New Zealand Funds Management Limited
Income Strategy
NZ Funds KiwiSaver SchemeDefensive
What the provider says about this fund
The objective of the Income Strategy is to generate gains by investing in income assets and other assets with active management. The fund is anticipated to mainly own and trade New Zealand, Australian and international bonds over the minimum suggested timeframe.
1-year return
1.26%
5-year return p.a.
0.89%
Total annual fee
1.22%
Fund size ($m)
154.5
Members
22,926
Inception date
1 November 2010
Risk indicator
The official Smart Investor risk indicator uses a scale from 1 to 7.
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Lower riskHigher risk
Investment mix
Growth assets
0.00%
Income assets
100.00%
| Asset class | Actual | Target | Average for Defensive funds |
|---|---|---|---|
| Cash and equivalents | 49.78% | 8.00% | 48.53% |
| International bonds | 20.76% | 47.00% | 22.70% |
| New Zealand bonds | 29.46% | 45.00% | 28.46% |
| Unknown | 0.00% | 0.00% | 0.00% |
Top 10 holdings
| Rank | Asset | Asset class | Asset type | Country | % of fund |
|---|---|---|---|---|---|
| 1 | Westpac Bank Bill 2.49% 13/04/2026 | Cash | Cash and Cash Equivalents | NZ | 9.66% |
| 2 | Westpac Bank Bill 2.5% 20/04/2026 | Cash | Cash and Cash Equivalents | NZ | 9.09% |
| 3 | Westpac Bank Bill 2.54% 30/06/2026 | Cash | Cash and Cash Equivalents | NZ | 7.99% |
| 4 | ANZ Bank Ltd 2.999% 17/09/2031 | Bonds | New Zealand Fixed Interest | NZ | 5.79% |
| 5 | BNZ Bank Bill 2.515% 18/06/2026 | Cash | Cash and Cash Equivalents | NZ | 4.53% |
| 6 | Bank of New Zealand 5.872% 01/09/2028 | Bonds | New Zealand Fixed Interest | NZ | 4.19% |
| 7 | Westpac Cash | Cash | Cash and Cash Equivalents | NZ | 3.76% |
| 8 | Citibank New Zealand Cash | Cash | Cash and Cash Equivalents | NZ | 2.79% |
| 9 | Kiwibank 4.93% Perpetual | Bonds | New Zealand Fixed Interest | NZ | 2.66% |
| 10 | BNZ Bank Bill 2.48% 26/05/2026 | Cash | Cash and Cash Equivalents | NZ | 2.47% |
Fees
1.22% total annual fee
| Fee type | Fee | Cost per year on a $30,000 balance | Average for Defensive funds |
|---|---|---|---|
| Management fees | 0.95% | $285 | 0.46% |
| Other fees | 0.17% | $51 | 0.06% |
| Membership fees | 0.10% | $30 | 0.05% |
| Total combined fees | 1.22% | $366 | 0.57% |
Yearly returns
| Year ending | Fund return | Average for Defensive funds |
|---|---|---|
| 31 March 2017 | 2.82% | 1.52% |
| 31 March 2018 | 1.67% | 2.07% |
| 31 March 2019 | 3.21% | 2.39% |
| 31 March 2020 | -1.49% | 1.67% |
| 31 March 2021 | 13.66% | 1.64% |
| 31 March 2022 | 0.29% | -1.81% |
| 31 March 2023 | -2.79% | -0.19% |
| 31 March 2024 | 1.39% | 3.49% |
| 31 March 2025 | 4.46% | 3.79% |
| 31 March 2026 | 1.26% | 2.09% |
Key personnel
| Name | Position | Time in role |
|---|---|---|
| John Cobb | Chair of the Investment Governance Committee and a Director | 3 years, 4 months |
| Mark Brooks | Chief Investment Officer and a Principal | 2 years, 1 month |
| Michael Lang | Chief Executive and a Director | 7 years, 6 months |