NZ Funds KiwiSaver Scheme
Inflation Strategy
Recent material changes
Diffs we track across PDS, SIPO, holdings + fee history
Overview
About this aggressive fund
The Inflation Strategy scheme fund sits within the NZ Funds KiwiSaver Scheme and pursues an aggressive growth approach. It holds 97% in growth assets and 3% in income assets, positioning it toward the higher-risk end of the scheme's fund lineup. This allocation targets long-term capital growth, with exposure designed to respond to inflationary pressures across investment markets.
Over the five-year period to 31 March 2026, the scheme fund delivered an average annual return of −2.27%. The annual fee is 1.52%, which is notably higher than the peer-median fee of 0.85% for aggressive-category scheme funds. Past performance is not a reliable indicator of future returns.
The scheme fund carries a risk indicator of 5 out of 7 on the FMA risk scale, reflecting significant volatility and potential for substantial short-term losses. This risk profile is typically considered appropriate for members with longer investment timeframes who can tolerate considerable fluctuations in their account balance. The fund held $214.1 million across 21,989 members as at 31 March 2026.
Holdings
As of 2026-03-31 Inflation Strategy reports an asset mix of 97% growth assets (shares, listed property, alternatives) and 3% income assets (cash, bonds, fixed interest). This split is typical for a aggressive fund. The full asset-mix breakdown including overseas vs domestic and listed vs unlisted exposure appears in the asset-allocation chart below.
Performance
Inflation Strategy's most recent QFU is dated 2026-03-31. The 5-year average annual return reported in the most recent QFU is -2.27%. Past performance is not a reliable indicator of future returns.
Fees
At 1.52% in annual charges, Inflation Strategy's fee sits 0.67 percentage points above the median for Aggressive KiwiSaver scheme funds in our coverage (median 0.85%). 121 of the 128 funds in this cohort charge a lower annual fee (this fund ranks 122 cheapest of 128). Fee level is a mechanical signal — does not factor in returns, risk, or manager skill.
Risk and suitability
Inflation Strategy carries a risk indicator of 5/7 on the FMA risk scale. Risk indicator 5-6 funds are typically considered for members with a long investment horizon (10+ years) who can tolerate larger short-term value swings in exchange for higher long-term return potential. FundCompare does not provide personalised advice; consult a licensed financial adviser to understand whether this risk profile fits your circumstances.
Snapshot
-2.27% a year over five years, at a 1.52% annual fee
Five-year return
-2.27%
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 Aggressive KiwiSaver scheme fund (light green).
-2.27% for this fund — category median 6.41% across 89 Aggressive KiwiSaver scheme funds at 31 March 2026. This fund ranks 84 of 89 (7th percentile) by five-year after-fee return.
Past performance is not an indicator of future performance.
Annual fee
1.52%
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 Aggressive 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 aggressive 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:
“The objective of the Inflation Strategy is to mitigate the impact of inflation on your investment over the medium and/or long term. The fund is anticipated to mainly own and trade New Zealand, Australian and international bonds and shares over the minimum suggested timeframe.”
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
97% growth assets, 3% income assets
This fund's asset mix
Average for aggressive 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 — 23.35% of this fund
These assets make up 23.35% 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 | |
|---|---|---|---|---|---|
 | WESTPAC CASH | Cash | Cash and equivalents | NZ | 4.33% |
 | GOLDMAN SACHS OTC DERIVATIVES | Cash | Cash and equivalents | NZ | 2.45% |
 | TELSTRA CORP LTD | Shares | Australasian equities | AU | 2.31% |
 | MERCURY NZ LTD | Shares | Australasian equities | NZ | 2.28% |
 | MERIDIAN ENERGY LTD | Shares | Australasian equities | NZ | 2.26% |
 | CHORUS LTD | Shares | Australasian equities | NZ | 2.20% |
 | CONTACT ENERGY LTD | Shares | Australasian equities | NZ | 2.00% |
 | RYMAN HEALTHCARE LTD | Shares | Australasian equities | NZ | 1.90% |
 | PRECINCT PROPERTIES GROUP | Property | Listed property | NZ | 1.81% |
 | SUMMERSET GROUP HOLDINGS LTD | Shares | Australasian equities | NZ | 1.81% |
Fees in context
How this fee compares with the category
1.52%
This Fund
0.88%
Average Aggressive 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 Aggressive 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 1.52% 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. | 1.05% Average: 0.76% | $315.00 Average: $229.38 |
| Other This is a summary of other potential costs not covered in the categories displayed. | 0.37% Average: 0.08% | $111.00 Average: $23.73 |
| 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. | 0.10% Average: 0.06% | $29.76 Average: $17.47 |
| 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. | 1.52% Average: 0.90% | $455.76 Average: $270.57 |
Returns in context
How the five-year return compares with the category
-2.27%
This Fund
5.26%
Average Aggressive 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 Aggressive 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: 5 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 | NEW ZEALAND FUNDS MANAGEMENT LIMITED |
| Type | NZ Limited Company |
| Website | nzfunds.co.nz |
| NZBN | 9429039444158 |
| FSP Number | FSP27062 |
Fund information
| Asset liquidity ratio | 100.00% |
| Total value of fund | $214,128,632 |
| Debt ratio | 0.35% |
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
- FND1581
- FSP number
- FSP27062
- NZBN
- 9429039444158
- Provider
- NZ Funds
- Scheme
- NZ Funds KiwiSaver Scheme
Endpoints for Inflation Strategy
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Full per-client guide + ChatGPT GPT setup at /api/mcp.
Quick examples
cURL
curl -s "https://fundcompare.co.nz/api/fund/nz-funds/inflation-strategy/facts.json" | jq .Python
import requests
data = requests.get("https://fundcompare.co.nz/api/fund/nz-funds/inflation-strategy/facts.json").json()
print(data["fund_name" if "fund" == "fund" else "name"])MCP (Claude Desktop / ChatGPT)
# Claude Code (CLI):
claude mcp add --transport http fundcompare https://fundcompare.co.nz/mcp
# Cursor / Cline / Continue (settings JSON):
{ "mcpServers": { "fundcompare": { "url": "https://fundcompare.co.nz/mcp" } } }
# Claude Desktop (UI): Settings → Connectors → Add custom connector
# URL: https://fundcompare.co.nz/mcp
# Claude Desktop via JSON (uses npx mcp-remote bridge):
{ "mcpServers": { "fundcompare": {
"command": "npx", "args": ["-y", "mcp-remote", "https://fundcompare.co.nz/mcp"]
} } }
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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.
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