annual returns.

Factors to Consider When Comparing Performance

Asset allocation: The mix of shares, bonds and cash affects both potential returns and the size of fluctuations. Even funds within the same category can have different investment exposures.

Investment approach: Active managers make decisions about holdings and allocations, while index-based approaches follow selected markets. A strong annual result alone does not establish which approach will work best in the next year.

Fees and tax: These survey returns are after fees and before tax. Your personal return will also reflect your tax rate, the timing of contributions and withdrawals, and any additional advice fees.

Why Performance Matters for Your KiwiSaver

Performance is useful evidence when reviewing your savings, but compare several periods and funds with similar risk profiles. A one-year winner may not lead over five or ten years. Check the current product disclosure statement, fees and investment mix before making a change.

Match your KiwiSaver to when you expect to use it. A long-term retirement investor may be able to accept greater fluctuations than someone approaching a first-home withdrawal. Conservative funds can also fall in value. Past performance does not guarantee future returns.

Conclusion

The leading funds offer different investment approaches, and the right choice depends on your goals, timeframe and tolerance for risk. Diligent Wealth Management can help you review those factors alongside performance and your wider financial position.

Complete our KiwiSaver questionnaire to start a personalised review. This article is general information and does not take your personal circumstances into account.

Sources and Methodology

Annual returns and rankings: Morningstar KiwiSaver Survey, June 2025. Returns are after fees and before tax, rounded to one decimal place. These are the three highest reported one-year results in each selected survey category, not a ranking of every KiwiSaver option available.

Fund approach references: Milford Active Growth, Milford Balanced, Milford Conservative, ASB fund options, QuayStreet fund overview, Kernel Balanced and Generate fund options. Strategy summaries describe the fund approach; they do not attribute the year’s return to particular holdings. This historical review was published on 28 October 2026.

Annual KiwiSaver performance archive

Year ending June 2024 | Year ending June 2025 | Year ending June 2026

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