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Investment fund performance.
View all our funds and see how they’ve performed.
Market update (October - December 2025).
Global markets ended 2025 positively with most major share markets delivering gains for the quarter and reaching new highs. This was despite ups and downs caused by shifting interest rate expectations and ongoing geopolitical events. Let’s take a closer look at the markets here and around the world.
Global
- US equities1 rose for a third consecutive quarter gaining 2.4%. This was largely driven by strong corporate earnings, especially in technology and healthcare, and two interest rate cuts by the US Federal Reserve. However, the job market softened, consumer spending slowed and concerns about the amount of money being invested in AI increased. Well-known technology names like Meta and Microsoft also experienced a fall in their share prices.
- European equities2 reached new highs gaining 6.1%. This was supported by strong company earnings and improved investor confidence, despite occasional market jitters from political events.
In New Zealand
The NZ share market3 rose 1.9% over the quarter. The economy showed signs of recovery and the Reserve Bank of New Zealand cut interest rates twice. However, it signalled that further cuts are unlikely in 2026.
Bonds & Currency
Bond markets were mixed as expectations shifted from more rate cuts to a likely pause. US Treasury yields were mostly steady, while New Zealand’s 10-year government bond yield rose slightly. The New Zealand dollar strengthened against the US dollar late in the quarter, but not quite enough to fully recover from earlier weakness.
What this means
- Businesses: Lower interest rates can make borrowing cheaper and help exporters, but global uncertainty and mixed domestic growth may slow business investment.
- Consumers: Easing inflation and lower interest rates may provide some relief, but a softer job market could limit household spending and confidence.
- Investors: While new technology trends and strong overseas markets are encouraging, it’s a good time to check your investment fund choice still matches your goals and comfort with risk.
Looking ahead
Recent quarters have brought both gains and volatility. Short-term ups and downs are a normal part of investing and diversification can help smooth the ride. 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 |
| 3.26% | 11.81% | 14.96% | - | - | - |
Growth Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 2.53% | 9.74% | 12.82% | 13.80% | 6.65% | 8.21% |
Balanced Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 1.95% | 7.84% | 10.99% | 11.71% | 5.37% | 6.94% |
Default Balanced Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 1.74% | 6.96% | 10.15% | 10.89% | - | - |
Moderate Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 1.38% | 5.88% | 8.84% | 9.54% | 4.13% | 5.46% |
Conservative Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 0.87% | 4.35% | 7.31% | 7.78% | 3.14% | 4.37% |
Defensive Conservative Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 0.76% | 3.93% | 6.77% | 7.33% | 3.02% | 4.18% |
Cash Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 0.79% | 1.71% | 3.90% | 5.11% | 3.60% | 2.77% |
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 31 December 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 |
| 2.45% | 9.55% | 12.49% | 13.50% | 6.33% | 7.69% |
Balanced Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 1.88% | 7.68% | 10.66% | 11.40% | 5.04% | 6.43% |
Moderate Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 1.28% | 5.72% | 8.55% | 9.25% | 3.81% | 5.02% |
Conservative Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 0.68% | 3.77% | 6.43% | 7.01% | 2.60% | 3.62% |
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 31 December 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 |
| 2.26% | 9.16% | 11.69% | 12.62% | 5.54% | 7.10% |
Balanced Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 1.67% | 7.27% | 9.82% | 10.52% | 4.24% | 5.77% |
Accumulation Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| -0.05% | 1.35% | 3.26% | 3.92% | 0.71% | 1.32% |
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 31 December 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 EUR)
3 S&P/NZX 50 Total Return Index
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).