Our KiwiSaver Scheme Funds
Outstanding Value Star Rating | Defensive KiwiSaver Profile
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This fund invests in a selection of NZ dollar denominated cash investments and short-term bonds that aim to protect value while at the same time providing a higher return than bank deposits.
Risk Indicator (volatility)
Target Asset Allocation
This number indicates the relative 'risk' level of this fund based on the types of assets it is invested in, ranging from level 1 (least risky) to 7 (most risky).
| Risk category | Description of volatility |
| 1 | Very low |
| 2 | Low |
| 3 | Medium |
| 4 | Medium to High |
| 5 | High |
| 6 | Very high |
| 7 | Extremely high |
The risk indicators are calculated using returns of the funds, the returns of the fund’s market index or a combination of both, for the previous five years. Index returns or a mix are used if the fund has existed for less than five years. All Managers are required to use the same methodology so you can compare the risk of different funds if you are researching more than one manager.
Amova Asset Management New Zealand Limited, established in 1994, manages funds for a wide range of clients including charities, corporations, local governments, and individual investors.
As a New Zealand-based investment manager, it benefits from the global expertise of its parent company, Amova Asset Management, one of Asia’s largest asset managers. Led by Stuart Williams since 2023, Amova NZ actively manages New Zealand equity and fixed income assets, partnering with Goldman Sachs, NAM Europe, and ARK for global investments. Believing in active management, they seek to uncover market opportunities.
| One month | Three months | One year | Three years (p.a) | Five years (p.a) | |
|---|---|---|---|---|---|
| Fund performance1 | 0.30% | 0.97% | 4.59% | 5.24% | 3.52% |
| Appropriate Market Index (AMI)2 | 0.29% | 0.85% | 4.21% | 4.91% | 3.25% |
AMI (appropriate market index) is a theoretical portfolio with similar underlying assets as the fund. This allows investors to see a comparison of how the value of those assets have changed in the market relative to the fund.
| Security Name | Percentage |
|---|---|
| Westpac New Zealand 060726 FRN | 3.87% |
| Kiwibank Ltd 130628 FRN | 3.69% |
| Westpac NZ 1.439% 02/24/26 | 3.54% |
| Rabobank NederlandNZ 190628 FRN | 3.27% |
| ASB Bank Limited 181027 FRN | 3.20% |
| MUFG Bank Ltd Auckland Branch 241126 FRN | 2.88% |
| Transpower NZ 1.735% 04/09/2025 | 2.65% |
| New Zealand Tax Trading Co 150925 RCD | 2.39% |
| Rabobank NederlandNZ 160326 FRN | 2.26% |
| China Construction Bank Nz Ltd 090226 Frn | 2.09% |
Commentary
As of 31 August 2025
Fund Commentary
The fund performed well in August returning 0.35% outperforming its benchmark the 90-day Bank Bill Index which returned 0.29%.
In response to the Reserve Bank’s decisively dovish shift, interest rates fell across the curve. 90-day bills fell 19bps to 3%, 6-month bills fell 24bps to 2.93% and 1-year swap fell an impressive 29bps to 2.81%. With this backdrop the fund’s long duration position of 108 days positively contributed to performance. Additional cuts at both the October and November meetings are the Reserve Bank’s central scenario; this leaves February as the first date for a potential reversal in strategy. Pivoting to hiking this quick is unlikely and would represent a failure of policy assessment. We expect the cash rate to be held at its lows for a period of around a year and as such are increasingly comfortable holding a long duration position.