Fisher Funds KiwiSaver review: Compare funds, fees, performance, and more

Fisher Funds KiwiSaver: an overview

Fisher Funds runs a government-appointed default KiwiSaver scheme, the Fisher Funds KiwiSaver Plan; the tables below cover the business and the Plan's funds, fees, and figures.

Fisher Funds at a glance

Fisher Funds was founded in 1998 by Carmel and Hugh Fisher. The NZ Herald reported that it manages about $25 billion and is New Zealand's second-largest fund manager. Toi Foundation holds a 66% controlling stake. The figures below cover the whole business, not KiwiSaver alone.

Fisher Funds KiwiSaver scheme

The Fisher Funds KiwiSaver Plan is the scheme open to new members, and it is a government-appointed default scheme supervised by Public Trust. Fisher Funds reports $18.2 billion or more invested for its KiwiSaver clients as at 28 February 2025.

Fund-level detail for the Plan, from the statutory fund updates for the quarter ended 30 June 2026 and the published fee table for the year to 31 March 2027:

*An annual fund charge of 0.37% applies to Default Fund investments—unless your Default Fund balance is $1,500 or less, in which case no annual fund charge applies.

The risk indicator is the standardised 1 to 7 scale published in every KiwiSaver fund update. It is worked out from the fund's five-year return volatility, or from a market index where the fund is younger than five years. That is why the Default, Balanced, Growth, and Aggressive funds all sit at 4 despite holding different amounts of growth assets.

If you are weighing Fisher Funds against other schemes, talk to a Policywise KiwiSaver adviser about which fund suits your timeframe and your goals.

About Fisher Funds

Whether Fisher Funds is a good fit depends on what matters most to you. It's a government-appointed default provider with a clean regulatory record, but RNZ ranked its recent returns among the weakest of the big providers.

The evidence below, on its ownership, awards, performance, and regulatory record, is there so you can weigh those two facts against each other for yourself.

Fisher Funds is one of six government-appointed default KiwiSaver providers, and six of its funds are RIAA certified. Its recent returns have lagged, though: RNZ reported in June 2026 that it had the lowest one-year returns in the balanced category.

Carmel and Hugh Fisher started the business from home in 1998 with $17 million of seed capital. By 2013, it described itself as 100% New Zealand-owned and operated.

Ownership has since changed hands. Toi Foundation, a community trust set up to benefit Taranaki, now holds the 66% controlling share. US private equity firm TA Associates held the remaining 33.9% as at November 2023.

Much of the growth came from buying other managers' books. Fisher Funds picked up KiwiSaver portfolios from three other providers between roughly 2010 and 2013, then acquired another manager's investment business in 2013.

That deal lifted funds under management past $5 billion and made Fisher Funds one of the largest KiwiSaver providers at the time. The Kiwi Wealth acquisition in 2022 was the big one, at $310 million, adding about $6.34 billion and more than 270,000 members.

RNZ reported that Fisher Funds' own original KiwiSaver fund lost default-provider status in 2021 over its fees, and that Kiwi Wealth's lower fee structure was kept. The acquisition completed on 1 December 2022, and the Kiwi Wealth KiwiSaver Scheme was renamed the Fisher Funds KiwiSaver Plan, visible to members from 6 March 2024. The Plan you can join today is that scheme.

Fisher Funds describes its approach as Smart Active Investment Management. It says its in-house investment team is one of the largest in New Zealand.

On awards, Fisher Funds' own page lists the Reader's Digest Most Trusted Brand for KiwiSaver for 2021 to 2025, and the awarding body's site says six years in a row through 2026.

On performance, RNZ reported in April 2026 that Fisher Funds returned 3.7% over one year and 7.4% over three years to the end of March, behind several competitors. Its then chief investment officer said weak short-term periods for active managers have often been followed by stronger performance.

RNZ returned to the subject in June 2026, reporting that Fisher Funds held 13.5% of the market as the third-largest provider. It also reported that Fisher Funds had the lowest one-year returns in the balanced category and sat near the bottom across one, three, five, and 10 years in the growth category.

Those RNZ figures run to a different date than the fund-level returns elsewhere in this review, and they group funds by market category rather than by Fisher Funds' own fund names. Around the same time, the chief investment officer moved to a new head of global equities role, and RNZ said the company did not comment on whether that related to fund performance.

On the regulatory record, Fisher Funds Management Limited holds an active licence as a manager of managed investment schemes, granted on 4 April 2016. It also holds an active discretionary investment management services licence, granted on 5 August 2015.

Joining Fisher Funds, or transferring KiwiSaver providers to switch to it, starts with an online application on its website. Before you switch, it helps to know what you are giving up and what you are getting.

Policywise looks at your KiwiSaver alongside the rest of your cover, and reviews it again as your circumstances change.

