MAS Cash Fund
Cash Fund is a defensive KiwiSaver fund managed by MAS. It has 416 members and holds $21 million. It opened in 2008.
Fees and returns
- Annual fee
- 0.25% of your balance each year
- Return over 1 year
- +2.8% a year
- Return over 3 years
- +3.5% a year
- Return over 5 years
- +2.6% a year
Figures are after fees and tax, as at Q3 2026, sourced from the FMA Disclose Register.
How it compares
Over the last five years this fund returned +2.6% a year. The median for cash funds over the same period was +2.5% a year, across 13 funds. This fund is ahead of that median, by 0.1 percentage points.
What it invests in
Cash and cash equivalents 100%.
Largest holdings
- JBWere Premium Custody Call Account - NZD 20.21%
- Kiwibank On Term @ 3.550% 27/01/2026 27/01/2027 4.76%
- BNZ On Term @ 3.550% 09/02/2026 09/02/2027 4.75%
Year by year
| Financial year | Return |
|---|---|
| 2025/26 | +2.8% |
| 2024/25 | +4.0% |
| 2023/24 | +3.9% |
| 2022/23 | +2.0% |
| 2021/22 | +0.5% |
| 2020/21 | +0.6% |
| 2019/20 | +1.3% |
| 2018/19 | +1.6% |
| 2017/18 | +1.7% |
| 2016/17 | +1.8% |
About this fund
The MAS Cash Fund is a defensive fund invested entirely in income assets — cash, cash equivalents, term deposits and short-term New Zealand fixed interest — with no growth assets. Its return path tracks short-term interest rates. Like all MAS funds it is certified under the Responsible Investment Association of Australasia (RIAA) standard. It has operated since 2008 and carries an annual fund charge of 0.25%.
See how all of Medical Assurance Society KiwiSaver's funds have performed