Performance rankings are one of the most searched KiwiSaver topics — and one of the most misused. This article provides the most useful lens on KiwiSaver performance data: after-fee returns over meaningful timeframes, with the context to interpret them correctly.
Key principle: Use 5-year after-fee returns as your primary comparison metric. One-year rankings are noise.
Why After-Fee Returns Over 5 Years Are the Right Metric
A 1-year return ranking tells you who got lucky (or unlucky) with timing in a 12-month window. A 5-year after-fee return tells you something more meaningful — how much money you’d actually have in your account relative to other options.
After-fee matters because:
- Fees are a guaranteed cost; returns are uncertain
- A 9.5% gross return with 1.2% fees = 8.3% net
- A 9.0% gross return with 0.31% fees = 8.69% net
- The “lower performing” fund actually delivers more money after fees
For a full explanation of how to read performance data — including the active vs passive debate, risk adjustment, and where to find FMA-verified data — see our KiwiSaver fund performance guide.
Best Performing Growth Funds — 5-Year Returns (to December 2025)
After-fee, after-PIE-tax returns. Data sourced from FMA annual report and provider fund updates. Past performance is not indicative of future returns.
| Fund | Provider | 5-yr annual return (after fees) | Annual fee |
|---|---|---|---|
| Milford Active Growth | Milford | ~9.5%–10.2% | ~1.05% + $36 |
| Generate Focused Growth | Generate | ~9.0%–9.8% | ~0.97% + $36 |
| Booster High Growth | Booster | ~8.5%–9.2% | ~0.80% + $30 |
| Simplicity Growth | Simplicity | ~8.2%–8.8% | 0.31% |
| BNZ Growth | BNZ | ~8.0%–8.5% | ~0.35% + $18 |
| Summer High Growth | Summer | ~7.8%–8.3% | ~0.49% + $30 |
| ASB Growth | ASB | ~7.5%–8.0% | ~0.85% |
| ANZ Growth | ANZ | ~7.2%–7.8% | ~0.95% |
| Fisher Funds Growth | Fisher Funds | ~7.0%–7.8% | ~1.05%–1.45% + $36 |
| Westpac Growth | Westpac | ~6.8%–7.5% | ~0.95% |
Returns are indicative ranges based on available data to December 2025. Verify current figures with FMA, Sorted, or provider fund updates before making decisions.
Key observations
Milford and Generate top the growth table — but their lead over lower-cost passive options (Simplicity, BNZ) is much smaller after fees than gross returns suggest. On a $50,000 balance, 1% after-fee outperformance equates to $500/year — meaningful but not transformative.
Simplicity and BNZ are strong on a risk-adjusted, cost-certain basis. Their returns track market indices closely. What you see is what you get — without the uncertainty of whether an active manager’s skill persists.
Fisher Funds and Westpac disappoint on after-fee terms. Fisher Funds charges some of the highest fees in the market; when those fees are deducted from gross returns, the after-fee result is less impressive than many members in these funds realise.
Best Performing Balanced Funds — 5-Year Returns (to December 2025)
| Fund | Provider | 5-yr annual return (after fees) | Annual fee |
|---|---|---|---|
| Milford Balanced | Milford | ~7.5%–8.2% | ~0.85% + $36 |
| Generate Balanced Growth | Generate | ~7.0%–7.8% | ~0.97% + $36 |
| Simplicity Balanced | Simplicity | ~6.8%–7.3% | 0.31% |
| BNZ Balanced | BNZ | ~6.5%–7.0% | ~0.30%–0.35% + $18 |
| Booster Balanced | Booster | ~6.3%–6.9% | ~0.65% + $30 |
| ASB Balanced | ASB | ~6.0%–6.5% | ~0.65% |
| ANZ Balanced | ANZ | ~5.8%–6.3% | ~0.75% |
| Fisher Funds Balanced | Fisher Funds | ~5.5%–6.0% | ~1.05% + $36 |
Best Performing Conservative Funds — 5-Year Returns (to December 2025)
| Fund | Provider | 5-yr annual return (after fees) | Annual fee |
|---|---|---|---|
| Milford Conservative | Milford | ~5.5%–6.0% | ~0.85% + $36 |
| Simplicity Conservative | Simplicity | ~5.0%–5.6% | 0.31% |
| BNZ Conservative | BNZ | ~4.8%–5.3% | ~0.30% + $18 |
| Generate Conservative | Generate | ~4.8%–5.3% | ~0.79% + $36 |
| Booster Conservative | Booster | ~4.5%–5.0% | ~0.49% + $30 |
| ASB Conservative | ASB | ~4.3%–4.8% | ~0.40% |
| ANZ Conservative | ANZ | ~4.0%–4.5% | ~0.55% |
| Fisher Funds Conservative | Fisher Funds | ~3.8%–4.3% | ~0.85% + $36 |
1-Year Returns: A Snapshot Only
The following 1-year returns to December 2025 should be read as context — not as a basis for switching:
1-year after-fee returns: Growth funds (to December 2025)
| Provider/Fund | 1-yr return (approx.) |
|---|---|
| Milford Active Growth | ~11%–13% |
| Generate Focused Growth | ~10%–12% |
| Simplicity Growth | ~10%–11% |
| BNZ Growth | ~9.5%–10.5% |
| Booster High Growth | ~9.5%–10.5% |
| ASB Growth | ~8.5%–9.5% |
| ANZ Growth | ~8.0%–9.0% |
| Fisher Funds Growth | ~7.5%–9.0% |
2025 was a broadly positive year for global equities, lifting all growth funds. A single strong year should not be extrapolated.
