by Susan Edmunds
The research house has released its latest quarterly report on the retirement savings scheme.
Conservative funds were the only positive performer, with an average return of 0.2% over the three months.
The aggressive category performed the worst, down 4.47%.
During the quarter, global markets fell 4.09% in aggregate, New Zealand dollar, terms.
Emerging markets were down 13.08% although most KiwiSaver schemes' exposure to this was indirect.
The S&P/ASX200 lost 6.58% in Australian dollars. The NZX50 fell 2.33%.
Global fixed interest markets were up 2.08%.
Fisher Two was the top performer in the conservative category, as it benefited from exposure to direct property.
Generate topped the moderate Category, which Morningstar said was due to its strong security selection.
Milford was the best-performing balanced category as it dialled back its exposure to growth assets.
AMP Nikko and Forsyth Barr did the best in the growth and aggressive categories because they had the most exposure to New Zealand equities.
On a long-term basis, Aon Russell and ANZ topped most categories.
Morningstar said: "For the most part, we commend the KiwiSaver providers for producing appropriately-diversified KiwiSaver funds. The strategic asset allocation across the board is sensible, with strong emphasis placed on long-term returns and preservation of capital. Volatile market conditions will provide some angst for investors but they should take comfort in their retirement nest egg if it is invested in the most appropriate risk profile."
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