What Does Your KiwiSaver Fund Actually Hold? (NZ 2026)

Most KiwiSaver money sits in listed shares and bonds traded around the world. Here is what the asset classes mean, how much is NZ versus overseas, and where to find your fund's full holdings list.

KiwiSaver is one of the largest investments most New Zealanders own, yet very few people can say what is actually inside their fund. Behind the fund name sits a real portfolio: shares in companies, bonds issued by governments and businesses, some cash, and often some property. The good news is that what your fund holds is disclosed by law, and you can look at it for free. This guide explains what the main asset classes are, how much of your money sits in New Zealand versus overseas, and exactly where to find your fund's holdings.

TL;DR: Most KiwiSaver money is invested in listed shares and bonds traded on exchanges around the world, with only about 2–3% in private, unlisted assets ⁶. Every fund must publish a quarterly fund update showing its asset mix and top ten holdings ¹², and the full list of every investment is on the Companies Office Disclose Register ³.

What does a KiwiSaver fund actually invest in?

A KiwiSaver fund is a pool. You and thousands of other members put money in, and the provider invests that combined pool across a spread of investments chosen to match the fund's stated risk level. Across the whole system this adds up to a very large pool: total KiwiSaver funds under management reached $111.8 billion across around 3.3 million members in the year to 31 March 2024 ⁴⁵.

The provider does not usually buy one or two things. A typical diversified fund holds hundreds, sometimes thousands, of individual investments, so that no single company or country can sink the whole fund. The overwhelming majority of that money is in public assets: shares and bonds listed and traded on exchanges around the world. Only about 2–3% of KiwiSaver money sits in private (unlisted) assets such as direct property or unlisted companies ⁶.

So when you ask "what does my KiwiSaver invest in?", the honest answer for most funds is: a broad basket of listed shares and bonds, weighted towards whichever sits with the fund's risk profile.

What are the main asset classes inside your fund?

Investments inside a KiwiSaver fund are grouped into asset classes. Each behaves differently, and the mix between them is what really drives your fund's risk and likely return. The main ones are:

• Shares (equities). Part-ownership of listed companies, both in New Zealand and overseas. These are growth assets — higher potential return over time, but more ups and downs along the way.
• Bonds (fixed interest). Loans to governments and companies that pay interest. These are income assets — steadier, lower expected return, and a cushion when share markets fall.
• Cash and cash equivalents. Bank deposits and very short-term securities. The most stable, the lowest returning.
• Listed property and infrastructure. Shares in property and infrastructure companies (airports, electricity networks). Usually counted as growth assets.

Funds are labelled by how much they hold in growth assets versus income assets. As a rough guide, conservative funds hold around 10–35% in growth assets, while balanced, growth and aggressive funds hold progressively more ⁸. That single split — growth versus income — matters more for your long-run result than almost anything else inside the fund.

Inside a typical growth fund: where the money sits

The figure below is an illustration of how a typical growth fund might spread its money across asset classes. It is indicative only; every provider's mix differs, so always check your own fund's update.

Illustrative only, based on Sorted growth-fund asset mixes ⁸. Your fund's actual allocation is shown in its quarterly fund update.

To understand how these mixes line up with fund labels, see our guide to KiwiSaver fund types explained.

How much is in NZ versus overseas?

This one surprises people. Because New Zealand is a small share of the world economy, most diversified KiwiSaver funds hold more overseas than at home. A large slice of the share allocation is in international companies — the global names you would recognise — with a smaller weighting to NZ and Australian shares. Most of that overseas exposure is via listed global shares, not private deals ⁶.

There are sensible reasons for the overseas tilt. The New Zealand share market is small and concentrated in a handful of companies, so holding only NZ shares would leave a fund poorly diversified. Spreading across the world reduces the risk of any one country's economy dragging the whole fund down.

The trade-off is currency. When your fund owns overseas assets, the value in New Zealand dollars moves with the exchange rate as well as with the markets. Providers manage this with currency hedging, and how much they hedge varies from fund to fund — which is a real difference between two funds that otherwise look similar. We cover this in KiwiSaver currency hedging explained.

Where do you find your fund's full holdings list?

You do not have to take a marketing page's word for what your fund holds. New Zealand has some of the clearer disclosure rules around, and there are three free places to look:

1. The fund update. Every KiwiSaver scheme must publish a quarterly fund update (four a year) plus an annual update for each fund. It sets out the fund's performance, fees, asset allocation and top investments in a standard format ¹. This is the most direct, regular disclosure you get.

2. The Disclose Register. Beyond the top ten in the fund update, providers must publish their full portfolio holdings — every underlying investment — on the Companies Office Disclose Register, where anyone can download the complete list for a scheme or fund ³. This is where you see 100% of what the fund holds, not just the headline ten.

3. Sorted's Smart Investor. Run by the Retirement Commission, Smart Investor lets you open up any KiwiSaver fund and compare its holdings, asset mix, fees and risk without reading the raw disclosure files ⁷. It is the easiest consumer-facing starting point.

How to read the top-ten holdings in a fund update

By law, a KiwiSaver fund update must disclose the fund's top ten investments along with the percentage each represents — set by the KiwiSaver Scheme Fund Update Regulations ². This is the "top-ten holdings" table you will see in the document.

