How to Read a KiwiSaver Fund Update in NZ (2026): A Section-by-Section Guide

Every KiwiSaver fund publishes a standardised quarterly update. Here is how to read the asset mix, fees, returns versus index, top-ten holdings and buy/sell spread — and what the update leaves out.

Every KiwiSaver fund publishes a short, standardised document called a fund update once a quarter. It is the single best place to see, on one or two pages, how your fund has performed, what it is costing you, and what it actually holds. The format is set by law, so once you can read one, you can read any of them. This guide walks through it section by section.

TL;DR: A KiwiSaver fund update is a standardised quarterly document, published within 20 working days of quarter end ¹. The five sections worth your time are the asset mix, the total fund charge, the fund return versus the market index, the top-ten holdings and the buy/sell spread. It does not show your personal balance, your contributions or the future — read it alongside your annual member statement.

What is a KiwiSaver fund update and where do you find it?

Under the Financial Markets Conduct Act 2013, every managed fund — including each KiwiSaver fund — must prepare a standardised fund update, with the content prescribed by the Financial Markets Conduct Regulations 2014 ¹. The wording and headings are largely fixed, which is the point: it lets you compare two funds without each provider presenting things their own way.

Managers must make each quarterly update publicly available within 20 working days after the last day of the quarter ¹. So a December-quarter update should be out by late January. Each update covers one specific fund, not the scheme as a whole, so if you are in more than one fund you will have more than one update ².

You can find updates in three places:

• On your provider's website, usually under a "fund updates" or "documents" heading ².
• On Sorted's Smart Investor tool, which the FMA points consumers to ².
• On the Companies Office Disclose Register, which also holds the full Product Disclosure Statement and the market index information ⁸.

Figure: the five sections of a fund update worth reading

_Based on the FMA standardised fund update format ^{1 8}._

How do you read the asset mix (growth versus income) section?

The asset mix shows how the fund splits your money between growth assets (shares and property, which carry more risk but tend to deliver more over long periods) and income assets (cash and bonds, which are steadier but usually grow more slowly). It is normally shown as a pie chart or a list of percentages.

This is the section that tells you the real risk level, regardless of what the fund is called. A fund labelled "balanced" with 80% in shares is behaving more like a growth fund. The label is marketing; the asset mix is the substance.

What to do with it:

• Check the growth/income split lines up with where you are in life. People with a long time until they need the money often hold more growth assets; people close to a withdrawal often hold less.
• Compare it against another fund you are considering. Two funds with the same name can have quite different mixes.
• For a deeper look at what sits inside each slice, see our guide to what a KiwiSaver fund actually holds.

Growth funds may suit people with a longer time horizon and a higher tolerance for ups and downs, though they fall harder in bad years. Income-heavy funds steady the ride but tend to grow less over time. Neither is "better" in the abstract — it depends on your timeframe and how you feel about volatility.

How do you read the fees section and the total fund charge?

The fees section shows the total fund charges as a percentage of the fund's net asset value, measured over the year to 31 March ⁴. This is the number that matters most, because it captures the ongoing annual cost in one figure you can compare across providers.

The update breaks that total into parts:

• Total management and administration charges — the manager's basic fee plus other charges.
• Total performance-based fees — an extra slice some active funds charge when they beat a target (often 0.00% if no performance fee applies, or in a year one was not earned).

A worked comparison from two real December 2025 updates:

The BNZ Cash Fund's 0.30% is made up entirely of a manager's basic fee of 0.30%, with other charges at 0.00% and no performance-based fee ⁵. The Fisher Funds Default Fund charges 0.37%, and no annual fund charge applies at all if the Default Fund balance is $1,500 or less ⁴.

To judge whether a charge is reasonable, it helps to have a market benchmark. Across all KiwiSaver schemes, the FMA reports fees stayed broadly stable at about 0.7% of funds under management in the year to 31 March 2025, with total fees of $868.5 million, up 10% on the prior year ⁶. A fund well above that average is not automatically bad — but it is worth knowing what you are paying for. For more on what a fair fee looks like by fund type, see how much a KiwiSaver fee should be.

How do you read the returns versus market index section?

The fund update shows the fund's net return (after fees and tax) for each year, set next to the market index return (gross) for the same period, plus an average annual return since the fund started ³. The index is a benchmark — roughly, what the relevant market did — so this section is really asking: did the manager keep up with the market it invests in?

For example, the Fisher Funds KiwiSaver Plan Default Fund update for the year to 31 December 2025 showed a fund net return of 16.00% against the market index, with an average annual return of 11.29% since the fund started ³.

A few things to keep in mind reading this section:

• The fund return is after fees and tax; the index is gross (before both). So a small gap is expected even from a good fund, because fees and tax come out of the fund figure but not the index ³.
• One strong or weak year tells you little. The since-inception average and longer periods are more useful than a single year.
• The market index details are not printed in full on the update — additional information about the index used is available on the Disclose Register ³.

Returns are not guaranteed. The value of investments can go down as well as up and you may get back less than you invested. Past performance is not a reliable indicator of future performance. For how these figures are worked out, see how KiwiSaver returns are calculated.

How do you read the top-ten holdings?