The Milford Question: Is Outperformance Sustainable?
Milford Asset Management is the most discussed active KiwiSaver manager in NZ — and for good reason. Its after-fee returns have consistently topped growth fund rankings over 5-year periods.
But the critical question: is this repeatable?
Arguments for sustainability:
- Milford uses a concentrated, fundamental research-driven approach with genuine conviction
- It is not constrained by large FUM (unlike ANZ, which manages $18bn+)
- The team has been consistent and stable
- Milford has outperformed across multiple market cycles, including the 2020 COVID recovery and 2022 drawdown
Arguments for caution:
- As Milford’s FUM grows, its ability to take concentrated positions in smaller companies shrinks
- No active manager has sustained outperformance indefinitely — mean reversion is a real force
- Past 5-year outperformance does not guarantee future outperformance
- The fee gap (Milford ~1.05% vs Simplicity 0.31%) means Milford must outperform by 0.74%+ per year to justify the cost — consistently
The honest answer: Milford has earned serious consideration based on its track record. But past performance is genuinely not a guarantee of future results, and the certainty of Simplicity’s 0.31% fee versus the uncertainty of whether Milford’s outperformance continues is a real trade-off.
For a full head-to-head, see our Simplicity vs Milford KiwiSaver comparison.
Which Fund Should I Be In?
Performance tables are not a fund selection tool on their own. The right fund depends primarily on your time horizon:
| Years to retirement (or first home) | Suggested fund type |
|---|---|
| 10+ years | Growth or high growth |
| 5–10 years | Balanced to growth |
| 3–5 years | Balanced |
| Under 3 years | Conservative |
| Actively saving for a first home purchase within 2 years | Conservative |
Once you’ve selected the appropriate fund type, then use performance data to choose among providers in that category. Chasing a high-return growth fund when you’re 3 years from buying your first home is a common and costly mistake.
For fund type guidance, see how to choose a KiwiSaver fund.
Frequently Asked Questions
Which KiwiSaver provider has the highest returns? Over 5-year periods to 2025, Milford Active Growth and Generate Focused Growth have ranked among the highest after-fee returns in the growth category. However, rankings change and past performance is not a reliable guide to future results. Simplicity and BNZ deliver returns very close to the market return at much lower fees, which is a different but equally defensible strategy.
Should I switch to the best performing fund? Only if that fund is also the right type for your situation (growth if you have 10+ years, conservative if you’re near retirement or a first home purchase). Switching growth funds purely based on last year’s ranking is a poor strategy — returns revert to the mean and you may switch in just as a fund’s outperformance fades.
How often are KiwiSaver performance rankings updated? Fund updates (including quarterly returns) are published monthly by each provider. Annual FMA data is published mid-year. Morningstar and Sorted publish their comparisons periodically. Performance rankings can shift significantly from year to year.
Is Milford KiwiSaver worth the higher fee? Based on historical 5-year data, Milford has delivered enough after-fee outperformance to justify its fees relative to most bank providers. Compared to Simplicity (0.31%), the gap is narrower — Milford’s after-fee return has generally beaten Simplicity, but not by a large margin. Whether that small margin is worth the fee uncertainty is a personal decision. See our Milford KiwiSaver review for the full picture.
What happened to KiwiSaver returns in 2022? 2022 was the worst year for KiwiSaver funds in the scheme’s history. Rising interest rates globally caused simultaneous falls in both equity and bond markets — unusual conditions that hit both growth and conservative funds. Most growth funds fell 10%–20%; many conservative funds fell 5%–10%. Members who stayed invested recovered most losses by end of 2023.
What to Read Next
- KiwiSaver Returns 2025 NZ — annual return data by provider
- KiwiSaver Fund Performance Guide — how to read performance data correctly
- KiwiSaver Fees Comparison — pair performance with cost data
- Simplicity vs Milford KiwiSaver — the passive vs active debate
- Milford KiwiSaver Review — the top-performing active manager
- Simplicity KiwiSaver Review — the low-cost passive benchmark
- How to Choose a KiwiSaver Fund — fund type before provider
- Best KiwiSaver Providers NZ — full provider comparison