KiwiSaver Survey | December Quarter 2025
KiwiSaver assets increased, ending the quarter at close to NZD 145 billion rising almost $5b this quarter due to a combination of market returns across the board, and inflows.
The December 2025 quarter delivered positive outcomes for most KiwiSaver multi-asset portfolios, led by global equities, which outperformed local markets. New Zealand equities posted modest gains, while Australian equities were broadly flat in local terms but slightly positive for NZ investors due to currency effects. Defensive assets provided limited but stabilising returns, with global and NZ corporate bonds modestly positive, offset by small losses in longer-dated NZ government bonds.
The New Zealand dollar weakened through much of the quarter before rebounding late December, meaning unhedged offshore assets benefited from a currency tailwind, contributing to stronger NZ-dollar returns relative to hedged exposures. Crypto assets fell sharply over the quarter, detracting from returns where allocations were meaningful. Overall, growth-oriented KiwiSaver funds generally recorded a solid quarter, supported by offshore equities and favourable FX translation, while balanced and conservative funds delivered smaller, steadier gains as bond returns remained subdued.
