ASB Scheme's Moderate

ASB's Moderate fund sits 1st in its category over both one and three years, and it manages that with a 0.6% total fee, which undercuts most rivals. The fund holds $3.1 billion in member assets.

The portfolio tilts 64% toward bonds and cash, with New Zealand government bonds forming the defensive core. Eight of the ten largest holdings are New Zealand government securities, ranging from inflation-indexed bonds to fixed-rate issues maturing through 2035. ASB and Westpac deposit accounts add a further cash buffer. The growth sleeve, at 36%, splits international shares (25.5%) and Australasian shares (6.4%), with Nvidia appearing as the sole equity name in the top ten, weighted at 1.4%. International bonds make up a quarter of the fund, and a small commodities allocation rounds out the mix.

The fund's defensive bias and domestic bond concentration shape its character. Recent one-year returns of 9.1% and three-year annualised returns of 9.9% place it ahead of the Moderate field, though five-year returns of 4.3% land it 4th. The allocation reflects a measured approach to growth, anchored by government debt and a modest equity stake.

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