Best Conservative funds · ranked on the data

Best Conservative KiwiSaver funds in NZ (2026)

Conservative funds are for short-to-medium horizons (3–7 years), or for anyone who can't stomach big drawdowns. We rank them on capital protection plus modest growth.

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
Conservative
Quaystreet Conservative Fund
Quaystreet Kiwisaver Scheme
3.60% annualised over 5 years · 0.86% fees
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2
Conservative· default
Core Conservative Fund
Fisher Funds Kiwisaver Plan
3.16% annualised over 5 years · 0.51% fees
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3
Conservative
Quaystreet Income Fund
Quaystreet Kiwisaver Scheme
2.95% annualised over 5 years · 0.87% fees
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4
Conservative
Pathfinder Kiwisaver Conservative Fund
Pathfinder Kiwisaver Plan
3.00% annualised over 5 years · 1.01% fees
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5
Conservative· default
Bnz Kiwisaver First Home Buyer Fund
Bnz Kiwisaver Scheme
2.77% annualised over 5 years · 0.45% fees
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How we ranked these

Our methodology

We rank Conservative-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 45 funds we considered

#6
Conservative
Milford Kiwisaver Conservative Fund
Milford Kiwisaver Plan
2.88% annualised over 5 years · 0.87% fees
#7
Conservative
Cash Fund
Westpac Kiwisaver Scheme
2.58% annualised over 5 years · 0.25% fees
#8
Conservative
Cash Fund
Fisher Funds Kiwisaver Plan
2.62% annualised over 5 years · 0.45% fees
#9
Conservative
Cash Fund
Anz Kiwisaver Scheme
2.52% annualised over 5 years · 0.22% fees
#10
Conservative
Cash Fund
Anz Default Kiwisaver Scheme
2.52% annualised over 5 years · 0.22% fees
#11
Conservative
Cash Fund
Mas Kiwisaver Scheme
2.53% annualised over 5 years · 0.25% fees
#12
Conservative
Conservative Fund
Asb Kiwisaver Scheme
2.56% annualised over 5 years · 0.40% fees
#13
Conservative
Cash Enhanced Fund
Fisher Funds Two Kiwisaver Scheme
2.60% annualised over 5 years · 0.52% fees
#14
Conservative
Milford Kiwisaver Cash Fund
Milford Kiwisaver Plan
2.47% annualised over 5 years · 0.20% fees
#15
Conservative
Conservative Fund
Fisher Funds Kiwisaver Plan
2.72% annualised over 5 years · 0.87% fees
#16
Conservative
Conservative Balanced Fund
Anz Kiwisaver Scheme
2.64% annualised over 5 years · 0.73% fees
#17
Conservative
Conservative Balanced Fund
Anz Default Kiwisaver Scheme
2.63% annualised over 5 years · 0.73% fees
#18
Conservative
Bnz Kiwisaver Cash Fund
Bnz Kiwisaver Scheme
2.45% annualised over 5 years · 0.30% fees
#19
Conservative
Glidepath Age 65
Fisher Funds Two Kiwisaver Scheme
2.67% annualised over 5 years · 0.89% fees
#20
Conservative
Defensive Conservative Fund
Westpac Kiwisaver Scheme
2.46% annualised over 5 years · 0.40% fees
#21
Conservative
Conservative Fund
Anz Default Kiwisaver Scheme
2.45% annualised over 5 years · 0.42% fees
#22
Conservative
Capital Guaranteed Fund
Booster Kiwisaver Scheme
2.68% annualised over 5 years · 1.03% fees
#23
Conservative
Cash Fund
Mercer Kiwisaver Scheme
2.37% annualised over 5 years · 0.32% fees
#24
Conservative
Conservative Fund
Booster Kiwisaver Scheme
2.39% annualised over 5 years · 0.38% fees
#25
Conservative
Glidepath Age 75
Fisher Funds Kiwisaver Scheme
2.61% annualised over 5 years · 0.94% fees
#26
Conservative
Nz Cash Fund
Asb Kiwisaver Scheme
2.37% annualised over 5 years · 0.35% fees
#27
Conservative
Lifestages Auto Option Age 65+
Sbs Wealth Kiwisaver Scheme
2.60% annualised over 5 years · 0.96% fees
#28
Conservative
Amp Defensive Conservative Fund
Amp Kiwisaver Scheme
2.32% annualised over 5 years · 0.49% fees
#29
Conservative
Responsible Conservative Fund
Mercer Kiwisaver Scheme
2.30% annualised over 5 years · 0.49% fees
#30
Conservative
Bnz Kiwisaver Conservative Fund
Bnz Kiwisaver Scheme
2.26% annualised over 5 years · 0.45% fees
#31
Conservative
Conservative Fund
Fisher Funds Two Kiwisaver Scheme
2.35% annualised over 5 years · 0.88% fees
#32
Conservative
Glidepath Age 75
Fisher Funds Two Kiwisaver Scheme
2.34% annualised over 5 years · 0.86% fees
#33
Conservative
Preservation Fund
Fisher Funds Two Kiwisaver Scheme
2.21% annualised over 5 years · 0.61% fees
#34
Conservative
Conservative Fund
Mas Kiwisaver Scheme
2.30% annualised over 5 years · 0.85% fees
#35
Conservative
Conservative Fund
Fisher Funds Kiwisaver Scheme
2.33% annualised over 5 years · 0.93% fees
#36
Conservative
Asset Class Conservative Fund
Booster Kiwisaver Scheme
2.35% annualised over 5 years · 1.24% fees
#37
Conservative
Amp Cash Fund
Amp Kiwisaver Scheme
2.10% annualised over 5 years · 0.65% fees
#38
Conservative
Enhanced Cash Fund
Booster Kiwisaver Scheme
2.01% annualised over 5 years · 0.87% fees
#39
Conservative
Conservative Fund
Simplicity Kiwisaver Scheme
1.75% annualised over 5 years · 0.25% fees
#40
Conservative
Conservative Fund
Anz Kiwisaver Scheme
1.76% annualised over 5 years · 0.60% fees
#41
Conservative
Quaystreet Fixed Interest Fund
Quaystreet Kiwisaver Scheme
1.80% annualised over 5 years · 0.86% fees
#42
Conservative
Cashplus Fund
Fisher Funds Kiwisaver Plan
1.65% annualised over 5 years · 0.68% fees
#43
Conservative
Sbs Wealth Income Fund
Sbs Wealth Kiwisaver Scheme
0.05% annualised over 5 years · 0.87% fees
#44
Conservative
Amp Global Fixed Interest Fund
Amp Kiwisaver Scheme
-0.57% annualised over 5 years · 0.84% fees
#45
Conservative
Amp Nz Fixed Interest Fund
Amp Kiwisaver Scheme
-0.71% annualised over 5 years · 0.86% 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 →

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More curated lists

Quaystreet Conservative Fund

Core Conservative Fund

Quaystreet Income Fund

Pathfinder Kiwisaver Conservative Fund

Bnz Kiwisaver First Home Buyer Fund

Our methodology

We don't pick funds in the abstract.