Mercer (N.z.) Limited
Cash Fund
New Zealand Defence Force KiwiSaver SchemeDefensive
What the provider says about this fund
Invests entirely in cash and short term interest bearing investments. Designed for investors who want no exposure to growth assets or where the funds may be required in the short term.
1-year return
2.06%
5-year return p.a.
2.34%
Total annual fee
0.43%
Fund size ($m)
3.7
Members
216
Inception date
9 October 2015
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 | 100.00% | 100.00% | 48.53% |
| Unknown | 0.00% | 0.00% | 0.00% |
Top 10 holdings
| Rank | Asset | Asset class | Asset type | Country | % of fund |
|---|---|---|---|---|---|
| 1 | ASB Bank Limited 1.646% 04/05/2026 | Cash | Cash and Cash Equivalents | NZ | 6.02% |
| 2 | New Zealand Local Government Funding Agency Bond 1.50% 15/04/2026 | Cash | Cash and Cash Equivalents | NZ | 4.42% |
| 3 | Westpac New Zealand Limited Floating Rate Note 06/07/2026 | Cash | Cash and Cash Equivalents | NZ | 4.26% |
| 4 | Auckland City Council 3.744% 10/08/2026 | Cash | Cash and Cash Equivalents | NZ | 3.69% |
| 5 | Rabobank New Zealand Limited RCD maturing 01/05/2026 | Cash | Cash and Cash Equivalents | NZ | 3.65% |
| 6 | Westpac New Zealand Limited 3.696% 16/02/2027 | Cash | Cash and Cash Equivalents | NZ | 3.08% |
| 7 | New Zealand Local Government Funding Agency Treasury Bill 25/05/2026 | Cash | Cash and Cash Equivalents | NZ | 3.03% |
| 8 | ASB Bank Limited RCD maturing 15/06/2026 | Cash | Cash and Cash Equivalents | NZ | 3.03% |
| 9 | Westpac New Zealand Limited 3.02% 06/10/2026 | Cash | Cash and Cash Equivalents | NZ | 2.47% |
| 10 | Toyota Finance New Zealand Limited Promissory Note 23/04/2026 | Cash | Cash and Cash Equivalents | NZ | 2.43% |
Fees
0.43% total annual fee
| Fee type | Fee | Cost per year on a $30,000 balance | Average for Defensive funds |
|---|---|---|---|
| Management fees | 0.25% | $75 | 0.46% |
| Other fees | 0.18% | $54 | 0.06% |
| Membership fees | 0.00% | $0 | 0.05% |
| Total combined fees | 0.43% | $129 | 0.57% |
Yearly returns
| Year ending | Fund return | Average for Defensive funds |
|---|---|---|
| 31 March 2018 | 1.30% | 2.07% |
| 31 March 2019 | 1.33% | 2.39% |
| 31 March 2020 | 0.94% | 1.67% |
| 31 March 2021 | 0.04% | 1.64% |
| 31 March 2022 | 0.12% | -1.81% |
| 31 March 2023 | 2.10% | -0.19% |
| 31 March 2024 | 3.83% | 3.49% |
| 31 March 2025 | 3.63% | 3.79% |
| 31 March 2026 | 2.06% | 2.09% |
Key personnel
| Name | Position | Time in role |
|---|---|---|
| Anna Scott | CEO - Mercer (N.Z.) Ltd | 6 months |
| David Scobie | Principal, Investments New Zealand - Mercer (N.Z.) Ltd | 2 years, 8 months |
| Del Hart | Chief Investment Officer - New Zealand, Mercer (N.Z.) Ltd | 1 month |
| Kylie Willment | Chief Investment Officer, Pacific, Mercer Australia (Pty) Ltd | 8 years, 5 months |
| Ross Butler | Chair - Mercer (N.Z.) Ltd | 2 years, 11 months |