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Investment fund performance.
View all our funds and see how they’ve performed.
Market update (Jan - Mar 2025).
US President Trump’s tariff announcements drove the market story for the quarter. The uncertainty over tariffs sparked fears of slower global growth, which saw a drop in share markets, led by the US, during the second half of the quarter.
The Magnificent 7 (the name given to a group of the world's largest companies) stocks fell 15% over the quarter, a contrast to last year when they led share markets higher. Global shares returned -2.7%1 for the quarter, while in NZ dollar terms they returned -3.1% as the US dollar fell. Global bonds gained 1.1%2 for the quarter.
Back home, the New Zealand share market3 fell 6.5% over the quarter. The Reserve Bank of New Zealand (RBNZ) cut the official cash rate (OCR) by 0.50% in February (and again by 0.25% in early April), taking it to 3.75%, and indicated further cuts through 2025 to stimulate economic activity and support a recovery.
Let’s take a closer look at how the Trump administration’s tariff announcements are impacting markets.
The US government announced, and then abruptly changed the tariff rates on imported goods, including a 10% tariff on all New Zealand merchandise exports. Some countries responded by increasing their tariffs for US imports. These frequent and unpredictable changes and escalatory actions have caused uncertainty and increased market volatility.
What’s next.
There is likely to be a period of negotiation between the US and other countries who are seeking to reduce their tariff rates. Until progress has been achieved, many are likely to feel the effects:
- Consumers – may have less confidence if they’re worried about a potential return to higher inflation or their employment prospects, and as a result may put off non-essential purchases.
- Businesses - fluctuating tariffs will continue to complicate planning and forecasting and as a result, companies may put off their capital expenditure investments and/or cut back on hiring.
- Investors – evolving tariff news headlines and potential retaliation has made it difficult to assess economic growth prospects and company profits. This has kept markets jittery and increased volatility, which is likely to be sustained until the trade-war de-escalates.
While the direct economic impact of the additional tariffs on New Zealand is seen as largely manageable, the indirect effects through weaker global demand and heightened market volatility will probably weigh on confidence and spending, offset by the positive impact of lower interest rates.
While the most recent quarterly period brought market volatility, short-term fluctuations are a normal part of investing, and the long-term market trend is usually upward as economies grow. If you switch funds or take your money out when the market dips, you lock in your losses. Whereas, if you’re in the right fund for your long-term investment goal, over time your investment should grow.
Westpac KiwiSaver Scheme fund performance.
High Growth Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| -3.64% | 0.10% | - | - | - | - |
Growth Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| -2.67% | -0.03% | 5.98% | 5.29% | 8.75% | 7.02% |
Balanced Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| -1.63% | 0.14% | 5.76% | 4.78% | 7.03% | 5.97% |
Default Balanced Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| -1.15% | 0.36% | 5.79% | 4.75% | - | - |
Moderate Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| -0.72% | 0.34% | 5.53% | 4.28% | 5.23% | 4.74% |
Conservative Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 0.06% | 0.40% | 5.24% | 3.75% | 3.84% | 3.87% |
Defensive Conservative Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 0.27% | 0.50% | 5.17% | 3.85% | 3.62% | 3.78% |
Cash Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 1.16% | 2.52% | 5.61% | 4.86% | 3.20% | 2.74% |
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 March 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 |
| -2.74% | -0.16% | 5.70% | 4.98% | 8.28% | 6.46% |
Balanced Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| -1.71% | -0.02% | 5.40% | 4.46% | 6.59% | 5.43% |
Moderate Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| -0.79% | 0.19% | 5.21% | 3.96% | 4.83% | 4.28% |
Conservative Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 0.18% | 0.35% | 4.85% | 3.46% | 3.15% | 3.15% |
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 March 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 |
| -2.90% | -0.53% | 4.88% | 4.18% | 7.61% | 5.92% |
Balanced Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| -1.89% | -0.37% | 4.63% | 3.64% | 5.88% | 4.81% |
Accumulation Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 0.88% | 0.45% | 3.74% | 2.34% | 0.72% | 1.12% |
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 March 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 Net Total Return Index
2 Bloomberg Global Aggregate Bond Index (hedged to NZD)
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).