OneAnswer KiwiSaver Scheme New Zealand Fixed Interest Fund
Quarterly fund report
How has the fund performed?
Performance as at 30 September 2025
Rate | |
|---|---|
3 months | 2.99% |
1 year | 5.81% |
3 years (p.a.) | 5.60% |
5 years (p.a.) | 0.24% |
10 years (p.a.) | 2.65% |
Since launch (p.a.) | 4.09% |
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)
New Zealand bonds were among the strongest performers in global bond markets over the quarter. This strength followed a 25-basis point cut to the Official Cash Rate (OCR) by the Reserve Bank of New Zealand (RBNZ), which also signalled the possibility of further easing due to continued weakness in the domestic economy. In early October, the RBNZ followed this up with a further 50 basis point cut to the OCR.
The 10-year government bond yield fell 35 basis points over the quarter, reaching its lowest level of the year. When bond yields fall, their prices rise.
Economic data reinforced the case for easing. Gross Domestic Product (GDP) contracted 0.9% in the second quarter, significantly worse than the RBNZ’s forecast of -0.3%, with broad-based weakness across the manufacturing and construction sector. Additionally, inflation appeared contained, with the annual Consumer Price Index (CPI) rising 2.7% in the June quarter, reinforcing the central bank’s confidence in its accommodative stance.
Global factors also played a role. A rate cut by the US Federal Reserve (the Fed) in September and softening employment data there saw the Fed take a slight dovish turn, boosting bond prices there.
With domestic growth faltering and inflation pressures easing, markets now anticipate a more aggressive easing cycle from the RBNZ, creating a supportive backdrop for New Zealand fixed income.
For more information on investment markets
What does the fund invest in?
The fund invests mainly in New Zealand fixed interest assets. Investments may include:
- Fixed interest assets in New Zealand dollars, or issued by New Zealand located or incorporated entities and hedged back to New Zealand dollars
- Cash and cash equivalents.
This chart show the mix of assets that the fund generally intends to invest in – 100% fixed interest.
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.