KiwiSaver funds shake off Middle East tension
Morningstar’s latest KiwiSaver survey shows that KiwiSaver funds under management ended the June quarter at $147.7 billion, up $10 billion over the quarter.
The increase was driven by investor contributions and market returns.
Average returns for multisector funds ranged from 3.3% for the quarter for conservative funds through to 11.9% for aggressive funds.
Morningstar said funds had staged a strong recovery through the three months, as investors started to “look through” the geopolitical shocks of the start of the year. Conflict in the Middle East hit markets in the first quarter, as oil prices rose.
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