MAS Conservative Fund
Conservative Fund is a conservative KiwiSaver fund managed by MAS. It has 1,621 members and holds $84 million. It opened in 2007.
Fees and returns
- Annual fee
- 0.84% of your balance each year
- Return over 1 year
- +3.8% a year
- Return over 3 years
- +4.6% a year
- Return over 5 years
- +2.0% 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 +2.0% a year. The median for mainstream conservative funds over the same period was +2.3% a year, across 29 funds. This fund is behind that median, by 0.3 percentage points.
What it invests in
International fixed interest 43%, new zealand fixed interest 27%, international equities 14%, cash and cash equivalents 10%.
Largest holdings
- Hunter Global Fixed Interest Fund 42.89%
- JBWere Premium Custody Call Account - NZD 6.39%
- New Zealand Government 2.75% 15/04/2037 1.99%
Year by year
| Financial year | Return |
|---|---|
| 2025/26 | +3.8% |
| 2024/25 | +4.0% |
| 2023/24 | +6.1% |
| 2022/23 | −2.6% |
| 2021/22 | −1.4% |
| 2020/21 | +9.1% |
| 2019/20 | +0.8% |
| 2018/19 | +3.3% |
| 2017/18 | +3.6% |
| 2016/17 | +4.6% |
About this fund
The MAS Conservative Fund is an actively managed conservative fund invested around 80% in income assets (cash and fixed interest) and around 20% in growth assets such as shares, aiming to preserve capital while providing a steady return. Like all MAS funds it is RIAA-certified for responsible investment. It has operated since 2007 and carries an annual fund charge of 0.84%.
See how all of Medical Assurance Society KiwiSaver's funds have performed