SuperLife KiwiSaver Scheme
Overseas Non-Government Bonds Fund
Recent material changes
Diffs we track across PDS, SIPO, holdings + fee history
- View holdings changes →HoldingsMATERIALJun 2026Top-10 turnover: 2 new, 3 droppedQuarter-on-quarter (Mar 2026 → Jun 2026)
About this defensive fund
The Overseas Non-Government Bonds Fund sits within the SuperLife KiwiSaver Scheme and holds 100% income assets with 0% growth assets. This defensive KiwiSaver scheme fund focuses on international fixed-income securities issued by non-government entities, positioning it toward the conservative end of the scheme's investment options. The fund is structured to provide regular income rather than capital growth.
Over the five-year period to 30 June 2026, the fund delivered an average annual return of −0.14%. The annual fee of 0.54% aligns with the peer-median fee of 0.54% for defensive KiwiSaver scheme funds in its cohort. The fund holds $18.9 million in assets across 1,490 members. Past performance is not a reliable indicator of future returns.
A risk indicator of 4 out of 7 on the FMA scale places this fund in the moderate-to-defensive range, typically considered appropriate for members with lower risk tolerance or those nearing their retirement date. The income-focused composition suits those seeking regular distributions over capital appreciation. Members should consider their own circumstances and investment timeframe before selecting any KiwiSaver scheme fund.
Holdings
As of 2026-06-30 Overseas Non-Government 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
Overseas Non-Government 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 -0.14%. Past performance is not a reliable indicator of future returns.
Fees
At 0.54% in annual charges, Overseas Non-Government 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
Overseas Non-Government Bonds 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.
Returns
-0.14%
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).
-0.14% for this fund — category median 2.26% across 19 Defensive KiwiSaver scheme funds at 30 June 2026. This fund ranks 18 of 19 (5th percentile) by five-year after-fee return.
Past performance is not an indicator of future performance.
Fees
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).
Asset Mix
The fund’s mix of growth assets (shares, property) and income assets (bonds, cash) as of 30 June 2026. The average mix fordefensive KiwiSaver scheme funds is shown in light blue.
Key Takeaways
Here’s the provider’s overview of the managed fund:
“ Invests in international bonds and is designed to reflect the return (before tax, fees and other expenses) on international non-government bond markets of developed economies. ”
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
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.
Top 10 investments
These assets make up 33.50% of this fund.
| Asset | Asset Class | Type | Country | % of Fund | |
|---|---|---|---|---|---|
 | Mortgage Passthrough TBA | 6.96 | |||
 | Freddie Mac Pool | 6.00 | |||
 | Fannie Mae Pool MBS 01/02/54 | 4.50 | |||
 | China Development Bank Bond 20/09/29 | 3.45 | |||
| Freddie Mac Pool | 3.00 | |||
 | Fannie Mae Pool | 2.50 | |||
| Freddie Mac Pool | 2.50 | |||
| Fannie Mae Pool | 2.00 | |||
 | FMCC FNCL | 2.00 | |||
 | CHINA DEVELOPMENT BANK 220533 2.82 GB | 0.59 |
Top-10 holdings changes
31 Mar 2026 → 30 Jun 2026
Fannie Mae Pool MBS 01/02/544.50%
CHINA DEVELOPMENT BANK 220533 2.82 GB0.59%
- US Treasury Note 31/03/26was 0.00%
USD Cash Account (BNP Paribas)was 3.00%
CNY Cash Account (BNP Paribas)was 1.09%
Freddie Mac Pool2.50% → 3.00% (+0.50 pp)
Mortgage Passthrough TBA6.57% → 6.96% (+0.39 pp)
None this quarter.
Fees
0.54%
This Fund
0.51%
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.
Fees breakdown
| Fee Type | % Over a year | Amount paid on a 30k balance |
|---|---|---|
| administration Administration fee | — | 30 |
| total Total fund charges | 0.54% | — |
Returns
-0.14%
This Fund
1.66%
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.
Risks
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.
Additional details
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 | $18879102 |
| 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
- FND2473
- FSP number
- FSP26531
- NZBN
- 9429038512483
- Provider
- Smartshares
- Scheme
- SuperLife KiwiSaver Scheme
Endpoints for Overseas Non-Government Bonds 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.
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