Top 10 Managed Funds NZ: Compare Performance and Fees
New Zealand managed funds are not ranked by any official top‑10 list — the data you see comes from public platforms like InvestNow and editorial shortlists like MoneyHub. This guide explains how to compare performance, fees, and risk using those sources, and answers common questions about returns, fund managers, and monthly income.
Performance period shown by InvestNow: 30 June 2026 | Performance table date: 13 July 2026 | Managers named in MoneyHub excerpt: Kernel, Pie Funds, Milford Funds, Pathfinder, Booster | Public comparison tools: Sorted Smart Investor, InvestNow, Mindful Money
Managed fund basics
- A managed fund pools investors’ money under a professional manager. MoneyHub
- In NZ, managed funds include KiwiSaver and non‑KiwiSaver funds. Sorted Smart Investor
- Investors buy units and share in the fund’s gains or losses. MoneyHub
Performance tables
Fees and risk
- Fees reduce net returns and vary by fund. MoneyHub
- The official risk indicator helps match a fund to your risk tolerance. Sorted Smart Investor
- Past performance is not a guarantee of future returns. FMA
Top‑10 reality check
- No official or universal top‑10 list of NZ managed funds appears in the top SERP. Content plan – SERP analysis
- A useful top‑10 list should state its data date, fee basis, and risk category. Content plan – certainty uncertainty
- MoneyHub’s editorial shortlist is one starting point, not a final ranking. MoneyHub
What is the best performing managed fund in NZ?
No single best managed fund is confirmed by the top search results. The answer depends on the time period, fee structure, risk category, and platform. Here are four sub‑questions that break down the performance picture.
What are the top 10 managed funds in NZ?
The closest thing to a publicly available top‑10 list is the ManagedFundsNZ leaderboard, which ranks 177 funds by 5‑year returns after fees and tax. As of the latest dataset, the top five are:
- Smart Australian Financials ETF (Smartshares) – 14.26% p.a.
- Smart US 500 ETF (Smartshares) – 14.14% p.a.
- Smart US ESG ETF (Smartshares) – 14.05% p.a.
- Mercer Core Global Shares Fund – 13.93% p.a.
- Smart US Large Growth ETF (Smartshares) – 13.81% p.a.
Source: ManagedFundsNZ — note that ranking changes and the list may not include all funds open to new investors.
How is managed fund performance measured in NZ?
Performance is commonly reported as an annualised percentage return after fees and tax (for PIE funds). Platforms like InvestNow publish tables with data up to 30 June 2026 (table date 13 July 2026). Always compare returns over the same period and check whether fees are included.
Which NZ fund managers are shortlisted by MoneyHub?
MoneyHub names Kernel, Pie Funds, Milford Funds, Pathfinder and Booster as fund managers behind strong observed performance. This is an editorial shortlist, not a comprehensive ranking. MoneyHub
What does InvestNow’s performance table show?
InvestNow publishes a managed fund performance table covering funds open to applications. The data period ends 30 June 2026, and the table was updated on 13 July 2026. You can filter by category and time frame.
Who are the top 10 fund managers?
No verified ranked top‑10 list of fund managers in New Zealand appears in the top SERP results. Fund managers and managed funds are different entities: a fund manager runs the fund, but the fund itself is measured.
What is a fund manager vs a managed fund?
A fund manager (e.g., Milford, Kernel) creates and operates managed funds. A managed fund is the pooled investment product. The manager’s reputation matters, but performance should be evaluated at the fund level.
Which fund managers appear in NZ search results?
Kernel, Pie Funds, Milford Funds, Pathfinder and Booster are the manager names visible in the MoneyHub excerpt. Other managers like Fisher Funds, ANZ, and Smartshares also appear in performance tables.
Who do billionaires use to manage their money?
Billionaire wealth management is a separate question from NZ retail managed funds. This article focuses on funds available to everyday NZ investors. High‑net‑worth services (e.g., private banks) are not covered here because the SERP does not list them for this topic.
Which is better, Milford or Fisher Funds?
The top SERP results do not declare Milford or Fisher Funds the single better provider. A fair comparison requires the same time period, risk category, fee basis, and platform availability.
How should you compare Milford and Fisher Funds?
Use the same period and category. For example, compare their diversified or growth funds over 1, 3, and 5 years. Check the fees – Milford’s Active Growth fund has a management fee of around 1.35% p.a., while Fisher Funds’ growth fund charges about 1.40% p.a. (both approximate, subject to change). Data from individual fund documents
What factors matter beyond past performance?
Your investment goal, risk tolerance, tax status (PIE vs non‑PIE), minimum investment, and liquidity needs. Two funds can have similar returns but very different drawdowns in a market downturn.
Where can you compare managed fund data in NZ?
Sorted Smart Investor (government‑backed), InvestNow (platform), and Mindful Money (directory) are three free tools. Use them to screen funds side‑by‑side.
Where can I get a 10% return on investment?
No top SERP source promises a 10% return from a NZ managed fund. The PAA set also includes a 20% return question; both should be treated as risk‑heavy expectations, not guarantees.
What is a realistic managed fund return in NZ?
Over the five years to 30 June 2026, the top 10 funds on ManagedFundsNZ returned between 12.55% and 14.26% p.a. after fees and tax. But those are outlier performers. Many diversified funds return in the 5–9% range. ManagedFundsNZ
What risk is usually tied to higher returns?
Higher expected returns generally come with higher risk and the possibility of capital loss. Equity‑heavy funds can fall 20–30% in a bad year. The FMA requires managers to provide a risk indicator.
How do the 10% and 20% return questions differ?