A few things to keep in mind when you read it:

• It is only the top ten, not the whole fund. In a diversified fund holding hundreds of investments, the top ten might add up to a small fraction of the total. The other 90%-plus is on the Disclose Register ³.
• The entries may be other funds, not companies. A holding listed as, say, a global index fund is a pooled investment that itself holds many companies (more on this below).
• Percentages show concentration. If a single company or fund is a large share of the total, the fund is more exposed to that one thing. A long, even spread usually means more diversification.
• Cash often appears. Seeing a bank deposit in the top ten is normal; it is the fund's liquidity for paying withdrawals and rebalancing.

What is the difference between direct holdings and underlying funds?

This trips people up. When you open a top-ten list, some entries are direct holdings — an actual share in a named company, or a specific bond. Others are underlying funds — the KiwiSaver fund has invested in another fund, which in turn holds the shares or bonds.

Many New Zealand providers build their portfolios mostly out of underlying funds, often low-cost global index funds run by large international managers. That is not a problem in itself; it is an efficient, low-cost way to own thousands of companies at once. But it does mean that to see the real companies your money is in, you sometimes have to look through the underlying fund to its holdings. The Disclose Register's full holdings file is where that detail lives ³. Because most of these underlying funds are listed and public, this is also why only about 2–3% of KiwiSaver sits in private, unlisted assets ⁶.

Why two 'growth' funds can hold very different things

Two funds can both be labelled "growth" and still hold genuinely different portfolios. The label only tells you the broad growth-versus-income split; it does not standardise what is inside. Funds with the same label can differ on:

• The exact growth/income split. "Growth" is a band, not a single number, so one growth fund might hold 75% growth assets and another 85% ⁸.
• NZ versus overseas weighting, and how much currency exposure is hedged.
• Active versus passive. One fund may track an index; another may pick stocks actively. (See active vs passive KiwiSaver funds.)
• Screening. An ethically screened fund deliberately leaves out certain companies, so it will hold different things from an unscreened one. We cover this in ethical and responsible KiwiSaver funds.
• Fees, which differ widely and quietly affect your net return.

The practical point is that the fund name is a starting label, not a full description. To know what you actually own, you have to look at the holdings.

What to check if you care where your money goes

If it matters to you what your KiwiSaver invests in — whether for returns, risk or values — a few sensible checks:

1. Read your latest fund update for the asset mix and top ten holdings ¹.

2. Download the full holdings from the Disclose Register if you want to see everything, including what sits inside underlying funds ³.

3. Check the NZ-versus-overseas split and whether the overseas portion is currency hedged.

4. Confirm the growth/income mix suits your timeframe — this matters more than any single holding ⁸.

5. Use Sorted's Smart Investor to compare your fund's holdings, fees and risk against others ⁷.

6. If values matter to you, look for a fund whose screening lines up with what you want to avoid.

Frequently asked questions

What does KiwiSaver actually invest in? Mostly listed shares and bonds traded on exchanges around the world, plus some cash and listed property. Across the system, only about 2–3% of KiwiSaver money is in private, unlisted assets ⁶. The exact mix depends on your fund's risk profile — conservative funds hold more bonds and cash, growth funds hold more shares ⁸.

How do I find out what my KiwiSaver fund holds? Three free places: your fund's quarterly fund update shows the asset mix and top ten holdings ¹²; the Companies Office Disclose Register shows the full list of every investment ³; and Sorted's Smart Investor lets you compare holdings, fees and risk across funds ⁷.

Does the top-ten holdings list show everything my fund owns? No. By law a fund update must show the top ten investments and their percentages ², but a diversified fund can hold hundreds of investments. To see all of them, download the full portfolio holdings from the Disclose Register ³.

Why is so much of my KiwiSaver invested overseas? New Zealand is a small part of the world economy, so most diversified funds hold more overseas than at home to spread risk. The trade-off is currency exposure, which providers manage through hedging that varies from fund to fund ⁶.

What is the difference between a direct holding and an underlying fund? A direct holding is a share in a named company or a specific bond. An underlying fund is another fund your KiwiSaver invests in, which itself holds many companies — often a low-cost global index fund. To see the real companies, you may need to look through the underlying fund to its holdings ³.

Can two funds with the same name hold different things? Yes. A "growth" label only signals the broad growth-versus-income split. Two growth funds can differ on their exact mix, NZ-versus-overseas weighting, hedging, active versus passive management, screening and fees ⁸.

This article is general information only and is not personalised financial advice. It does not take into account your particular financial situation, goals or needs. Before acting, consider whether it's right for you and seek advice tailored to your circumstances.

KiwiSaver is a long-term savings scheme. Government contributions, contribution rates, withdrawal rules and tax (PIR) settings are set by the Government and can change. Figures are correct as at 28 February 2025. Check current rules at ird.govt.nz, kiwisaver.govt.nz and sorted.org.nz, and the relevant scheme's Product Disclosure Statement.

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.

Smiths Financial is a trading name of Craig Smith Business Services Ltd (FSP712931), which holds a Class 2 financial advice provider licence issued by the Financial Markets Authority to provide financial advice on personal risk insurance, health insurance, general insurance, KiwiSaver and managed funds. Our advisers, Henry Smith (Financial Adviser) and Craig Smith (Principal Adviser), are bound by the Code of Professional Conduct for Financial Advice Services and the duty to give priority to clients' interests. Craig Smith Business Services Ltd is a member of the Financial Dispute Resolution Service (FDRS), a free and independent dispute resolution scheme. Our publicly available disclosure information is available free of charge on the FMA Financial Service Providers Register at fsp-register.companiesoffice.govt.nz. Written by Henry Smith, Financial Adviser at Smiths Financial (FSP712931); reviewed by Craig Smith, Principal Adviser. Last reviewed 28 February 2025.