ASB KiwiSaver Scheme
Balanced Fund
Recent material changes
Diffs we track across PDS, SIPO, holdings + fee history
Overview
About this growth fund
The Balanced Fund sits within the ASB KiwiSaver Scheme and is classified as a growth-oriented KiwiSaver scheme fund. It holds 64% in growth assets and 36% in income assets, positioning it as a moderate-growth option within the scheme's range. This allocation aims to balance capital growth potential with income stability across a diversified portfolio.
Over the five years to 31 March 2026, the fund delivered an average annual return of 5.71%, with an annual fee of 0.65%. This fee sits below the peer-median of 1.05% for funds of the same type. The fund manages $4564.1 million in assets across 101,679 members. Past performance is not a reliable indicator of future returns.
The fund carries a risk indicator of 4 out of 7 on the FMA scale, reflecting moderate volatility and a balanced approach to growth and capital preservation. This profile is typically considered suitable for investors with a medium-term investment horizon who can tolerate moderate fluctuations in value while seeking growth beyond what conservative funds offer. Past performance is not a reliable indicator of future returns.
Holdings
As of 2026-03-31 Balanced Fund reports an asset mix of 64% growth assets (shares, listed property, alternatives) and 36% income assets (cash, bonds, fixed interest). This split is typical for a growth fund. The full asset-mix breakdown including overseas vs domestic and listed vs unlisted exposure appears in the asset-allocation chart below.
Performance
Balanced 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 5.71%. Past performance is not a reliable indicator of future returns.
Fees
At 0.65% in annual charges, Balanced Fund's fee sits 0.40 percentage points below the median for Growth KiwiSaver scheme funds in our coverage (median 1.05%). 13 of the 67 funds in this cohort charge a lower annual fee (this fund ranks 14 cheapest of 67). Fee level is a mechanical signal — does not factor in returns, risk, or manager skill.
Risk and suitability
Balanced Fund carries a risk indicator of 4/7 on the FMA risk scale. Risk indicator 3-4 funds are typically considered for members with a medium investment horizon (3-10 years) or those balancing growth potential against shorter-term volatility. FundCompare does not provide personalised advice; consult a licensed financial adviser to understand whether this risk profile fits your circumstances.
Snapshot
5.71% a year over five years, at a 0.65% annual fee
Five-year return
5.71%
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 Growth KiwiSaver scheme fund (light green).
5.71% for this fund — category median 5.45% across 42 Growth KiwiSaver scheme funds at 31 March 2026. This fund ranks 13 of 42 (71st percentile) by five-year after-fee return.
Past performance is not an indicator of future performance.
Annual fee
0.65%
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 Growth KiwiSaver scheme funds (light blue).
Growth / income split
The fund’s mix of growth assets (shares, property) and income assets (bonds, cash) as of 31 March 2026. The average mix for growth KiwiSaver scheme funds is shown in light blue.
In the provider’s words
What the provider says about this fund
Here’s the provider’s overview of the managed fund:
“To provide moderate to high total returns allowing for moderate to high movements of value up and down. The number of years with negative returns are generally expected to be higher than the Moderate Fund but lower than the Growth Fund in the ASB KiwiSaver Scheme. We manage asset allocation and currency hedging over the medium to long term relative to the target investment mix. We focus on cost effective management. The Balanced Fund invests in income and growth assets with a target investment mix of 42% income assets and 58% growth assets.”
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
64% growth assets, 36% income assets
This fund's asset mix
Average for growth 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.
Largest holdings · 7 September 2025
Top 10 holdings — 15.45% of this fund
These assets make up 15.45% of this fund as at 7 September 2025.
These are the most recent holdings held for this fund, and they predate the 31 March 2026 figures shown elsewhere on this page. Holdings are captured from the fund’s quarterly updates, which do not always carry a readable holdings table, so a fund can be current on fees and returns while its holdings list is older.
| Asset | Asset Class | Type | Country | % of Fund | |
|---|---|---|---|---|---|
 | NVIDIA CORP | Shares | International equities | US | 2.08% |
 | ISHARES PHYSICAL GOLD ETC | Other | Commodities | IE | 1.88% |
 | MICROSOFT CORP | Shares | International equities | US | 1.85% |
 | FISHER & PAYKEL HEALTHCARE | Shares | Australasian equities | NZ | 1.65% |
 | APPLE INC | Shares | International equities | US | 1.53% |
 | NEW ZEALAND GOVERNMENT 200429 3.0 GB | Bonds | New Zealand fixed interest | NZ | 1.52% |
 | ASB BANK ACCOUNT NZD | Cash | Cash and equivalents | NZ | 1.45% |
 | NEW ZEALAND GOVERNMENT 150427 4.50 GB | Bonds | New Zealand fixed interest | NZ | 1.31% |
 | AUCKLAND INTERNATIONAL AIRPORT LTD | Shares | Australasian equities | NZ | 1.11% |
 | NEW ZEALAND GOVERNMENT 140433 3.50 GB | Bonds | New Zealand fixed interest | NZ | 1.07% |
Fees in context
How this fee compares with the category
0.65%
This Fund
1.04%
Average Growth KiwiSaver scheme 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 Growth 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.
Fee breakdown
What makes up the 0.65% annual charge
| 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. | 0.65% Average: 0.89% | $195.00 Average: $266.96 |
| Other This is a summary of other potential costs not covered in the categories displayed. | 0.00% Average: 0.11% | $0.00 Average: $33.16 |
| 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: $16.04 |
| 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. | 0.65% Average: 1.05% | $195.00 Average: $316.16 |
Returns in context
How the five-year return compares with the category
5.71%
This Fund
5.17%
Average Growth KiwiSaver scheme 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 Growth 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.
Risk
Risk indicator: 4 of 7
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.
Fund details
The numbers that don’t make headlines
Manager information
| Name | ASB GROUP INVESTMENTS LIMITED |
| Type | NZ Limited Company |
| Website | asb.co.nz |
| NZBN | 9429039025791 |
| FSP Number | FSP29024 |
Fund information
| Asset liquidity ratio | 100.00% |
| Total value of fund | $4,564,143,947 |
| Debt ratio | — |
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
- FND531
- FSP number
- FSP29024
- NZBN
- 9429039025791
- Provider
- ASB
- Scheme
- ASB KiwiSaver Scheme
Endpoints for Balanced Fund
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The information provided on this website is not a recommendation to buy, sell, or hold any financial products. Nothing on this website constitutes financial advice for the purposes of the Financial Markets Conduct Act 2013. FundCompare.co.nz is not a licensed Financial Advice Provider.
Investing involves risk. The value of your investment can go down as well as up, and you may get back less than you put in. Past performance is not a reliable indicator of future returns.
Before making any investment decision, you should read the Product Disclosure Statement (PDS) for the fund carefully. If you have questions or are unclear about the implications of your investment decision, you should seek advice from a licensed Financial Advice Provider.
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