Fisher Funds KiwiSaver funds explained

The Fisher Funds KiwiSaver Plan offers seven funds open to new members, spanning the usual types of KiwiSaver funds from cash to aggressive growth. They run from the Cash Fund at risk indicator 1 to the Aggressive Fund at 4.

You can hold one fund or a mix, or use GlidePath, which adjusts your mix as you age. Six of the funds are RIAA certified.

Those investor counts cannot be added up to a scheme total. A Plan member can hold more than one fund at once, and GlidePath splits a member across several funds by design.

The two responsible-investing rows say different things, and both are correct. RIAA certification signifies that a product offers an investment style that takes environmental, social, governance, or ethical considerations into account.

Mindful Money's "Mindful Fund" test applies a separate standard, assessed on different criteria: it requires a fund to avoid harm, actively engage with companies, and invest for positive impact. Six Fisher Funds KiwiSaver Plan funds meet the first standard. None meet the second.

Fisher Funds markets no separately branded ethical KiwiSaver fund. Instead, it applies exclusions across its mainstream funds.

Its Responsible Investment Policy of September 2025 sets revenue thresholds: 0% from core weapons components and tobacco, 15% from fossil fuel exploration and extraction, 5% from core gambling, and 25% from for-profit prisons.

Fisher Funds is a signatory to the Principles for Responsible Investment, a RIAA member, and a founding member of the Aotearoa New Zealand Stewardship Code.

On Mindful Money's own exposure data, Fisher Funds’ Growth Fund carried total issues of concern of 9.07%, above the 8.07% average for KiwiSaver growth funds.

Policywise's ethical KiwiSaver guide explains RIAA certification and the Mindful Fund test in more detail.

The CashPlus Fund and the Fisher Funds TWO KiwiSaver Scheme are both closed to new investors. CashPlus sits inside the Plan, but new members cannot choose it. The Fisher Funds TWO KiwiSaver Scheme is a separate scheme that has fully wound up in June 2026. Neither is an option if you are joining or switching today.

Meanwhile, a third, older scheme, the Fisher Funds KiwiSaver Scheme, has been approved by FMA for a complete transfer of all its clients to Fisher Funds KiwiSaver Plan. This transfer was completed on 6 October, 2026.

Cash Fund

The Cash Fund is the lowest-risk option in the Fisher Funds KiwiSaver Plan, at risk indicator 1. It targets 100% cash and cash equivalents. Fisher Funds says it aims for stable returns and reduced potential for capital loss over the short to medium term. The estimated annual fund charge is 0.44%.

Over the year to 30 June 2026, the Cash Fund returned 2.28% after fees and tax, against a market index of 2.82%. Its five-year average was 2.78%. The fund started on 12 September 2012 and is not RIAA certified.

Core Conservative Fund

The Core Conservative Fund sits at risk indicator 3, with a minimum suggested timeframe of three years. Fisher Funds says it aims for stable returns over the long term by investing mainly in income assets, with a small allocation to growth assets. Its target mix is 82% income assets and 18% growth assets. The estimated annual fund charge is 0.50%.

Over the year to 30 June 2026, it returned 3.28% after fees and tax, against a market index of 6.12%. Its five-year average was 2.96%. The fund started on 1 July 2014 and is RIAA certified.

Conservative Fund

The Conservative Fund also sits at risk indicator 3 with a three-year minimum suggested timeframe, but it costs more than Core Conservative and holds a slightly different mix. Fisher Funds describes it as aiming for stable returns over the long term with a modest allocation to growth assets. The estimated annual fund charge is 0.85%.

Over the year to 30 June 2026, it returned 4.18% after fees and tax, against a market index of 6.06%. Its five-year average was 2.49%, the lowest of the funds open to new members. The fund started on 1 October 2007 and is RIAA certified.

Default Fund

The Default Fund is where members are placed if they join KiwiSaver without choosing a fund, and it is the cheapest option in the Plan at an estimated 0.37% a year. If you joined without picking a fund yourself, this is very likely where your money sits now.

No annual fund charge applies at all if your Default Fund balance is $1,500 or less. Default funds must run a balanced mandate, and this one targets 55% growth assets.

Over the year to 30 June 2026, the Default Fund returned 14.00% after fees and tax, against a market index of 12.57%. It was the only fund in the Plan to beat its index over that year.

The fund started on 1 December 2021, so no five-year average exists yet. Fisher Funds notes that an enhanced passive investment style may be used at times. The fund is RIAA certified.

Balanced Fund

The Balanced Fund sits at risk indicator 4 with a minimum suggested timeframe of five years, and targets 60% growth assets. Fisher Funds says it aims to balance stability of returns with growing your investment over the long term, by holding a mix of income and growth assets. The estimated annual fund charge is 1.01%.

