Find a branch
Contact
Help
Investment fund performance.
View all our funds and see how they’ve performed.
Market update (July – September 2025).
Markets strengthened this quarter, driven by solid corporate earnings, central bank policies, and increasing investor confidence - particularly in relation to the artificial intelligence theme.
Global
New US trade deals were signed, but fresh tariffs and a court challenge to existing tariffs added uncertainty. Despite this, equity markets performed well.
- US equities1 rose 7.8%, with large technology companies including Intel, Tesla, Alphabet, Oracle, and Apple posting strong gains.
- European equities2 gained 3.1%, holding up despite political tensions in France.
In New Zealand
The economy shrank 0.9% in the June quarter, with weakness across key sectors, while unemployment climbed to 5.2%.
This quarter, the Reserve Bank of New Zealand (RBNZ) cut the official cash rate to 3.00% and indicated there may be further cuts to help turn around slowing economic growth. NZ equities3 delivered improved returns, up 5.5%. Investor confidence was buoyed by lower interest rates, inflation staying manageable, and a weaker NZ dollar.
Bonds & Currency
Bond markets posted modest gains.
- Long-term US bond yields dropped (bond prices rose) in September, supported by mild inflation, foreign demand, and lower global interest rates.
- NZ bonds outperformed global bonds. The NZ dollar hit a three-year low against the Australian dollar in September, challenging for consumers but positive for exporters.
What this means
- Businesses: lower interest rates and a weaker NZ dollar may help exporters and reduce borrowing costs. But slowing economic growth and rising unemployment may dampen demand and investment.
- Consumers: easing inflation and lower interest rates may provide some relief, but job market weakness could limit spending and confidence.
- Investors: strong global equities and AI momentum could create opportunities, but trade policy uncertainty and economic challenges in New Zealand call for a selective, cautious approach.
Looking ahead
Recent quarters have brought both gains and volatility. Short-term fluctuations are a normal part of investing. For long-term investors, staying in the right fund, aligned with your goals increases the likelihood of growth over time.
Westpac KiwiSaver Scheme fund performance.
High Growth Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 8.29% | 15.53% | 15.65% | - | - | - |
Growth Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 7.03% | 13.05% | 13.02% | 13.90% | 7.96% | 8.35% |
Balanced Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 5.78% | 10.67% | 10.82% | 11.86% | 6.35% | 7.05% |
Default Balanced Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 5.13% | 9.52% | 9.91% | 11.03% | - | - |
Moderate Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 4.44% | 8.14% | 8.51% | 9.73% | 4.75% | 5.53% |
Conservative Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 3.46% | 6.33% | 6.75% | 7.98% | 3.53% | 4.45% |
Defensive Conservative Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 3.15% | 5.68% | 6.21% | 7.54% | 3.35% | 4.27% |
Cash Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 0.91% | 1.89% | 4.46% | 5.15% | 3.47% | 2.76% |
Returns (for periods less than 3 years) and average annual returns (for periods 3 years and greater) are after deducting fund charges but before tax to 30 September 2025. Past performance is not a reliable indication of future performance. Returns for any fund will vary and may be negative at times, which means your balance can be less than what you invested. There is no five years or greater return for the Default Balanced Fund because it started on 1 December 2021. There is no three year or greater return for the High Growth Fund because it started on 25 September 2024.
Next steps.
Help me choose a fund
The Westpac KiwiSaver Scheme Fund Chooser will recommend a fund for you based on when you want to use your money - for your first home or when you turn 65.
KiwiSaver Calculator
Use our calculator to see how much you could have and the difference small changes to your contribution rate or your choice of fund could make to Future You.
Talk to a KiwiSaver Specialist
Simply call us weekdays between 8.30am and 5pm on NZ: 0508 972 254. If calling from overseas: +64 9 375 9978 (international toll charges apply).
Westpac Active Series fund performance.
Growth Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 6.93% | 12.89% | 12.71% | 13.58% | 7.58% | 7.81% |
Balanced Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 5.70% | 10.52% | 10.49% | 11.53% | 5.98% | 6.52% |
Moderate Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 4.39% | 8.03% | 8.24% | 9.44% | 4.41% | 5.08% |
Conservative Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 3.07% | 5.52% | 5.89% | 7.22% | 2.89% | 3.67% |
Returns (for periods less than 3 years) and average annual returns (for periods 3 years and greater) are after deducting fund charges but before tax to 30 September 2025. Past performance is not a reliable indication of future performance. Returns for any fund will vary and may be negative at times, which means your balance can be less than what you invested.
Next steps.
Help me choose a fund
Your choice of fund could have a big impact on how your investment grows. Here we share our top five tips to consider when choosing a fund.
General investment enquiries
Contact our dedicated team of specialists with general investment questions.
Financial advice
Contact a Westpac Financial Adviser for a free personalised financial plan. If calling from overseas: +64 9 375 9981 (international toll charges apply).
Westpac Retirement Plan fund performance.
Dynamic Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 6.75% | 12.49% | 11.90% | 12.73% | 6.84% | 7.24% |
Balanced Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 5.51% | 10.10% | 9.69% | 10.67% | 5.22% | 5.88% |
Accumulation Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 1.41% | 2.41% | 2.87% | 4.12% | 0.65% | 1.33% |
Returns (for periods less than 3 years) and average annual returns (for periods 3 years and greater) are after deducting fund charges and tax to 30 September 2025. Past performance is not a reliable indication of future performance. Returns for any fund will vary and may be negative at times, which means your balance can be less than what you invested. The Westpac Retirement Plan (Scheme) is closed to new members and a product disclosure statement has not been registered for the Scheme.
Next steps.
General investment enquiries
Contact our dedicated team of specialists with general investment questions.
Financial advice
Contact a Westpac Financial Adviser for a free personalised financial plan. If calling from overseas: +64 9 375 9981 (international toll charges apply).
Things you should know.
1 S&P 500 Index (in USD)
2 STOXX Europe 600 Price Index (in Euros)
3 S&P/NZX 50 Total Return Index (in NZD)
The material on this webpage is provided for general purposes only and is not a recommendation or opinion in relation to the Westpac KiwiSaver Scheme, Westpac Active Series, or Westpac Retirement Plan. You should not rely solely on the information on this webpage.
This webpage may contain information from third party sources and no member of the Westpac group of companies accepts liability for any error or omission in that information.
The Westpac KiwiSaver Scheme Fund Chooser and the advice it produces are provided by Westpac New Zealand Limited.
BT Funds Management (NZ) Limited is the scheme provider and issuer, and Westpac New Zealand Limited is a distributor, of the Westpac KiwiSaver Scheme and the Westpac Active Series (“Schemes”).
The information above is subject to changes in government policy and law, and changes to the Westpac KiwiSaver Scheme from time to time.
Investments made in the Schemes and the Westpac Retirement Plan (“Products”) do not represent bank deposits or other liabilities of Westpac Banking Corporation ABN 33 007 457 141, Westpac New Zealand Limited or other members of the Westpac group of companies. They are subject to investment and other risks, including possible delays in payment of withdrawal amounts in some circumstances, and loss of investment value, including principal invested.
None of BT Funds Management (NZ) Limited (as manager), any member of the Westpac group of companies, The New Zealand Guardian Trust Company Limited (as supervisor), or any director or nominee of any of those entities, or any other person guarantees the Products’ performance, returns or repayment of capital.
You can get a copy of the Westpac KiwiSaver Scheme Product Disclosure Statement here or the Westpac Active Series Product Disclosure Statement here or by contacting any Westpac branch or call 0508 972 254 or from overseas +64 9 375 9978 (international toll charges apply).