MAS KIWISAVER SCHEME
Cash Fund
Recent material changes
Diffs we track across PDS, SIPO, holdings + fee history
About this defensive fund
The Cash Fund is a defensive KiwiSaver scheme fund offered by MAS within the MAS KIWISAVER SCHEME. It holds 100% income assets and 0% growth assets, positioning it as a capital-preservation option within the provider's fund range. The fund aims to deliver steady returns through exposure to cash and fixed-income investments, with minimal exposure to market volatility.
Over the five-year period to 31 March 2026, the Cash Fund delivered an average annual return of 2.33%. The fund charges an annual fee of 0.25%, which is materially lower than the peer-median fee of 0.62% for defensive KiwiSaver scheme funds in the same category. As at 31 March 2026, the fund held $20.9 million in assets across 416 members. Past performance is not a reliable indicator of future returns.
On the Financial Markets Authority's risk indicator scale, the Cash Fund sits at 1 out of 7, reflecting a defensive positioning. A risk rating of 1 typically suits members with a low risk tolerance or those nearing their KiwiSaver withdrawal date, as it prioritises capital stability over growth potential. The fund's income-focused composition means returns are generally modest but relatively consistent with prevailing interest rate environments.
Holdings
As of 2026-03-31 Cash Fund reports an asset mix of 0% growth assets (shares, listed property, alternatives) and 100% income assets (cash, bonds, fixed interest). This split is typical for a defensive fund. The full asset-mix breakdown including overseas vs domestic and listed vs unlisted exposure appears in the asset-allocation chart below.
Performance
Cash Fund has 2 quarters of QFU data on file (2025-03-31 to 2026-03-31). The 5-year average annual return reported in the most recent QFU is 2.33%. Past performance is not a reliable indicator of future returns.
Fees
At 0.25% in annual charges, Cash Fund's fee sits 0.37 percentage points below the median for Defensive KiwiSaver scheme funds in our coverage (median 0.62%). 3 of the 49 funds in this cohort charge a lower annual fee (this fund ranks 4 cheapest of 49). Fee level is a mechanical signal — does not factor in returns, risk, or manager skill.
Risk and suitability
Cash Fund carries a risk indicator of 1/7 on the FMA risk scale. Risk indicator 1-2 funds are typically considered for members with a short investment horizon (under 3 years) or those who prioritise capital stability over growth. FundCompare does not provide personalised advice; consult a licensed financial adviser to understand whether this risk profile fits your circumstances.
Returns
2.33%
Five Year Average Return
Returns (green) show the fund’s growth over the five years to 31 March 2026, after fees and taxes. Compare these results with the average Defensive KiwiSaver scheme fund (light green).
2.33% for this fund — category median 1.46% across 43 Defensive KiwiSaver scheme funds at 31 March 2026. This fund ranks 15 of 43 (65th percentile) by five-year after-fee return.
Past performance is not an indicator of future performance.
Fees
0.25%
One Year Average Fees
Fees shown here (blue) represent what you would pay over a year if you had $30,000 invested in this fund. Compare them with the average fees for Defensive KiwiSaver scheme funds (light blue).
Asset Mix
The fund’s mix of growth assets (shares, property) and income assets (bonds, cash) as of 31 March 2026. The average mix fordefensive KiwiSaver scheme funds is shown in light blue.
Key Takeaways
Here’s the provider’s overview of the managed fund:
“ The Cash Fund invests in a range of cash and cash equivalent investments. The Fund aims to achieve stable returns over the short term. It is suitable for investors who require an investment with very low volatility. ”
When can I get my money out?
This is a fund within a KiwiSaver scheme, which means generally you can withdraw only to purchase a first home, after the age of 65 or in cases of financial hardship.
Asset mix
This fund's asset mix
Average for Defensive funds
Your investment mix shapes your outcome
The balance of assets you choose — your asset allocation, has the biggest impact on how your investments perform and how much their value may rise or fall along the way. Selecting that balance is crucial. By adjusting the proportion of growth-oriented investments you include, you’re effectively setting your preferred level of risk. Generally, taking on more risk can increase the potential for higher returns, but there’s never a guarantee — that’s the nature of risk. To find an allocation suited to your personal circumstances (sometimes called your risk profile), you can start with an investor risk questionnaire or a KiwiSaver-specific guide.
Top 10 investments
These assets make up 70.91% of this fund.
