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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 yearReturn
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