Simplicity KiwiSaver Scheme
Defensive Fund
Recent material changes
Diffs we track across PDS, SIPO, holdings + fee history
- View holdings changes →HoldingsMATERIALJun 2026Top-10 turnover: 4 new, 4 droppedQuarter-on-quarter (Mar 2026 → Jun 2026)
- View fee + return history →FeeMINORJun 2026Annual fee 0.25% → 0.24% (-0.01pp)Quarter-on-quarter (Mar 2026 → Jun 2026)
Overview
About this defensive fund
The Defensive Fund sits within the Simplicity KiwiSaver Scheme and holds 97% income assets and 3% growth assets. This composition reflects a defensive investment approach, positioning the fund toward the conservative end of the scheme's range. The fund aims to provide steady returns with lower volatility than growth-oriented alternatives, making it suitable for those prioritising capital preservation over capital growth.
The fund charges an annual fee of 0.24%, which is materially lower than the peer-median fee of 0.54% for defensive scheme funds. As at 30 June 2026, the fund held $94.3 million in assets across 1,345 members. The fund's 5-year average annual return is not reported. Past performance is not a reliable indicator of future returns.
On the FMA's risk indicator scale, this fund sits at 3 out of 7, placing it in the lower-risk category. A risk rating of 3 typically suits members who are risk-averse, nearing or in retirement, or seeking to minimise short-term volatility in their savings. This profile is generally considered appropriate for those with a shorter investment timeframe or lower tolerance for fluctuations in account value. Past performance is not a reliable indicator of future returns.
Holdings
As of 2026-06-30 Defensive Fund reports an asset mix of 3% growth assets (shares, listed property, alternatives) and 97% 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
Defensive Fund has 3 quarters of QFU data on file (2025-12-31 to 2026-06-30). Past performance is not a reliable indicator of future returns.
Fees
At 0.24% in annual charges, Defensive Fund's fee sits 0.30 percentage points below the median for Defensive KiwiSaver scheme funds in our coverage (median 0.54%). 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
Defensive Fund carries a risk indicator of 3/7 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
A 0.24% annual fee on a $30,000 balance
Five-year return
No 5-year average return figure held. Recorded fund start date 28 April 2023 is less than five years before March 2026.
Five Year Average Return
About “—” in return figures: it means no figure is held, not a return of zero. No 5-year average return figure is held for this fund. Figures are drawn from fund disclosures on the FMA Disclose register, chiefly quarterly fund updates. Each fund shows the most recent figure held; the latest quarter broadly covered across all funds is March 2026. A fund too new to report a period has no figure for it; other gaps are figures not yet captured from the updates ingested so far.
Returns (green) show the fund’s growth over the five years to 30 June 2026, after fees and taxes. Compare these results with the average Defensive KiwiSaver scheme fund (light green).
Annual fee
0.24%
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).
Growth / income split
The fund’s mix of growth assets (shares, property) and income assets (bonds, cash) as of 30 June 2026. The average mix for defensive 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 Defensive Fund provides investors with exposure to mostly income assets. There is very limited exposure to growth assets (unlisted property).”
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
3% growth assets, 97% income assets
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.
Largest holdings · 30 June 2026
Top 10 holdings — 48.87% of this fund
These assets make up 48.87% of this fund as at 30 June 2026.
| Asset | Asset Class | Type | Country | % of Fund | |
|---|---|---|---|---|---|
 | Westpac NZ FRN 6 July 2026 | 10.61 | |||
 | Kiwibank FRN 13 June 2028 | 8.72 | |||
 | Kiwibank FRN 15 March 2028 | 5.32 | |||
 | ASB NZ FRN 30 April 2029 | 4.92 | |||
| Housing NZ bond 5 October 2026 | 4.26 | ||||
 | Simplicity Living Ltd Ordinary Shares | 3.34 | |||
| Cash at Bank | 3.23 | ||||
 | Tax Traders Deposit | 3.16 | |||
 | BNZ FRN 11 May 2029 | 2.67 | |||
 | CHFA CP 14 August 2026 | 2.64 |
Top-10 holdings changes
31 Mar 2026 → 30 Jun 2026
ASB NZ FRN 30 April 20294.92%
Tax Traders Deposit3.16%
BNZ FRN 11 May 20292.67%
CHFA CP 14 August 20262.64%
Tax Trader CP 26 June 2026was 3.70%
Tax Trader CP 27 May 2026was 3.09%
- Auckland City Council Bond 10 August 2026was 2.51%
Watercare CP 14 April 2026was 2.48%
Westpac NZ FRN 6 July 20267.46% → 10.61% (+3.15 pp)
Kiwibank FRN 13 June 20287.71% → 8.72% (+1.01 pp)
Simplicity Living Ltd Ordinary Shares2.56% → 3.34% (+0.78 pp)
Kiwibank FRN 15 March 20286.23% → 5.32% (-0.91 pp)
- Cash at Bank4.07% → 3.23% (-0.84 pp)
- Housing NZ bond 5 October 20264.96% → 4.26% (-0.70 pp)
Fees in context
How this fee compares with the category
0.24%
This Fund
0.5%
Average Defensive 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 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.
Fee breakdown
What makes up the 0.24% annual charge
| Fee Type | % Over a year | Amount paid on a 30k balance |
|---|---|---|
| administration Administration fee | — | — |
| total Total fund charges | 0.24% | — |
Returns in context
How the five-year return compares with the category
No five-year data available
This Fund
1.68%
Average Defensive 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 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.
Risk
Risk indicator: 3 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 | SIMPLICITY NZ LIMITED |
| Type | NZ Limited Company |
| Website | simplicity.kiwi |
| NZBN | 9429041767092 |
| FSP Number | FSP465606 |
Fund information
| Asset liquidity ratio | 94.51% |
| Total value of fund | $94,275,961 |
| Debt ratio | 0.02% |
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
- FND43095
- FSP number
- FSP465606
- NZBN
- 9429041767092
- Provider
- Simplicity
- Scheme
- Simplicity KiwiSaver Scheme
Endpoints for Defensive Fund
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} } }
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