Over the year to 30 June 2026, it returned 5.60% after fees and tax, against a market index of 13.20%. Its five-year average was 3.82%, against an index average of 6.82%. The fund started on 1 October 2007 and is RIAA certified. It is also the largest fund in the Plan by member numbers, with 101,114 investors.

Growth Fund

The Growth Fund is the largest fund in the Plan by value, at $4.4 billion as at 30 June 2026. It sits at risk indicator 4 with a minimum suggested timeframe of seven years, and targets 80% growth assets. Fisher Funds says it aims to grow your investment over the long term by investing mainly in growth assets. The estimated annual fund charge is 1.13%.

Over the year to 30 June 2026, it returned 6.14% after fees and tax, against a market index of 16.79%. Its five-year average was 4.46%, against an index average of 8.40%. The fund started on 1 October 2007 and is RIAA certified.

Aggressive Fund

The Aggressive Fund is the highest-growth option in the Plan, targeting 95% growth assets with a minimum suggested timeframe of 10 years. It is also the most expensive, at an estimated 1.23% a year for the year to 31 March 2027. Fisher Funds says it aims to grow your investment over the long term by investing predominantly in growth assets.

The fund started on 26 March 2025, so there is no five-year figure. Over the year to 30 June 2026, it returned 5.78% after fees and tax, against a market index of 19.95%. It is RIAA certified. Fisher Funds attributes the rise in its estimated charge for 2027 to increased exposure to private equity assets.

GlidePath

GlidePath is an age-based option that shifts your money from higher-risk to lower-risk funds as you age, adjusting every year from age 28. It costs nothing extra, and you can opt out at any time. Because it allocates across the Plan's existing funds rather than being a fund itself, you pay whichever fund's charge you hold.

All five GlidePath options started on 26 March 2025, so no five-year average exists for any of them. Fisher Funds is clear that GlidePath may not suit everyone. If you are uncomfortable with risk, or you are planning a KiwiSaver first home withdrawal, it says a fund chosen to match those factors may be a better fit.

Fisher Funds KiwiSaver fund performance and returns as of 30 June 2026

Over the year to 30 June 2026, returns after fees and tax among the funds open to new members ranged from 2.28% in the Cash Fund to 14.00% in the Default Fund. Six of the seven funds open to new members returned less than their market index over that year. Five-year averages among the funds open to new members, where a fund is old enough to have one, ranged from 2.49% to 4.46%.

Fund performance as at 30 June 2026:

*Returns in the fund updates are stated after tax at the highest prescribed investor rate for an individual New Zealand resident, so your own tax may be lower.

**The market index return reflects no deduction for charges or tax, which means the gap between a fund and its index is not a like-for-like comparison.

***Conservative, Balanced and Growth funds all started on 1 October 2007. Their five-year figures include roughly their first 17 months under the scheme's previous owner, before Fisher Funds' acquisition completed on 1 December 2022; the manager entity was not renamed until March 2024.

Fisher Funds also publishes returns on its own website on a different basis again, after fees but before any tax, annualised for periods longer than a year. Those figures are not directly comparable with the table above, so check which basis you are reading before comparing a Fisher Funds number with another provider's. Past performance is not an indicator of future performance.

Fisher Funds KiwiSaver fees

Estimated annual fund charges in the Fisher Funds KiwiSaver Plan run from 0.37% to 1.23% for the year to 31 March 2027. The Default Fund is the cheapest and the Aggressive Fund the most expensive. You won't pay a membership or administration fee, and no fund in the Plan charges a performance fee.

*These are forward estimates rather than what was charged last year. In the year to 31 March 2026 the Growth Fund's total fund charges were estimated at 1.23% and the Balanced Fund's at 1.11%. Both were higher than the year-to-31-March-2027 estimates in the table above.

**No annual fund charge applies to a Default Fund balance of $1,500 or less.

***GlidePath charges the annual fund fees of whichever funds you're invested in at each age. The fees shown for the sample ages above, including the Manager's basic fee, are estimates drawn from the funds held at those ages. Your actual fee will depend on how the funds perform and how your money is split between them. GlidePath itself carries no additional charge.

Among the funds open to new members, Fisher Funds sits below that level on the Default, Cash, and Core Conservative funds, and above it on Conservative, Balanced, Growth, and Aggressive. Which fee band applies depends on which fund you are in, not whether you are with Fisher Funds.

The Balanced, Growth, and Aggressive funds may gain exposure to private equity through investments managed by parties related to Fisher Funds. Those investments provide for a share of profit, known as carried interest, to be paid to a related Fisher Funds entity.

