ANZ Default Scheme-Balanced

Nvidia sits as the single largest holding in this default scheme, a striking choice for a fund meant to catch workers who never made an active KiwiSaver decision. The $278 million portfolio splits 51 percent into growth assets and the rest into bonds and cash, with international shares making up the bulk of the equity allocation at 35 percent. The fee runs to 0.91 percent annually.

The holdings tell the story of a fund tracking broad market indices rather than picking stocks. After Nvidia comes a US mortgage-backed security, then Apple and Microsoft, followed by Fisher & Paykel Healthcare and Infratil on the local side. The bond sleeve leans heavily offshore, with international bonds at 29 percent of the fund versus 12 percent in New Zealand government and corporate debt. Listed property adds another 3 percent, while cash and equivalents sit at 9 percent.

Returns over the past year reached 8.5 percent, with the three-year figure slightly higher at 8.7 percent. The five-year return sits lower at 4.1 percent annually. This is a risk level 4 fund, sitting in the middle of the KiwiSaver risk spectrum, built for members with a medium-term investment horizon who land in the scheme by default rather than choice.

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