| Asset | Asset Class | Type | Country | % of Fund | |
|---|---|---|---|---|---|
 | JBWERE PREMIUM CUSTODY CALL ACCOUNT - NZD | Cash | Cash and equivalents | NZ | 22.42% |
| KIWIBANK TERM DEPOSIT 4.750% 13/02/2025 13/02/2026 | Cash | Cash and equivalents | NZ | 8.49% | |
| CHINA CONSTRUCTION BANK TERM DEPOSIT 6.000% 08/08/2024 08/08/2025 | Cash | Cash and equivalents | NZ | 5.86% | |
| WESTPAC NEW ZEALAND TERM DEPOSIT 5.300% 27/09/2024 29/09/2025 | Cash | Cash and equivalents | NZ | 5.79% | |
| KIWIBANK TERM DEPOSIT 4.300% 14/03/2025 16/03/2026 | Cash | Cash and equivalents | NZ | 5.63% | |
| BANK OF NEW ZEALAND TERM DEPOSIT 4.08% 04/06/2025 04/06/2026 | Cash | Cash and equivalents | NZ | 5.58% | |
| BANK OF NEW ZEALAND TERM DEPOSIT 6.280% 01/07/2024 01/07/2025 | Cash | Cash and equivalents | NZ | 4.43% | |
| RABOBANK TERM DEPOSIT 4.900% 05/02/2025 04/08/2025 | Cash | Cash and equivalents | NZ | 4.25% | |
| BANK OF CHINA TERM DEPOSIT 4.700% 07/02/2025 09/02/2026 | Cash | Cash and equivalents | NZ | 4.25% | |
| BANK OF CHINA TERM DEPOSIT 4.400% 08/04/2025 08/04/2026 | Cash | Cash and equivalents | NZ | 4.21% |
Fees
0.25%
This Fund
0.55%
Average Defensive Kiwisaver funds
The blue segment shows the annual fees you’d pay if you invested $30,000 in this fund. The grey segment represents the typical yearly fees for an average Defensive KiwiSaver scheme fund, so you can compare them directly.
Smaller Fees, Bigger Potential
When it comes to investing, spending more doesn’t automatically lead to stronger results. In fact, higher fund fees can often eat into your returns. Remember, what you keep is calculated after fees and taxes are deducted. Because no one can predict how any fund will perform, it’s generally wise to look for options with lower costs whenever you can.
Fees breakdown
| Fee Type | % Over a year | Amount paid on a 30k balance |
|---|---|---|
| Management This fee is charged to you by the fund manager on the fund or an underlying fund, and is based on a percentage of your balance. | 0.24% Average: 0.47% | $72.00 Average: $141.79 |
| Other This is a summary of other potential costs not covered in the categories displayed. | 0.01% Average: 0.05% | $3.00 Average: $15.28 |
| Performance-based These fees are based on the performance of the fund or underlying fund. When the fund performs well, these will be higher. | — Average: 0.00% | $0.00 Average: $0.00 |
| Membership You pay this membership charge (a flat fee) each year, regardless of your balance or the fund's performance. | 0.00% Average: 0.05% | $0.00 Average: $15.54 |
| Total combined fees These are a total of management and administration charges and performance-based fees over a year. They do not necessarily include fees for activities like transferring or withdrawing. | 0.25% Average: 0.58% | $75.00 Average: $172.61 |
Returns
2.33%
This Fund
1.35%
Average Defensive Kiwisaver funds
Over the past five years, this fund delivered the average annual return shown here (in green) to investors, after fees and taxes (28% PIR) were applied. For comparison, the average return over the same period for all Defensive KiwiSaver scheme funds is shown in grey.
Returns: Reflecting the Past
Investing is about seeking returns, but the figures shown here represent historical performance—they cannot be relied upon to continue in the future. Selecting a fund solely based on past performance is not advisable. A well-informed decision should consider factors such as an appropriate investment mix for your goals and reasonable fees.
Risks
Risk indicator
This indicator reflects how much the investment’s value has fluctuated over time. It is calculated from the fund’s five-year performance, or from a comparable market index if the fund has a shorter history.
Additional details
Manager information
| Name | MEDICAL FUNDS MANAGEMENT LIMITED |
| Type | NZ Limited Company |
| Website | mas.co.nz |
| NZBN | 9429039171085 |
| FSP Number | FSP39643 |
Fund information
| Asset liquidity ratio | 100.00% |
| Total value of fund | $20892924 |
| Debt ratio | 0.44% |
Fee + return history
View detailed history →Quarterly fees and after-tax returns recorded against this fund since inception. Sourced from FMA Disclose Quarterly Fund Updates. The detailed view shows the full chart + per-quarter data table.
PDS changes
View detailed PDS history →Material changes to the Product Disclosure Statement over time — fee adjustments, asset-allocation shifts, scheme-rule amendments. Diff against the previous PDS shown side-by-side in the detailed view.
Holdings changes
View detailed holdings diff →Top-10-holdings additions, removals, and weight changes across quarters. Shows the manager's actual portfolio decisions over time, sourced from the fund's Quarterly Fund Update.
SIPO changes
View detailed SIPO history →Statement of Investment Policy and Objectives revisions — investment objective rewrites, asset-class target shifts, ESG policy changes, derivatives policy changes. The detailed view diffs against prior SIPO versions.
AI · API · Markdown
Machine-readable surfaceEvery fund page on FundCompare ships with structured JSON and a plain-markdown summary alongside the HTML — so LLMs, MCP clients, and analysts can cite the same regulator-sourced data the page renders. Source documents come from FMA Disclose, IRD, and Sorted Fund Finder.
Identifiers
- FMA fund code
- FND1153
- FSP number
- FSP39643
- NZBN
- 9429039171085
- Provider
- MAS
- Scheme
- MAS KIWISAVER SCHEME
Endpoints for Cash Fund
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