SuperLife NZ Bonds

This $37 million fund charges 0.54 percent all in and holds nothing but New Zealand bonds, with the allocation running slightly over 100 percent through the use of negative cash.

The portfolio is a roll call of domestic government and bank paper: the New Zealand Local Government Funding Agency, Housing New Zealand, Westpac, ASB. The top holding is an NZLGFA bond maturing in May 2028 with a 2.25 percent coupon, sitting at 3.85 percent of the fund. Housing New Zealand and Westpac bonds follow close behind. The fund is broadly diversified across issuers and maturities, with no single position dominating. The negative cash position of 0.98 percent suggests the fund is using leverage or derivative exposure to maintain its allocation target.

It returned 5.0 percent over the year to March 2025, well above its three-year annualised figure of 5.3 percent and its five-year return of 2.1 percent. The recent spike reflects the sharp rally in New Zealand fixed interest as the Reserve Bank cut rates. This is a low-risk, domestically focused bond fund built for capital stability rather than growth.

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