JMI Wealth KiwiSaver Scheme
Balanced Fund
Balanced Fund is a growth fund within the JMI Wealth KiwiSaver Scheme, managed by Smartshares Limited, with 1,347 members and $81.7M invested. Over the five years to 30 September 2025 it returned 6.45% a year after fees and tax, against a median of 7.61% across 4 Growth funds within KiwiSaver schemes — 1.2 percentage points below the median. Its annual fee is 0.6%.
Recent material changes
Diffs we track across PDS, SIPO, holdings + fee history
- View holdings changes →HoldingsMATERIALSept 2025Top-10 turnover: 8 new, 9 droppedQuarter-on-quarter (Sept 2025 → Sept 2025)
Overview
About this growth fund
The Balanced Fund sits within the JMI Wealth KiwiSaver Scheme and is classified as a growth-oriented KiwiSaver scheme fund. It holds 63% in growth assets and 37% in income assets, positioning it as a moderate-growth option within the scheme's range. This allocation aims to balance capital appreciation with income generation across a diversified portfolio.
Over the five years to 30 September 2025, the fund delivered an average annual return of 6.45%, with an annual fee of 0.60%. This fee sits below the peer-median of 1.05% for funds of the same type. The fund manages $81.7 million across 1,347 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, placing it in the moderate-risk band. This risk profile is typically considered suitable for investors with a medium investment timeframe who can tolerate moderate fluctuations in value while seeking growth potential beyond what conservative options provide.
Holdings
As of 2025-09-30 Balanced Fund reports an asset mix of 63% growth assets (shares, listed property, alternatives) and 37% 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 3 quarters of QFU data on file (2022-03-31 to 2025-09-30). The 5-year average annual return reported in the most recent QFU is 6.45%. Past performance is not a reliable indicator of future returns.
Fees
At 0.60% in annual charges, Balanced Fund's fee sits 0.45 percentage points below the median for Growth KiwiSaver scheme funds in our coverage (median 1.05%). 8 of the 67 funds in this cohort charge a lower annual fee (this fund ranks 9 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
6.45% a year over five years, at a 0.6% annual fee
Five-year return
6.45%
Five Year Average Return
Returns (green) show the fund’s growth over the five years to 30 September 2025, after fees and taxes. Compare these results with the average Growth KiwiSaver scheme fund (light green).
6.45% for this fund — category median 7.61% across 4 Growth KiwiSaver scheme funds at 30 September 2025. This fund ranks 4 of 4 (0th percentile) by five-year after-fee return.
Past performance is not an indicator of future performance.
Annual fee
0.6%
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 30 September 2025. 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:
“Aims to provide a medium level of capital growth over the medium to long term (at least 5 years). The fund invests similar proportions in income and 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
63% growth assets, 37% 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 · 30 September 2025
Top 10 holdings — 27.59% of this fund
These assets make up 27.59% of this fund as at 30 September 2025.
| Asset | Asset Class | Type | Country | % of Fund | |
|---|---|---|---|---|---|
 | UCITS ETF | 9.82 | |||
 | VANGUARD FTSE EMERGING MARKETS ETF | 3.53 | |||
 | INFRASTRUCTURE (AUD HEDGED) ETF | 2.93 | |||
 | AUSTRALIA (AUD HEDGED) ETF | 2.90 | |||
 | NVIDIA CORP | 2.28 | |||
 | APPLE INC | 1.96 | |||
 | MICROSOFT CORP | 1.87 | |||
 | ISHARES MSCI EM IMI SCREENED UCITS ETF | 1.19 | |||
 | FISHER & PAYKEL HEALTHCARE CORP LTD | 1.11 |
Top-10 holdings changes
31 Mar 2025 → 30 Sept 2025
INFRASTRUCTURE (AUD HEDGED) ETF2.93%
AUSTRALIA (AUD HEDGED) ETF2.90%
ISHARES MSCI EM IMI SCREENED UCITS ETF1.19%
GLOBAL INwas 2.87%
ISHARES FTSE GBL PRP AUD HEDGED ETFwas 1.93%
ETF USDwas 1.08%
NVIDIA CORP1.57% → 2.28% (+0.71 pp)
MICROSOFT CORP1.57% → 1.87% (+0.30 pp)
VANGUARD FTSE EMERGING MARKETS ETF3.24% → 3.53% (+0.29 pp)
UCITS ETF11.48% → 9.82% (-1.66 pp)
FISHER & PAYKEL HEALTHCARE CORP LTD1.51% → 1.11% (-0.40 pp)
Fees in context
How this fee compares with the category
0.6%
This Fund
0.68%
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 0.6% annual charge
| Fee Type | % Over a year | Amount paid on a 30k balance |
|---|---|---|
| administration Administration fee | — | 30 |
| total Total fund charges | 0.60% | — |
Returns in context
How the five-year return compares with the category
6.45%
This Fund
7.51%
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 | SMARTSHARES LIMITED |
| Type | NZ Limited Company |
| Website | jmiwealthkiwisaver.co.nz |
| NZBN | 9429038512483 |
| FSP Number | FSP26531 |
Fund information
| Asset liquidity ratio | 100.00% |
| Total value of fund | $81,735,504 |
| 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
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Identifiers
- FMA fund code
- FND21587
- FSP number
- FSP26531
- NZBN
- 9429038512483
- Provider
- Smartshares
- Scheme
- JMI Wealth KiwiSaver Scheme
Endpoints for Balanced Fund
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cURL
curl -s "https://fundcompare.co.nz/api/fund/smartshares/balanced-fund/facts.json" | jq .Python
import requests
data = requests.get("https://fundcompare.co.nz/api/fund/smartshares/balanced-fund/facts.json").json()
print(data["fund_name" if "fund" == "fund" else "name"])MCP (Claude Desktop / ChatGPT)
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claude mcp add --transport http fundcompare https://fundcompare.co.nz/mcp
# Cursor / Cline / Continue (settings JSON):
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# 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.
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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