Best Balanced funds · ranked on the data

Best Balanced KiwiSaver funds in NZ (2026)

Balanced funds are the sweet spot for 4–9 year goals. meaningful growth without the rollercoaster. Here are the funds that have delivered the best risk-adjusted returns.

General information only · Past performance is not a reliable indicator of future performance · Returns shown are historical (Morningstar Morningstar KiwiSaver 360, Q1 2026), net of fund fees at 28% PIR. For personal advice on which fund fits you, run our free Health Check or get in touch.

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Smiths' top 5

The 5we'd look at first.

1
Balanced
Quaystreet Balanced Fund
Quaystreet Kiwisaver Scheme
8.16% annualised over 5 years · 1.12% fees
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2
Balanced
Quaystreet Socially Responsible Investment Fund
Quaystreet Kiwisaver Scheme
8.10% annualised over 5 years · 1.12% fees
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3
Balanced
Quaystreet Altum Fund
Quaystreet Kiwisaver Scheme
7.86% annualised over 5 years · 1.37% fees
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4
Balanced
Milford Kiwisaver Balanced Fund
Milford Kiwisaver Plan
6.03% annualised over 5 years · 1.05% fees
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5
Balanced
Amp Balanced Fund No. 2
Amp Kiwisaver Scheme
5.85% annualised over 5 years · 0.85% fees
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How we ranked these

Our methodology

We rank Balanced-band KiwiSaver funds on annualised 5-year return after fees and 28% PIR. We require at least 5 years of history.

Smiths is FAP-licensed (FSP712931) and gives advice on a defined panel of KiwiSaver schemes. We don't run our own scheme. We do receive an upfront fee plus a trail commission (0.25%–0.5%) from the scheme we move clients to, disclosed in full at smiths.net.nz/disclosure. The ranking on this page covers every scheme in NZ, regardless of whether it is on our panel. Past performance is not a reliable indicator of future performance. this is general information only.

