ANZ KiwiSaver Review (2026)

What is ANZ Investments?

ANZ New Zealand Investments Limited, commonly called ANZ Investments, is the investment-management arm of ANZ in New Zealand.

It manages the ANZ KiwiSaver Scheme, which was the largest KiwiSaver provider in New Zealand at 30 June 2026, with approximately $24.0 billion under management and 16.3% of the market.

ANZ Investments also manages a wider range of non-KiwiSaver investment funds, including the OneAnswer fund range.

The ANZ KiwiSaver Scheme

The ANZ KiwiSaver Scheme currently has seven funds:

• Cash Fund
• Conservative Fund
• Conservative Balanced Fund
• Balanced Fund
• Balanced Growth Fund
• Growth Fund
• High Growth Fund

They range from low-risk cash and fixed-interest options through to portfolios invested predominantly in shares.

Fees

ANZ Investments runs several fund ranges, each with its own fees:

None of ANZ's fund ranges charge a buy/sell spread or transaction fee.

How does ANZ invest?

ANZ Investments primarily uses an active investment approach.

Its investment team selects securities, chooses external investment managers and adjusts portfolios rather than simply replicating a market index.

The diversified KiwiSaver funds invest across combinations of:

• cash
• New Zealand and international fixed interest
• New Zealand and Australian shares
• international shares
• listed property and infrastructure
• alternative assets

The mix becomes progressively more growth-oriented as you move from Conservative through to High Growth.

The Growth Fund, for example, has more than two-thirds of its portfolio invested in share markets.

ANZ’s portfolios are broadly diversified across many individual investments. Holdings can include major global companies such as Nvidia, Apple, Microsoft and Alphabet, alongside New Zealand-listed companies such as Fisher & Paykel Healthcare, Infratil, Auckland International Airport and Contact Energy.

Individual holdings can exceed 2% of a fund, so it would be inaccurate to describe the Growth Fund as having no holding above roughly 2%.

The bottom line

ANZ Investments manages New Zealand’s largest KiwiSaver scheme, with around $24 billion under management and 16.3% market share at 30 June 2026.

Its seven KiwiSaver funds span the full risk spectrum, from Cash through to High Growth, with current maximum annual fund charges ranging from 0.25% to 0.98%.

The portfolios are broadly diversified across New Zealand and international shares, bonds, cash and other assets, and are predominantly actively managed.

ANZ also offers a separate range of OneAnswer managed funds, including Australian, New Zealand and international share funds, listed property and a diversified Balanced Growth option.

Its KiwiSaver fees sit above the very cheapest passive providers but remain below many higher-fee active managers, particularly across the Growth and High Growth funds.