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Stepping Stones 36-45

Growth·KiwiSaver fund·Risk 4/7
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The Smiths take

Stepping Stones 36-45 Smiths Rating B+

Smiths' editorial rating, our internal opinion based on 10-year returns and risk band fit. Not a formal credit rating or regulated star rating.

The fund matches the group average on 5-year returns. Read the full breakdown below.

General information only · Past performance is not a reliable indicator of future performance · For personal advice please contact us.

At a glance

This fund is for investors seeking

Three quick reads for whether the Stepping Stones 36-45 fits your situation.

A 7+ years timeframe

This is a growth KiwiSaver fund. The provider's recommended minimum holding period sits in the 7+ years range.

A moderate-risk investment

Sorted's risk indicator places this at 4 on a 1–7 scale. Moderate volatility. meaningful ups and downs but not extreme.

Mostly growth assets

82% growth assets (shares, property) and 18% income assets (bonds, cash). Spread across multiple asset classes.

Snapshot

The headline numbers

Mix

82.42% / 17.58%

Growth / Income · avg 77.80% / 22.20%

5-yr return

6.87%

Annualised, after fees & 28% PIR · avg 6.87%

Past performance is not a reliable indicator of future performance. Data as at Q1 2026 (31 Mar 2026).

What the provider says

In their own words

“The Stepping Stones 36-45 years old investment option aims to provide a high return over the medium to long term. It invests in an actively managed portfolio made up largely of growth assets with a small allocation to income assets. Volatility is likely to be medium to high. Returns will vary and may be low or negative at times.”
Fund start date
16 April 2013
Withdrawal rules
This is a KiwiSaver fund. generally you can withdraw only to purchase a first home, after the age of 65, or in cases of significant financial hardship.

Asset mix

What this fund actually holds

Growth assets are 82.42% of the fund, income assets the rest. The mix is the latest snapshot from Sorted, with the average for this risk band's KiwiSaver funds shown alongside.

  • Shares
    this fund
    avg

    75.56%

    avg 71.16%

  • Property
    this fund
    avg

    6.86%

    avg 4.53%

  • Other
    this fund
    avg

    0.00%

    avg 2.11%

  • Bonds
    this fund
    avg

    13.81%

    avg 17.08%

  • Cash
    this fund
    avg

    3.77%

    avg 5.12%

What it owns

Top 10 holdings. 27.03% of the fund

The rest is spread across hundreds of other positions. Full holdings live in the provider's portfolio file.

  • Te Ahumairangi Global Equity Fund

    Shares

    International Equities
    NZ
    3.81%

  • Fisher & Paykel Healthcare Ltd

    Shares

    Australasian Equities
    NZ
    3.05%

  • Nvidia

    Shares

    International Equities
    US
    2.96%

  • Amazon.Com Inc

    Shares

    International Equities
    US
    2.88%

  • Infratil Ltd

    Shares

    Australasian Equities
    NZ
    2.85%

  • Microsoft Corp

    Shares

    International Equities
    US
    2.81%

  • Alphabet Inc Class C

    Shares

    International Equities
    US
    2.73%

  • Asb Nz Dollar Cash Account

    Cash

    Cash and Cash Equivalents
    NZ
    2.08%

  • Meta Platforms Inc

    Shares

    International Equities
    US
    1.98%

  • Contact Energy Ltd

    Shares

    Australasian Equities
    NZ
    1.88%

Yearly returns

6.87% per year over 5 years

Each bar is the 12-month return ending in March, after fees and 28% PIR. Past performance is not a reliable indicator of future performance.

Returns: living in the past

Seeking returns is the point of investing, but the ones shown above are already gone. they won't continue. Pick a fund based on the right mix for your situation, not on past returns.

Risk indicator

Sorted risk rating: 4 of 7

The Sorted risk indicator is calculated from the last 5 years of price volatility. Higher = more ups and downs but typically higher long-term returns.

Lower risk · lower returnsHigher risk · higher returns
1
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7

Fund details

The unsexy stats that matter

Total fund value
$76,948,950
Members
1,936
Asset liquidity ratio
97.17%
Debt ratio
0.38%
Default KiwiSaver fund
No
Fund reference
FND1002

Manager

Generate Kiwisaver Scheme

Licensed with the Financial Markets Authority.

NZBN
9429030374034
FSP number
FSP271005

Smiths Health Check

See whether the Stepping Stones 36-45 fits your situation.

Take the 90-second Health Check. We'll grade your current setup and give you a personalised recommendation from our advised panel, benchmarked against every fund in the directory, not just generate.

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
Data: Sorted Smart Investor. Returns and holdings refresh quarterly. Data as at Q1 2026 (31 Mar 2026). General information only. Past performance is not a reliable indicator of future performance.