AMP Global Fixed Interest

At just $1.6 million, this is one of the smallest KiwiSaver funds in the market, smaller than many individual member balances. The total annual fee sits at 0.77 percent, with 0.69 percent going to management and a further 0.08 percent performance fee layered on top.

The portfolio is almost entirely international bonds, at 98.83 percent, with a striking tilt toward Chinese government and policy bank debt. Four of the top ten holdings are Chinese bonds, including the Agricultural Development Bank of China and direct Chinese government issues maturing through to 2033. US Treasuries and Fannie Mae mortgage-backed securities round out the concentrated list. Just under a quarter of the fund sits in New Zealand bonds, though none appear among the top holdings.

Returns tell a difficult story. The fund delivered 2.8 percent over one year and 3.4 percent annualised over three years, but the five-year figure sits at negative 1.2 percent. That means a dollar invested five years ago would be worth less today, even before inflation. The fund carries a risk level of 2, reflecting its fixed interest mandate and absence of growth assets.

General information only, not financial advice. Past performance is not a reliable indicator of future results.