SuperLife KiwiSaver Scheme
NZ Bonds Fund
Recent material changes
Diffs we track across PDS, SIPO, holdings + fee history
- View holdings changes →HoldingsMAJORJun 2026Top-10 turnover: 1 new, 1 droppedQuarter-on-quarter (Mar 2026 → Jun 2026)
Overview
About this defensive fund
The NZ Bonds Fund sits within the SuperLife KiwiSaver Scheme and is classified as a Defensive scheme fund. It holds 100% income assets with 0% growth assets, meaning it focuses on fixed-income investments such as bonds and cash rather than shares. This composition positions it as a conservative option within the scheme's fund lineup, designed to prioritise capital stability over growth potential.
Over the five-year period to 30 June 2026, the scheme fund delivered an average annual return of 1.77%. The annual fee of 0.54% aligns with the peer-median fee for defensive scheme funds in its cohort. The fund currently manages $37.6 million in assets across 2,221 members. Past performance is not a reliable indicator of future returns.
Defensive scheme funds with a risk indicator of 3 out of 7 on the FMA scale are typically considered appropriate for investors with lower risk tolerance, those nearing or in retirement, or those with shorter investment timeframes who prioritise capital preservation. This risk profile involves minimal exposure to market volatility but correspondingly lower growth potential over longer periods.
Holdings
As of 2026-06-30 NZ Bonds 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
NZ Bonds Fund has 35 quarters of QFU data on file (2017-09-30 to 2026-06-30). The 5-year average annual return reported in the most recent QFU is 1.77%. Past performance is not a reliable indicator of future returns.
Fees
At 0.54% in annual charges, NZ Bonds Fund's fee sits 0.00 percentage points in line with the median for Defensive KiwiSaver scheme funds in our coverage (median 0.54%). 24 of the 49 funds in this cohort charge a lower annual fee (this fund ranks 25 cheapest of 49). Fee level is a mechanical signal — does not factor in returns, risk, or manager skill.
Risk and suitability
NZ Bonds 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
1.77% a year over five years, at a 0.54% annual fee
Five-year return
1.77%
Five Year Average Return
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).
1.77% for this fund — category median 2.26% across 17 Defensive KiwiSaver scheme funds at 30 June 2026. This fund ranks 11 of 17 (35th percentile) by five-year after-fee return.
Past performance is not an indicator of future performance.
Annual fee
0.54%
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:
“Invests in New Zealand bonds and is designed to provide a return (before tax, fees and other expenses) that outperforms the S&P/NZX A-Grade Corporate Bond Index over rolling three-year periods.”
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
0% growth assets, 100% 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 — 37.10% of this fund
These assets make up 37.10% of this fund as at 30 June 2026.
| Asset | Asset Class | Type | Country | % of Fund | |
|---|---|---|---|---|---|
 | NZLGFA Bond 14/05/32 | 4.50 | |||
 | NZLGFA Bond 15/04/27 | 4.50 | |||
 | Housing New Zealand Bond 15/10/27 | 4.433 | |||
 | Westpac New Zealand Bond 24/09/29 | 4.34 | |||
 | ASB Bank Bond 02/09/30 | 4.10 | |||
 | Westpac New Zealand Bond 19/11/30 | 3.87 | |||
 | NZLGFA Bond 14/04/33 | 3.50 | |||
 | Housing New Zealand Bond 18/10/28 | 3.42 | |||
 | NZLGFA Bond 15/05/28 | 2.25 | |||
 | Housing New Zealand Bond 24/04/30 | 2.183 |
Top-10 holdings changes
31 Mar 2026 → 30 Jun 2026
NZLGFA Bond 14/05/324.50%
NZD Cash Account (ANZ Bank)was 3.30%
None this quarter.
None this quarter.
Fees in context
How this fee compares with the category
0.54%
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 0.54% annual charge
| Fee Type | % Over a year | Amount paid on a 30k balance |
|---|---|---|
| total Total fund charges | 0.54% | — |
| administration Administration fee | — | 30 |
Returns in context
How the five-year return compares with the category
1.77%
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 | SMARTSHARES LIMITED |
| Type | NZ Limited Company |
| Website | superlife.co.nz |
| NZBN | 9429038512483 |
| FSP Number | FSP26531 |
Fund information
| Asset liquidity ratio | 100.00% |
| Total value of fund | $37,641,261 |
| Debt ratio | 0.13% |
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
- FND2463
- FSP number
- FSP26531
- NZBN
- 9429038512483
- Provider
- Smartshares
- Scheme
- SuperLife KiwiSaver Scheme
Endpoints for NZ Bonds Fund
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curl -s "https://fundcompare.co.nz/api/fund/smartshares/nz-bonds-fund/facts.json" | jq .Python
import requests
data = requests.get("https://fundcompare.co.nz/api/fund/smartshares/nz-bonds-fund/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.
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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