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Investment fund performance.
View all our funds and see how they’ve performed.
Market update (January – March 2026).
Markets started 2026 on a positive note but became more unsettled in March. This was largely driven by escalating conflict in the Middle East, disrupting the supply of oil and gas and causing their prices to jump sharply. Investors worry this will lead to higher inflation and lower economic growth. Let’s take a closer look at how this has impacted markets here and around the world.
Global
Due to the risk of higher inflation, interest rates rose around the world, leading to weaker bond returns. And after a strong start to the quarter, fuelled by continued strong profit growth, global share markets fell sharply in March, leading to an overall decline. In the United States the share market fell 4.3%1 over the quarter; European share markets fell 3.6%2 while emerging markets fared better, returning 2.1%3 over the quarter, after strong gains in January and February.
In New Zealand
Economic conditions in New Zealand remained somewhat challenging. While there were signs of improving growth, a soft job market continued to put pressure on households. The Reserve Bank of New Zealand maintained a cautious approach, noting that while energy prices will lift inflation, they’ll want to see signs of “second round” effects (people and businesses changing their behaviour because they expect high inflation to continue) before adjusting their future policy decisions. The New Zealand share market fell 4.7%4 over the quarter.
Bonds & Currency
New Zealand bond returns fell over the quarter as investors considered the risk that higher energy prices could lead to an earlier increase in interest rates.
The New Zealand dollar ended the quarter slightly lower against the US dollar. After a strong start, it weakened in March as global uncertainty increased.
What this means
- Businesses: Higher energy prices increase costs and uncertainty, particularly for transport and energy‑intensive sectors. While a weaker currency can support exporters, it also adds to the cost of imported goods like fuel. Overall, businesses have become more cautious looking ahead.
- Consumers: Households started the year feeling more positive, but the Middle East conflict and higher fuel prices has dented confidence and put a strain on household budgets.
- Investors: Geopolitical events can create short‑term market swings, especially when they affect interest rates and growth outlooks. Diversification remains important in managing these risks.
Looking ahead
It’s unclear how long the conflict in the Middle East will last. Until there’s a resolution markets are likely to experience ups and downs. It’s important remember that this is a normal part of investing, particularly during periods of heightened uncertainty. For long‑term investors, staying invested in a fund that matches your goals and risk tolerance remains key.
Westpac KiwiSaver Scheme fund performance.
High Growth Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| -4.43% | -1.32% | 14.01% | - | - | - |
Growth Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| -3.73% | -1.29% | 11.59% | 10.55% | 5.58% | 7.62% |
Balanced Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| -2.91% | -1.02% | 9.54% | 9.07% | 4.62% | 6.44% |
Default Balanced Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| -2.48% | -0.78% | 8.66% | 8.51% | - | - |
Moderate Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| -2.08% | -0.73% | 7.35% | 7.51% | 3.73% | 5.03% |
Conservative Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| -1.45% | -0.59% | 5.70% | 6.24% | 2.99% | 4% |
Defensive Conservative Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| -1.23% | -0.48% | 5.17% | 5.92% | 2.90% | 3.84% |
Cash Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 0.70% | 1.50% | 3.42% | 4.96% | 3.72% | 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 March 2026. 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.
Compare our funds
View, sort and compare all our KiwiSaver funds by fee, return, risk and investment timeframe.
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 |
| -3.82% | -1.46% | 11.24% | 10.22% | 5.24% | 7.15% |
Balanced Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| -2.97% | -1.15% | 9.25% | 8.75% | 4.29% | 5.98% |
Moderate Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| -2.18% | -0.93% | 7.03% | 7.19% | 3.41% | 4.61% |
Conservative Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| -1.35% | -0.68% | 4.80% | 5.57% | 2.50% | 3.30% |
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 2026. 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 |
| -4% | -1.84% | 10.42% | 9.40% | 4.49% | 6.51% |
Balanced Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| -3.19% | -1.57% | 8.37% | 7.90% | 3.51% | 5.27% |
Accumulation Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| -0.54% | -0.59% | 1.80% | 3.20% | 0.93% | 1.10% |
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 2026. 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 Total Return Index (USD)
2 Euro Stoxx 50 Total Return Index (EUR)
3 MSCI Emerging Market Index (Local)
4 S&P/NZX 50 Index Gross
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).