OneAnswer KiwiSaver Scheme International Share Fund
Quarterly fund report
How has the fund performed?
Performance as at 30 September 2025
Rate | |
|---|---|
3 months | 11.11% |
1 year | 23.52% |
3 years (p.a.) | 16.11% |
5 years (p.a.) | 11.89% |
10 years (p.a.) | 11.24% |
Since launch (p.a.) | 8.72% |
Performance is after the annual fund charge and before tax. KiwiSaver rates, fees and agreements.
What happened this quarter (three months to 30 September 2025)
Global equity markets posted strong gains this quarter, with several indices hitting record highs, driven by AI-related momentum and robust corporate earnings.
In the US, the S&P 500 Index and Nasdaq 100 Index both hit record levels, rising 8.1% and 11.4% respectively (all returns in local currency terms). Although 10 of the 11 S&P 500 sectors finished the quarter in positive territory, it was again the ‘Magnificent 7’ stocks that drove market returns, contributing to over 60% of the S&P 500 gains in the quarter.
The US Federal Reserve cut rates by 25 basis points in September, citing a softening labour market and elevated uncertainty, which helped support equity markets. Elsewhere European markets also posted positive returns, though they underperformed relative to the US, partly due to political uncertainty in France after Prime Minister François Bayrou was ousted after a failed confidence vote. At the same time, the European Central Bank opted to keep rates unchanged throughout the quarter.
Meanwhile, Asian markets delivered standout performances. Japan’s Nikkei 225 Index posted double-digit gains, while China’s Shanghai Composite Index surged 12.7% to a 10-year high, driven by robust gains in AI-related sectors.
The primary drag on the fund’s performance came from the underweight allocation in the ‘Magnificent Seven’ companies. While the fund has exposure to each of these companies, the weights were below the benchmark. Apple, Alphabet, and Tesla – three of the ‘Magnificent Seven’ companies – all posted strong gains of more than 30% in the quarter. While the fund was also underweight Microsoft, Amazon and Meta Platforms, which each underperformed the market, the relative benefit from these exposures was not enough to offset the drag from the stronger-performing names.
For more information on investment markets
What does the fund invest in?
The fund invests mainly in international equities. Investments may include:
- Equities in companies that are listed or are soon to be listed on a stock exchange
- Cash and cash equivalents.
This chart shows the mix of assets that the fund generally intends to invest in – 100% equities.
See the fund's actual investment mix on page 3 of the fund update.
Important information
ANZ New Zealand Investments Limited (‘ANZ Investments’) is the issuer and manager of the ANZ KiwiSaver Scheme, the OneAnswer KiwiSaver Scheme and the ANZ Default KiwiSaver Scheme (no longer a default scheme and closed to new members). For the scheme guides and product disclosure statements see KiwiSaver documents and forms or ask at any ANZ branch.
This material is for information purposes only. Please talk to us if you need financial advice about your situation and goals or about our products and services. See our Financial advice provider disclosure statement (PDF 39.9KB).
Past performance does not indicate future performance. The actual performance any given investor realises will depend on many things, is not guaranteed and may be negative as well as positive.