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Investment fund performance.
View all our funds and see how they’ve performed.
Market update (April to June 2026).
Financial markets were influenced by geopolitical tensions in the Middle East during the second quarter of 2026 yet share markets still delivered strong returns. The conflict contributed to heightened volatility in energy prices and made the inflation outlook less clear. However, a framework agreement between the United States and Iran helped lower oil prices and reduced concerns about global growth and inflation.
Global
Global share markets delivered strong returns for the June quarter, led by gains in the United States1 and Europe2, which each rose more than 15%. Driven by the AI theme and strong profit growth, the largest technology stocks drove much of the early gains. However, as the quarter progressed, investor confidence gradually spread more broadly across the market as concerns about the Middle East eased. Emerging country share markets3 were the standout performers, returning nearly 23% over the quarter.
In New Zealand
The New Zealand4 share market moved higher over the quarter, returning 5.5%. Economic growth was stronger than expected, showing further signs the recovery is gaining momentum. Inflation remained elevated, however, and while the Reserve Bank of New Zealand (RBNZ) kept the Official Cash Rate (OCR) unchanged, it signalled that interest rates may rise if inflation remains high.
Bonds & Currency
Global bond markets5 delivered a small positive return of close to 1%, while New Zealand bonds6 performed more strongly, returning 2.8% over the quarter. The New Zealand dollar weakened further against the US dollar and the Australian dollar.
What this means
- Businesses: Recent economic growth has been encouraging, but higher costs and the possibility of rising interest rates may continue to create challenges for many businesses. Staying flexible and planning ahead can help businesses respond to changing conditions.
- Consumers: Lower oil prices may help reduce fuel costs and support household spending. However, future interest rate movements will remain important for household finances and investment returns.
- Investors: The quarter showed the value of diversification. Overseas markets, particularly in the United States, Europe and Asia, delivered some of the strongest returns. Investment gains became more broadly spread across sectors as the quarter progressed. Diversifying your investments across regions and asset classes remains one of the most effective ways to help manage risk over the long term.
Looking ahead
Easing tensions in the Middle East have improved the outlook for global markets and helped reduce concerns about inflation. However, uncertainty remains, and central banks continue to balance the challenge of controlling inflation while supporting economic growth. In New Zealand, interest rates may move higher in the coming months if inflation pressures continue. The strong rebound in markets in this quarter showed how quickly market conditions can change. Staying focused on long-term goals remains one of the most effective paths to investment success.
Westpac KiwiSaver Scheme fund performance.
High Growth Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 13.63% | 8.59% | 21.42% | - | - | - |
Growth Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 11.06% | 6.91% | 17.33% | 13.38% | 7.00% | 8.71% |
Balanced Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 8.78% | 5.61% | 13.90% | 11.35% | 5.77% | 7.26% |
Default Balanced Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 7.63% | 4.96% | 12.26% | 10.48% | - | - |
Moderate Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 6.30% | 4.09% | 10.21% | 9.19% | 4.58% | 5.55% |
Conservative Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 4.50% | 2.99% | 7.48% | 7.47% | 3.61% | 4.32% |
Defensive Conservative Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 3.95% | 2.67% | 6.71% | 7.00% | 3.46% | 4.10% |
Cash Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 0.72% | 1.43% | 3.16% | 4.75% | 3.85% | 2.79% |
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 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 |
| 10.93% | 6.70% | 16.88% | 12.98% | 6.69% | 8.23% |
Balanced Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 8.67% | 5.45% | 13.55% | 10.99% | 5.47% | 6.80% |
Moderate Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 6.22% | 3.91% | 9.85% | 8.85% | 4.27% | 5.14% |
Conservative Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 3.90% | 2.49% | 6.36% | 6.65% | 3.08% | 3.58% |
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 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 |
| 10.78% | 6.34% | 16.08% | 12.19% | 5.89% | 7.59% |
Balanced Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 8.48% | 5.03% | 12.66% | 10.16% | 4.64% | 6.09% |
Accumulation Fund
|
3 months |
6 months |
1 year |
3 years |
5 years |
10 years |
| 1.21% | 0.67% | 2.03% | 3.58% | 1.20% | 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 30 June 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 Net Return (EUR)
3 MSCI Emerging Markets Index (USD)
4 S&P/NZX 50 Total Return Index (NZD)
5 Bloomberg Global Aggregate Total Return Index (NZD)
6 Bloomberg NZ Bonds Composite Index (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).