Find a branch
Contact
Help
Investment fund performance.
View all our funds and see how they’ve performed.
Market update (April - June 2025).
Markets were volatile this quarter, driven by shifting tariff policies, geopolitical tensions, and evolving central bank policies.
In April, US President Trump’s “Liberation Day” tariff announcements shook global markets. However, a 90-day pause and signs of negotiation with China, Canada, and the EU helped calm investor nerves. Meanwhile, concerns over the US fiscal deficit grew, after a Republican-led budget bill and credit rating agency Moody’s downgraded the US credit rating.
Europe saw a boost from Germany’s €1 trillion stimulus announcement, while a brief Iran-Israel conflict in June added geopolitical risk. A quick ceasefire limited market disruption.
Despite a rocky April, sentiment improved in May and June. Global equities rebounded, up over 9%1 for the quarter, hitting new highs. The “Magnificent 7” tech stocks also partially recovered. NZ equities returned a more modest 2.7%2.
Bond markets also posted modest gains. Global bonds (hedged to NZD) returned 1.3%3, while NZ bonds returned 1.4%4. Recession fears faded, replaced by concerns over fiscal deficits.
In New Zealand, Q1 GDP rose 0.8%. Business and consumer confidence improved slightly in June. And the NZ dollar strengthened 7.2% against the US dollar, closing near 0.61 — it’s highest in eight months — with notable gains against the Japanese yen and Australian dollar as well.
What’s next
Markets remain sensitive to key risks:
- Tariffs: the US-China/EU tariff pause is temporary. Ongoing uncertainty could affect global supply chains and NZ exports.
- Geopolitics: flashpoints like the Middle East, Ukraine, and Taiwan could disrupt markets, especially energy and shipping triggering spikes in oil prices.
- Central Banks: after rate cuts during 2024 and early 2025, most major central banks are in wait-and-see mode. Future moves will depend on inflation and growth data.
Looking ahead
Market volatility is likely to persist, and short-term fluctuations are a normal part of investing. Reacting to market dips by switching funds or withdrawing investments can lock in losses. 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 |
| 6.69% | 2.81% | - | - | - | - |
Growth Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 5.63% | 2.81% | 10.83% | 10.83% | 7.44% | 7.39% |
Balanced Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 4.62% | 2.92% | 9.66% | 9.21% | 5.93% | 6.30% |
Default Balanced Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 4.18% | 2.98% | 9.18% | 8.65% | - | - |
Moderate Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 3.54% | 2.80% | 8.39% | 7.60% | 4.45% | 5.02% |
Conservative Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 2.77% | 2.83% | 7.42% | 6.23% | 3.29% | 4.10% |
Defensive Conservative Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 2.45% | 2.73% | 6.94% | 5.95% | 3.15% | 3.97% |
Cash Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 0.97% | 2.15% | 5.08% | 5.06% | 3.33% | 2.75% |
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 June 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 six month 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 |
| 5.58% | 2.69% | 10.58% | 10.51% | 6.99% | 6.85% |
Balanced Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 4.56% | 2.76% | 9.32% | 8.89% | 5.51% | 5.77% |
Moderate Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 3.49% | 2.67% | 8.11% | 7.30% | 4.07% | 4.57% |
Conservative Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 2.38% | 2.56% | 6.62% | 5.63% | 2.66% | 3.36% |
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 June 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 |
| 5.38% | 2.32% | 9.73% | 9.68% | 6.32% | 6.29% |
Balanced Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 4.35% | 2.37% | 8.53% | 8.04% | 4.79% | 5.14% |
Accumulation Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 0.99% | 1.88% | 4.19% | 3.25% | 0.53% | 1.25% |
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 June 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 MSCI World Index (in local currencies)
2 S&P/NZX 50 Gross Index
3 Bloomberg Global Aggregate Bond Index (hedged to NZD)
4 Bloomberg NZ Bond Composite 0+Y 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).