ANZ Default KiwiSaver Scheme Cash Fund

Fund report as at 30 September 2023

How has the fund performed?

Performance as at 30 September 2023


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 30 September 2023)

  • 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, and volatility showing signs of rising, the fund was a strong relative performer over the quarter.
  • In August, the Reserve Bank of New Zealand left the Official Cash Rate (OCR) unchanged at 5.50%. However, projections released alongside the decision showed the chance of another interest rate hike was increasing. The terminal rate – the rate at which the Committee believes the OCR will be – rose 10 basis points to 5.60%.
  • Global central banks also reiterated the need for higher interest rates for longer, which saw bond yields around the world rise. In New Zealand, the 10-year government bond yield finished the quarter up 69 basis points at 5.31%, while the three-month deposit rate (the most relevant for investors in this fund) was relatively steady, finishing at 5.68%.
  • It was a mixed period for New Zealand economic data. Dairy prices fell to their lowest level in nearly five years at the Global Dairy Trade auction, driven in part by softening of demand out of China, while retail sales figures also undershot expectations. On a positive note, the economy grew in the second quarter at a faster-than-expected pace and a revision of Q1 data meant the economy avoided a technical recession.

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