Fisher Funds states that this is in addition to the annual fund charges, and it is not quantified in the fee table. As at 30 June 2026, each of those three funds held a top-10 position in Fisher Funds Global Private Equity LP, at 1.84%, 2.48%, and 2.83% of net assets.

Separately, Fisher Funds says it does not apply buy and sell spreads under normal trading and market conditions, but it may choose to, for example, during periods of exceptionally high transaction volumes.

Can you make an early withdrawal from your Fisher Funds KiwiSaver account?

You can take money out of your Fisher Funds KiwiSaver account before retirement, but only on the grounds set out in the KiwiSaver Act 2006. Those grounds include buying your first home, significant financial hardship, serious illness, a life-shortening congenital condition, and permanent emigration. They apply to every KiwiSaver scheme, not just Fisher Funds.

Retirement

You can withdraw your full balance once you reach the New Zealand Superannuation qualification age, currently 65, as part of your wider retirement planning. The old requirement to have been a member for five years applied only to people who joined before 1 July 2019, and it was repealed on 31 March 2026.

Fisher Funds offers a full withdrawal, a one-off partial withdrawal of at least $100, or a regular withdrawal of at least $100 per payment. A full withdrawal can take up to 15 working days, because Inland Revenue processes your final government contribution claim first.

First home

You need at least three years' combined membership of one or more KiwiSaver schemes or complying superannuation funds, and $1,000 must stay in your account. You can withdraw your own contributions, your employer's contributions, the government contribution, interest earned, and any fee subsidies.

Money transferred in from an Australian complying superannuation scheme cannot be withdrawn. Fisher Funds needs all your documentation at least 15 working days before settlement, and pays approved funds to your solicitor's trust account rather than to you. Our guide to a KiwiSaver first home withdrawal walks through the steps.

Previous homeowners

Owning a home before does not automatically rule you out. Kāinga Ora decides whether you qualify as a second-chance buyer, and issues a notice you pass on to your provider. Its published test covers not having made a first home withdrawal before, at least three years' membership, and no current ownership interest in a property.

It also requires realisable assets of no more than 20% of the regional house price cap for an existing property. There is no income limit on that ground.

Significant financial hardship

Inland Revenue says an accepted application lets you withdraw only your own and your employer's contributions. That is narrower than the statutory ceiling of your balance less the government contribution, because it excludes interest earned.

The Supervisor decides, not Fisher Funds, and for the Plan that is Public Trust. It works out your weekly budget deficit against minimum living expense standards, and the maximum payment is 13 times that deficit, or the total of any overdue essential invoices you supply.

If the Supervisor asks for more information and you do not supply it within four weeks, the application is cancelled. Court fines, overdue Inland Revenue or WINZ payments, and holidays or travel do not qualify. Fisher Funds has said it generally guides clients to allow up to 30 working days for the whole process.

Serious illness

The Act defines this as an injury, illness, or disability that leaves you totally and permanently unable to work in a job you are suited to by experience, education, or training. It can also mean the condition poses a serious and imminent risk of death. You can withdraw up to your full balance. The Supervisor decides these applications too, with the same four-week cut-off for supplying extra information.

Life-shortening congenital condition

This ground covers a condition you have had from birth. It applies if the condition is on the prescribed list (Down syndrome, cerebral palsy, Huntington's disease, and fetal alcohol spectrum disorder), or if medical evidence shows it is expected to shorten life below the New Zealand Superannuation qualification age.

You choose the amount, up to your full balance. Once you withdraw on this ground, you are treated as having reached the New Zealand Superannuation qualification age, so no government contribution or compulsory employer contribution is payable on your continuing contributions.

Permanent emigration, other than to Australia

You can apply to Fisher Funds no earlier than one year after you leave, with a statutory declaration and proof of both your departure and your overseas address.

You can withdraw your contributions, your employer's contributions, the $1,000 kick-start if you received it, fee subsidies, and interest. The government contributions go back to Inland Revenue. No minimum membership period applies.

Moving to Australia

This is a transfer rather than a withdrawal. Fisher Funds can transfer your balance into an Australian complying superannuation scheme.

Death

Your KiwiSaver savings become part of your estate, and the manager pays your personal representative an amount equal to your balance.

Other grounds

Inland Revenue also covers bankruptcy, where savings are an asset but are protected from creditors while they stay in the fund, and relationship property. It also covers a partial withdrawal to pay tax on a foreign superannuation transfer or a foreign student loan.

These rules are set by the KiwiSaver Act and apply to every provider, not just Fisher Funds. What differs between schemes is the process: who decides, which forms you complete, and how long it takes. If you are weighing up a withdrawal, a fund switch, or a change of provider, it is a good idea to get advice first.

Talk to a Policywise KiwiSaver adviser, or read Policywise's comparison of the best KiwiSaver providers in New Zealand.

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