Westpac KiwiSaver Scheme
Westpac Default Fund

In their own words: "The Default Fund aims to provide stable returns over the short to medium term. The fund invests primarily in income assets but is required to have an allocation to growth assets of between 15% and 25%. Volatility is expected to be higher than the Cash Fund but lower than the Conservative Fund in the Westpac KiwiSaver Scheme."

At a glance:

Not Mindful
Type: Conservative fund
Past Returns: 3.73%

Average annual returns over the past 3 years, after fees and taxes. *indicates less than three years of data.

Annual Fees: 0.53%

Annual fees, including membership and % management fee, assuming $10,000 investment.

More information:

A summary of this fund and it's details.

Number FND340
Name Westpac Default Fund
Risk profile Conservative fund
Description The Default Fund aims to provide stable returns over the short to medium term. The fund invests primarily in income assets but is required to have an allocation to growth assets of between 15% and 25%. Volatility is expected to be higher than the Cash Fund but lower than the Conservative Fund in the Westpac KiwiSaver Scheme.
Value $210M NZD
Members 0
Market index description The market index return reflects a composite of benchmark index returns, weighted for the fund’s target asset allocation. The benchmark indices used for each asset class are defined in the Statement of Investment Policy and Objectives (SIPO).
Disclosure Statement Period Sun March 31st 2019
Fund started Wed July 2nd 2014
Three-year average return 3.73%
Market index past year return 6.17%
Past year return net charges and tax 4.15
Past year return net of charges gross of tax 5.18
Market index return since fund started 5.94%
Return since fund started net 4.28%
Total annual fund fees 0.53
Total performance based fees 0.0
Manager's basic fee 0.4
Administration charges 0.13
Total other charges 27.0
Total other charges currency NZD

This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 31 March 2019.

The past annual returns for this fund. Please note that higher past returns do not always mean higher future returns.

Year Market Index Fund Annual Return
2019 4.40% 4.15%
2018 3.80% 4.13%
2017 4.16% 2.92%
2016 3.52% 3.75%

The market index is the average NZ KiwiSaver return for funds of the same risk category, sourced from the Commission for Financial Capability's Sorted website. The fund information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 31 March 2019.

Showing the top 10 investments for this fund:

  • US 5Yr Note (Cbt)
    United States Int Fixed Interest
    2.61%
  • Westpac 32 Day Notice Deposit
    New Zealand Cash and Equivalents AA-
    2.0%
  • NZ Government Bond 5.5% 15/04/2023
    New Zealand NZ Fixed Interest AA+
    1.55%
  • NZ Government Bond 4.5% 15/04/2027
    New Zealand NZ Fixed Interest AA+
    1.17%
  • NZ Government Bond 6% 15/05/2021
    New Zealand NZ Fixed Interest AA+
    1.05%
  • BNZ 180 Day Rolling Deposit Account
    New Zealand Cash and Equivalents AA-
    1.03%
  • A2 Milk Company Ltd
    New Zealand Australasian Equities
    1.0%
  • Spark New Zealand Ltd
    New Zealand Australasian Equities N/A
    0.84%
  • NZ Government Bond 2.75% 15/04/2037
    New Zealand NZ Fixed Interest AA+
    0.79%
  • Kiwi Property Group Ltd
    New Zealand Listed Property N/A
    0.71%

This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 31 March 2019.

How the money in this fund is invested.

Type Target Actual
Cash and Cash Equivalents 33.0% 33.72%
New Zealand Fixed Interest 23.0% 22.88%
International Fixed Interest 24.0% 23.45%
Australasian Equities 8.0% 7.81%
International Equities 9.0% 8.92%
Listed Properties 3.0% 3.22%
Unlisted Properties 0.0% 0.0%
Unknown None% 0.0%
Other 0.0% 0.0%
Commodities 0.0% 0.0%

This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 31 March 2019.

Key Personnel

  • Angelika Sansom

    Currently: Investment Analytics Manager (17 years, 7 months)
    Previously: Investment Consultant, Mercer (2 years, 4 months)

  • Francois Richeboeuf

    Currently: Senior Portfolio Manager (8 years, 5 months)
    Previously: Head of Fixed Income and Portfolio Manager, Rand Merchant Bank Asset Management (3 years, 1 months)

  • Matthew Goldsack

    Currently: Head of Investment Solutions (10 years, 3 months)
    Previously: Head of Research, AXA Global Investors (7 years, 10 months)

  • Nigel Jackson

    Currently: Acting Head of Investments & Insurance (2 years, 1 months)
    Previously: Head of Customer Proposition (current) (7 years, 5 months)

  • Nirav Shah

    Currently: Portfolio Manager (10 years, 9 months)
    Previously: Senior Financial Plan Writer, Westpac New Zealand Limited (1 years, 0 months)

  • Stephen Hong

    Currently: Senior Portfolio Manager (6 years, 6 months)
    Previously: Portfolio Manager, AXA Global Investors (5 years, 9 months)

This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 31 March 2019.

The known proportion of this fund invested in the areas of concern that we track. The Fund may have investments that are not consistent with their exclusions policy because of timing issues or because there are companies of concern in indirect investments.

  • Adult Entertainment/Pornography:
    0.00%
  • Alcohol:
    0.32%
  • Animal Testing:
    0.58%
  • Fossil Fuels:
    1.01%
  • Gambling:
    0.27%
  • GMOs:
    0.07%
  • Human Rights & Environmental Violations:
    0.24%
  • Palm Oil:
    0.02%
  • Tobacco:
    0.00%
  • Weapons:
    0.11%

This data has been compiled by Mindful Money from the portfolios that each KiwiSaver fund has filed with the Disclose register to 31 March 2019 and Mindful Money analysis of funds within those portfolio. The list of companies of concern has been drawn from ratings agencies and public sources, including the Norwegian Sovereign Fund, NZ Super Fund and research organisations.

Does this fund have a policy to exclude any industries from its investments?

  • Adult Entertainment/Pornography:
  • Alcohol:
  • Animal Testing:
  • Fossil Fuels:
  • Gambling:
  • GMOs:
  • Human Rights & Environmental Violations:
  • Palm Oil:
  • Tobacco:
  • Weapons:

This data is compiled from Mindful Money analysis of Fund websites. Note that the Fund’s intended exclusions may not be consistent with the analysis of the portfolio because of timing issues or because there are companies of concern in indirect investments by the Fund.

Many KiwiSaver funds exclude controversial weapons. However, the category of Weapons used in this analysis is broader in scope, covering all munitions, firearms and military weapons.

Download the fund's disclosure statement and portfolio holdings.

This information has been sourced from the six monthly data that each KiwiSaver fund has filed with Disclose register to 31 March 2019.

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Before investing, consider your investment aims, your values and your risk preferences. You should read the Product Disclosure Statement for the investment fund carefully. It contains the fund’s investment objectives, risks, fees and other information which you should know before investing. This website has a list of the advisers that are registered with the Responsible Investment Association of Australasia. You should contact an investment adviser before investing if you have questions or if you are unclear about the implications of your investment decision.