ANZ Default KiwiSaver Scheme High Growth Fund
Quarterly fund report
How has the fund performed?
Performance as at 31 December 2025
Rate | |
|---|---|
3 months | 2.55% |
1 year | 12.55% |
3 years (p.a.) | – |
5 years (p.a.) | – |
10 years (p.a.) | – |
Since launch (p.a.) | 11.20% |
Performance is after the annual fund charge and before tax. KiwiSaver rates, fees and agreements.
What happened this quarter (three months to 31 December 2025)
Global share markets closed the year on a positive note, although performance varied by region. In the US, major indices posted solid gains, with the S&P 500 and Nasdaq Composite both up 2.7% over the quarter. There was a pause in the AI-driven momentum that dominated earlier in the year, as investors rotated into sectors such as financials and industrials.
Europe delivered standout returns. Easing inflation boosted sentiment, driving the FTSE 100 up 6.9% and the Euro Stoxx 50 up 5.0%, with several benchmarks reaching record highs. Meanwhile, Japan’s Nikkei 225 continued its stellar run, ending the quarter with double-digit gains and bringing its 12-month return to 28.7%. Japanese shares benefited from a weaker yen, ongoing corporate reforms, and improved business outlook following the election of Sanae Takaichi as prime minister.
New Zealand shares posted modest gains in Q4, with the NZX 50 up 1.9%, bringing its annual return to 3.3%, well behind most of its global peers. Persistent economic headwinds tempered sentiment despite broad-based gains, as 36 of 50 index constituents finished higher.
Given the fund’s significant allocation to growth assets, performance was driven by positioning – particularly underweight positions to weaker New Zealand and Australian shares. Closing the overweight New Zealand dollar position added further gains. The primary drag was New Zealand property exposure, which struggled amid rising bond yields.
For more information on investment markets
How the fund has performed over time
The fund aims to achieve (after the fund charge and before tax) over the long term higher returns, allowing for larger ups and downs in value.
The graph below shows the value of a $1,000 investment made at the time the fund launched.
Line graph text description
- Started in August 2023 with a value of $1,000
- Dipped to a low of $927.92 in October 2023
- Reached a new maximum this quarter of $1,292.56 in December 2025
Performance is after the annual fund charge and before tax. KiwiSaver rates, fees and agreements.
What does the fund invest in?
The fund invests in growth assets (Australasian equities and international equities), with a very small exposure to income assets (cash and cash equivalents and fixed interest). The fund may also invest in alternative assets.
This graph shows the mix of assets that the fund generally intends to invest in.
Pie graph text description
Income assets:
- 5% Cash and cash equivalents
Growth assets:
- 28.4% Australasian equities
- 66.6% International equities
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.