The full ranking

All 51 funds we considered

#6
Balanced
Balanced Fund
Asb Kiwisaver Scheme
5.66% annualised over 5 years · 0.65% fees
#7
Balanced
Amp Balanced Fund
Amp Kiwisaver Scheme
5.50% annualised over 5 years · 0.85% fees
#8
Balanced
Amp Balanced Fund (Lifesteps)
Amp Kiwisaver Scheme
5.50% annualised over 5 years · 0.85% fees
#9
Balanced
Bnz Kiwisaver Balanced Fund
Bnz Kiwisaver Scheme
5.34% annualised over 5 years · 0.45% fees
#10
Balanced
Pathfinder Kiwisaver Balanced Fund
Pathfinder Kiwisaver Plan
5.55% annualised over 5 years · 1.25% fees
#11
Balanced
Balanced Fund
Simplicity Kiwisaver Scheme
5.12% annualised over 5 years · 0.25% fees
#12
Balanced
Lifestages Auto Option Age 55 - 59
Sbs Wealth Kiwisaver Scheme
5.30% annualised over 5 years · 1.05% fees
#13
Balanced
Balanced Fund
Mas Kiwisaver Scheme
5.28% annualised over 5 years · 0.99% fees
#14
Balanced
Global Select Balanced Growth Fund
Amp Kiwisaver Scheme
5.25% annualised over 5 years · 1.18% fees
#15
Balanced
Stepping Stones 46-55
Generate Kiwisaver Scheme
5.29% annualised over 5 years · 1.36% fees
#16
Balanced
Asset Class Balanced Fund
Booster Kiwisaver Scheme
5.19% annualised over 5 years · 1.32% fees
#17
Balanced
Responsible Balanced Fund
Mercer Kiwisaver Scheme
4.92% annualised over 5 years · 0.75% fees
#18
Balanced
Balanced Fund
Westpac Kiwisaver Scheme
4.79% annualised over 5 years · 0.50% fees
#19
Balanced
Balanced Fund
Fisher Funds Kiwisaver Plan
4.86% annualised over 5 years · 1.04% fees
#20
Balanced
Socially Responsible Balanced Fund
Booster Kiwisaver Scheme
4.93% annualised over 5 years · 1.33% fees
#21
Balanced
Stepping Stones 56-60
Generate Kiwisaver Scheme
4.78% annualised over 5 years · 1.31% fees
#22
Balanced
Balanced Growth Fund
Anz Kiwisaver Scheme
4.59% annualised over 5 years · 0.92% fees
#23
Balanced
Balanced Growth Fund
Anz Default Kiwisaver Scheme
4.58% annualised over 5 years · 0.92% fees
#24
Balanced
Amp Moderate Balanced Fund
Amp Kiwisaver Scheme
4.48% annualised over 5 years · 0.84% fees
#25
Balanced
Amp Moderate Balanced Fund (Lifesteps)
Amp Kiwisaver Scheme
4.48% annualised over 5 years · 0.84% fees
#26
Balanced
Glidepath Age 55
Fisher Funds Two Kiwisaver Scheme
4.41% annualised over 5 years · 0.96% fees
#27
Balanced
Balanced Fund
Booster Kiwisaver Scheme
4.45% annualised over 5 years · 1.31% fees
#28
Balanced
Milford Kiwisaver Moderate Fund
Milford Kiwisaver Plan
4.29% annualised over 5 years · 0.95% fees
#29
Balanced
Balanced Fund
Fisher Funds Two Kiwisaver Scheme
4.22% annualised over 5 years · 0.95% fees
#30
Balanced
Moderate Fund
Generate Kiwisaver Scheme
4.20% annualised over 5 years · 1.26% fees
#31
Balanced
Stepping Stones 61-64
Generate Kiwisaver Scheme
4.18% annualised over 5 years · 1.26% fees
#32
Balanced
Balanced Strategy
Fisher Funds Kiwisaver Scheme
4.09% annualised over 5 years · 1.00% fees
#33
Balanced
Bnz Kiwisaver Moderate Fund
Bnz Kiwisaver Scheme
3.86% annualised over 5 years · 0.45% fees
#34
Balanced
Moderate Fund
Asb Kiwisaver Scheme
3.76% annualised over 5 years · 0.60% fees
#35
Balanced
Moderate Fund
Mas Kiwisaver Scheme
3.74% annualised over 5 years · 0.95% fees
#36
Balanced
Moderate Fund
Westpac Kiwisaver Scheme
3.57% annualised over 5 years · 0.40% fees
#37
Balanced
Amp Moderate Fund (Lifesteps)
Amp Kiwisaver Scheme
3.62% annualised over 5 years · 0.84% fees
#38
Balanced
Amp Moderate Fund
Amp Kiwisaver Scheme
3.62% annualised over 5 years · 0.84% fees
#39
Balanced
Glidepath Age 60
Fisher Funds Kiwisaver Scheme
3.65% annualised over 5 years · 0.98% fees
#40
Balanced
Responsible Moderate Fund
Mercer Kiwisaver Scheme
3.54% annualised over 5 years · 0.66% fees
#41
Balanced
Balanced Fund
Anz Kiwisaver Scheme
3.60% annualised over 5 years · 0.88% fees
#42
Balanced
Balanced Fund
Anz Default Kiwisaver Scheme
3.59% annualised over 5 years · 0.88% fees
#43
Balanced
Lifestages Auto Option Age 60 - 64
Sbs Wealth Kiwisaver Scheme
3.56% annualised over 5 years · 0.99% fees
#44
Balanced
Amp Balanced Fund No. 4
Amp Kiwisaver Scheme
3.42% annualised over 5 years · 0.85% fees
#45
Balanced
Conservative Fund
Westpac Kiwisaver Scheme
2.61% annualised over 5 years · 0.40% fees
#46
Balanced
Socially Responsible Moderate Fund
Booster Kiwisaver Scheme
2.72% annualised over 5 years · 1.21% fees
#47
Balanced
Amp Conservative Fund (Lifesteps)
Amp Kiwisaver Scheme
2.53% annualised over 5 years · 0.84% fees
#48
Balanced
Amp Conservative Fund
Amp Kiwisaver Scheme
2.53% annualised over 5 years · 0.84% fees
#49
Balanced
Moderate Fund
Booster Kiwisaver Scheme
2.59% annualised over 5 years · 1.20% fees
#50
Balanced
Amp Conservative Fund No. 2
Amp Kiwisaver Scheme
1.87% annualised over 5 years · 0.84% fees
#51
Balanced
Global Select Conservative Fund
Amp Kiwisaver Scheme
1.86% annualised over 5 years · 1.08% fees

Need a personal take?

We don't pick funds in the abstract.

Take the 90-second Health Check and we'll match you to the best fit for your timeframe, goals, and tax position from our advised panel, benchmarked against every fund in the directory.

Our directory covers every NZ KiwiSaver fund. Our advice panel is five schemes (ANZ, Booster, Fisher Funds, Generate, Milford); recommendations land on four funds across Milford and Booster — how we're paid →

Run free Health Check →

More curated lists

Quaystreet Balanced Fund

Quaystreet Socially Responsible Investment Fund

Quaystreet Altum Fund

Milford Kiwisaver Balanced Fund

Amp Balanced Fund No. 2

Our methodology

We don't pick funds in the abstract.