Westpac Cash Fund

This cash fund holds $665.7 million and charges a 0.25 percent annual fee, the lowest available in the cash category. It ranks first over five years and second over three, with a one-year return of 3.9 percent placing it 4th in its category.

The fund sits entirely in cash and equivalents, but the portfolio goes well beyond a simple call account. While the largest holding is a 4.5 percent allocation to a Bank of China call account, the bulk of the fund is spread across floating rate notes from major banks including Rabobank, Westpac, BNZ and ASB, with maturities ranging from 2026 to 2028. These instruments reset their interest rates periodically, giving the fund some protection against rate movements while maintaining the capital stability expected of a cash option. The top ten holdings account for just under 17 percent of the portfolio, suggesting a broad spread of bank exposures beneath.

With zero allocation to shares, bonds or property, this is a pure defensive option designed for members seeking capital preservation. The fund's scale and its long-term ranking within the cash category reflect consistent execution of a straightforward mandate: park money safely and capture short-term interest rates with minimal drag from fees.

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