About this fund and who it may suit
The Conservative Balanced Fund aims for low to moderate long-term returns, allowing for small to moderate ups and downs in value.
This fund could suit investors who want some opportunity for growth while preferring small changes in value, and who may need access to their savings within several years.
Minimum suggested investment timeframe is 5 or more years. The minimum suggested timeframe indicates how long to stay invested to manage short-term ups and downs and give your investment time to recover from any drops in value.
How risk affects volatility
The risk indicator for this fund is 4, on a scale from 1 (low) to 7 (high). The rating reflects how much the value of the fund’s assets goes up and down (volatility). A higher risk means higher potential returns over time, but more ups and downs along the way.
Wondering if this fund is right for you? Our fund chooser tool could help.
OneAnswer – for a more personalised portfolio
The OneAnswer KiwiSaver Scheme is designed for investors with external financial advisers or who want to take a more personal approach to their KiwiSaver account. With access to a wide range of funds investors have the ability to build a customised portfolio.
To join the OneAnswer KiwiSaver Scheme, contact your financial adviser or complete the application form at the back of the OneAnswer KiwiSaver Scheme Product Disclosure Statement (PDF 906.3KB).
Fund performance
Performance as at 30 September 2026
Performance is after the annual fund charge and before tax.
3 months | 1 year | 3 years (p.a.) | 5 years (p.a.) | 10 years (p.a.) | Since launch (p.a.) | |
|---|---|---|---|---|---|---|
Conservative Balanced Fund | -1.08% | 3.53% | 7.28% | 2.77% | 4.43% | 5.33% |
Fund performance over time
This graph shows the value of a $1,000 investment made when the fund launched.
What the fund invests in
The fund invests mainly in income assets (cash and cash equivalents and fixed interest), with some exposure to growth assets (Australasian equities and International equities). The fund may also invest in alternative assets.
This graph shows the mix of assets that the fund generally intends to invest in.
See the fund's investments in the full portfolio holdings spreadsheet:
Fund fee
% of your investment balance | |
|---|---|
Conservative Balanced Fund annual fund charge | 0.76% |
Unit price
A unit is a small share of the overall fund. The unit price is the price of one unit.
The unit price is calculated by dividing the fund’s net asset value by the number of units in the fund.
Fund quarterly update
Fund insights for last quarter
What happened this quarter (three months to 30 September 2026)
The fund has a significant allocation to bonds, which make up around half of its investments. Bond markets faced a challenging quarter as persistent inflation concerns and higher energy prices pushed interest rates and bond yields higher. Renewed hostilities in the Middle East also contributed to a sharp rise in oil prices, leading investors to reassess the outlook for inflation and monetary policy.
In response, several central banks raised interest rates during the quarter. In the US, the Federal Reserve increased interest rates for the first time since 2023, while the European Central Bank also moved rates higher. In New Zealand, the Reserve Bank increased the Official Cash Rate twice, taking it to 2.75%, and signalled that further increases may be required. Expectations that interest rates could remain higher for longer weighed on bond markets.
The fund also has a meaningful allocation to shares. Share markets proved more resilient than bond markets, with international shares delivering gains overall, supported by strong company earnings. New Zealand shares also rose, albeit more modestly, as business confidence remained relatively resilient despite ongoing inflation pressures.
Performance reflected a mixed environment across financial markets. Rising interest rates and inflation concerns weighed on bond markets, particularly internationally, while international share investments proved more resilient and helped offset some of this weakness.
Looking ahead, inflation and interest rate expectations are likely to remain key drivers of market performance. While uncertainty remains elevated, the fund continues to focus on providing a stable investment experience over the long term.
How global and local markets performed last quarter
Choosing a fund
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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.