ANZ Default KiwiSaver Scheme Cash Fund

Fund report as at 31 March 2024

How has the fund performed?

Performance as at 31 March 2024


3 months


1 year


3 years (p.a.)


5 years (p.a.)


10 years (p.a.)


Since launch (p.a.)


Performance is after the annual fund charge and before tax. Rates, fees and agreements.

What happened this quarter (three months to 31 March 2024)

  • The Cash Fund is a low-risk fund that aims to preserve capital for investors while offering low volatility in returns. With interest rates hovering near decade-highs, the fund continues to deliver stable returns. 
  • During the quarter, the Reserve Bank of New Zealand left the Official Cash Rate (OCR) unchanged at 5.50%. It also delivered a somewhat dovish statement, with the central bank lowering its forward track – the rate it expects the OCR to peak – to 5.60%, down from 5.69%, implying a less-likely chance of further interest rate hikes.
  • Global central banks struck a similar tone, especially in the US, with the Federal Reserve (the Fed) keeping interest rates unchanged but reaffirming it expects three interest rate cuts by the end of the year. Before the meeting, there had been talk the Fed may dial some of these projected cuts back.
  • Economic data during the quarter highlighted some of the challenges facing the New Zealand economy at present. Inflation showed that consumer prices rose at an annual pace of 4.7% in the fourth quarter of 2023. While it was the smallest annual rise in over two years, non-tradeable inflation (domestically generated) remained worryingly high, at 5.9%.

What does the fund invest in?

The fund invests mainly in cash and cash equivalents. These may include investments issued by New Zealand-registered banks, the New Zealand Government, corporations or local authorities, or non-New Zealand governments.

This chart shows the mix of assets that the fund generally intends to invest in – 100% cash and cash equivalents.

See the fund's actual investment mix on page 3 of the fund update.

Important information

ANZ New Zealand Investments Limited is the issuer and manager of the ANZ Default KiwiSaver Scheme. Important information is available under terms and conditions. Download the guide and product disclosure statement.

This material is for information purposes only. We recommend seeking financial advice about your situation and goals before getting a financial product. To talk to one of our team at ANZ, please call 0800 736 034, or for more information about ANZ’s financial advice service or to view our financial advice provider disclosure statement see