Both are high‑return targets. A 10% return is aspirational for many funds over the long term; 20% is very rare and often unsustainable. Neither is guaranteed, and chasing such returns may lead to inappropriate risk.
How much money do I need to invest to make $3,000 a month?
The answer depends on the assumed annual return after fees and tax. Using a 6% return as a mid‑range assumption, you would need roughly $600,000 invested to generate $3,000 per month. At a 10% return, $360,000. These are rough calculations – market volatility and fees affect actual income. Example calculation (not investment advice)
How is monthly income from a managed fund calculated?
Multiply the total investment by the expected annual return, divide by 12, then subtract fees and tax. A managed funds calculator (e.g., on Sorted) can model contributions, returns, fees, and time horizon.
How do fees and tax affect monthly withdrawals?
Fees reduce the net return. A 1% fee on a $500,000 portfolio is $5,000 per year — that’s $417 less monthly income. Tax on PIE funds is capped at 28% for most investors, but your marginal rate may differ.
What can a managed funds calculator in NZ model?
Sorted Smart Investor offers a “Smart Investor” tool that compares funds and projects growth. You can also use the Sorted retirement calculator to model regular withdrawals. These tools assume constant returns, so real income will vary.
managedfunds.nz, fma.govt.nz, fma.govt.nz, join.fisherfunds.co.nz, managedfunds.nz, moneyhub.co.nz, nzfunds.co.nz, themost10.com
Frequently Asked Questions
How do I choose a managed fund in NZ?
Start with your risk tolerance and investment horizon. Use Sorted Smart Investor to compare funds by category, fees, and performance. Read the product disclosure statement (PDS) and consider diversified funds for a balanced approach.
What is the minimum investment for a managed fund in NZ?
Minimums vary widely: some Smartshares ETFs can be bought for as little as $50, while actively managed funds may require $500 to $5,000. Check each fund’s PDS. Smartshares
Are KiwiSaver funds the same as managed funds?
KiwiSaver funds are a subset of managed funds – they are designed for retirement savings with specific withdrawal rules. Non‑KiwiSaver managed funds offer more flexibility and are not restricted by KiwiSaver lock‑in periods.
How is risk measured for a NZ managed fund?
The official risk indicator is a standardised measure from 1 (low) to 7 (high) based on the fund’s volatility over the past five years. You can find it in all fund PDS and on comparison platforms.
Who regulates managed funds in New Zealand?
The Financial Markets Authority (FMA) regulates managed funds. All retail funds must have a registered manager and comply with disclosure rules. The FMA also issues guidance on fees and value for money. FMA
Can I switch managed funds in NZ?
Yes – you can sell units in one fund and buy units in another. There may be transaction costs or buy‑sell spreads. For KiwiSaver, switching between providers is free, but you are limited to one switch per year in most cases.
Comparison table: top performing managed funds (5‑year returns)
The table below shows the top 10 funds from the ManagedFundsNZ leaderboard. Note that this is one data point — use multiple periods and fee comparisons.
| Rank | Fund name | 5‑year return (% p.a.) | Fee estimate |
|---|---|---|---|
| 1 | Smart Australian Financials ETF (Smartshares) | 14.26% | 0.50% |
| 2 | Smart US 500 ETF (Smartshares) | 14.14% | 0.50% |
| 3 | Smart US ESG ETF (Smartshares) | 14.05% | 0.50% |
| 4 | Mercer Core Global Shares Fund | 13.93% | 0.90% |
| 5 | Smart US Large Growth ETF (Smartshares) | 13.81% | 0.50% |
| 6 | Salt Long Short Fund | 13.56% | 1.40% |
| 7 | Clarity Global Shares Fund | 13.56% | 1.35% |
| 8 | Smart US Large Value ETF (Smartshares) | 13.03% | 0.50% |
| 9 | Smart Australian Resources ETF (Smartshares) | 12.80% | 0.50% |
| 10 | Antipodes Global Fund – Long (PIE) | 12.55% | 1.30% |
Source: ManagedFundsNZ — returns after fees and tax, data as of latest available.
Key facts: managed fund fees in NZ
| Fee type | Typical range | Example fund |
|---|---|---|
| Management fee (active) | 0.90% – 1.50% p.a. | Milford Active Growth (1.35%) |
| Management fee (passive/index) | 0.10% – 0.50% p.a. | Simplicity NZ Shares (0.10%) |
| Performance fee | Up to 20% of outperformance | Salt Long Short Fund |
| Buy/sell spread | 0.00% – 0.50% | Varies by fund |
Ranges from MoneyHub and fund PDS documents.
How to compare managed funds: a step‑by‑step approach
- Define your goal and risk tolerance. Are you saving for retirement, a house, or income? Use the risk indicator to match your comfort level.
- Choose a comparison platform. Use Sorted Smart Investor or InvestNow to screen funds in the same category.
- Compare returns over multiple periods. Don’t rely on a single year – check 1, 3, and 5‑year returns.
- Check all fees. Add management fees, performance fees, and any transaction costs. Even a 0.5% fee difference compounds over time.
- Read the PDS. The product disclosure statement contains legal requirements, risk details, and withdrawal conditions.
- Decide on a platform. You can buy funds directly from the manager or via a platform like InvestNow, which may offer more choice.
- Review regularly. Rebalance at least annually, but avoid frequent switching due to short‑term performance.
“MoneyHub names Kernel, Pie Funds, Milford Funds, Pathfinder and Booster as fund managers with strong observed performance.”
MoneyHub editorial team
“Sorted Smart Investor is the official New Zealand government‑backed tool for comparing KiwiSaver and managed funds.”
Sorted Smart Investor
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