Every fund update lists the fund's top ten investments and the total percentage weighting they make up ⁸. This is your window into what the fund actually owns, beyond the asset-mix labels.

What to look for:

• Concentration. If the top ten make up a large share of the fund, your returns lean heavily on a handful of names. A smaller share suggests a more spread-out portfolio.
• Fit with the label. A "conservative" fund whose top holdings are all bonds and cash is behaving as named; one stacked with single shares may not be.
• Overlap. If you hold two funds, their top-ten lists may contain many of the same companies, which means you are less diversified than two funds suggest.

The update only shows the top ten. The full list of every individual asset the fund holds is updated six-monthly and published on the Disclose Register, alongside the other full disclosures — the PDS, Other Material Information, and the statement of investment policy and objectives ⁸.

What does the buying-and-selling spread tell you?

The buy/sell spread (sometimes called a buy-sell spread) is a one-off fee that may be applied when money goes into, out of, or switches within a fund ⁷. It is there to cover the transaction costs of buying and selling the underlying assets, and importantly it is retained by the fund itself, not paid to the manager — so it is not a profit charge, it is a cost-sharing mechanism so existing members are not left footing the bill when others transact ⁷.

Two points worth holding onto:

• It is separate from the annual fund charge. Annual charges are stated as a percentage of net asset value across the year; the spread is a one-off applied at the moment of a transaction ⁷.
• It mostly matters if you move money in and out, or switch funds, frequently. For someone steadily contributing and leaving the fund alone, it is a minor cost. For someone switching often, it adds up.

Not every fund applies a spread, and the size varies — check the fund update or PDS for the specific figure.

What does the fund update not show you?

The fund update is deliberately about the fund, not about you. It will not tell you:

• Your personal balance, your own contributions, or the government contribution and employer money you have received. Those sit in your annual member statement.
• Your after-tax position at your specific Prescribed Investor Rate (PIR — the tax rate on your KiwiSaver earnings). The update's returns use the fund's tax settings, not necessarily yours.
• The future. Every figure is historical. Past performance is not a reliable indicator of future performance.
• Whether the fund suits you. It cannot weigh your timeframe, goals or risk tolerance — that is what personalised advice does.

There is also a separate document that covers ground the quarterly update does not: every KiwiSaver scheme must give you its annual report, or a link to it, within six months of the end of its financial year ⁹. Between the quarterly fund update, your annual member statement and the annual report, you have the full picture.

Turning the fund update into a five-minute check

You do not need to read every line. A quick pass each quarter or once a year covers the essentials:

1. Asset mix — does the growth/income split still match your timeframe and the fund's label? ¹

2. Total fund charge — what is the percentage, and how does it sit against the roughly 0.7% market average? ⁶

3. Return vs index — is the fund broadly keeping pace with its market index over longer periods, not just one year? ³

4. Top-ten holdings — does what it owns make sense for the fund's stated style, and is it concentrated? ⁸

5. Buy/sell spread — relevant if you are switching or moving money; minor if you are steadily contributing. ⁷

If anything looks off — a charge well above average, a mix that no longer fits, or returns lagging the index for years — that is a prompt to look closer, not to act on the spot.

Frequently asked questions

How often is a KiwiSaver fund update published? Quarterly. Managers must make each fund update publicly available within 20 working days after the last day of the quarter, so a December-quarter update is generally out by late January ¹. Each update covers one fund, so you will have one for each fund you are invested in ².

Where can I find my fund's update? On your provider's website, on Sorted's Smart Investor tool, or on the Companies Office Disclose Register ^{2 8}. The Disclose Register also holds the full Product Disclosure Statement and the market index information used in the returns section ⁸.

Why is the fund return lower than the market index in the update? Because they are measured differently. The fund's net return is shown after fees and tax, while the market index is gross — before fees and tax ³. A modest gap is normal even for a well-run fund, because charges and tax come out of the fund figure but not the index.

What is the difference between the total fund charge and the buy/sell spread? The total fund charge is the ongoing annual cost, shown as a percentage of net asset value ⁴. The buy/sell spread is a one-off cost applied when you invest, withdraw or switch, and it is retained by the fund to cover transaction costs rather than paid to the manager ⁷. They are listed separately and are not the same thing.

Does the fund update show all of the fund's investments? No. It shows the top-ten holdings and their total weighting ⁸. The full list of every asset is updated six-monthly and published on the Disclose Register, along with the fund's other disclosure documents ⁸.

Does the fund update show my own balance? No. It is about the fund, not your account. For your balance, contributions, employer and government money, read your annual member statement; for scheme-wide detail, read the annual report, which the scheme must provide within six months of its financial year end ⁹.

General information, not personalised financial advice. Seek advice tailored to your situation before acting. Craig Smith Business Services Ltd (FSP712931), trading as Smiths Financial, holds a Class 2 licence issued by the Financial Markets Authority and is a member of the Financial Dispute Resolution Service (FDRS). Written by Henry Smith, Financial Adviser; reviewed by Craig Smith, Principal Adviser. KiwiSaver is a long-term savings scheme and the rules can change. Figures are correct as at 23 December 2025 — check current details at ird.govt.nz, kiwisaver.govt.nz and sorted.org.nz. Last reviewed 23 December 2025.