Mercer Moderate Fund
Moderate Fund is a balanced KiwiSaver fund managed by Mercer. It has 448 members and holds $9 million. It opened in 2015.
Fees and returns
- Annual fee
- 0.73% of your balance each year
- Return over 1 year
- +6.0% a year
- Return over 3 years
- +5.8% a year
- Return over 5 years
- +3.0% 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 +3.0% a year. The median for mainstream balanced funds over the same period was +3.8% a year, across 40 funds. This fund is behind that median, by 0.8 percentage points.
What it invests in
International fixed interest 27%, international equities 26%, new zealand fixed interest 20%, cash and cash equivalents 12%.
Largest holdings
- New Zealand Government 150528 0.25 Gb 2.02%
- New Zealand Government 200429 3.0 Gb 1.97%
- New Zealand Government 140433 3.50 Gb 1.91%
Year by year
| Financial year | Return |
|---|---|
| 2025/26 | +6.0% |
| 2024/25 | +4.4% |
| 2023/24 | +6.9% |
| 2022/23 | −2.7% |
| 2021/22 | +0.8% |
| 2020/21 | +11.3% |
| 2019/20 | −0.7% |
| 2018/19 | +3.9% |
| 2017/18 | +4.5% |
| 2016/17 | +4.6% |
About this fund
The Moderate Fund is a diversified fund on Mercer's multi-manager structure, investing mainly in defensive assets such as fixed interest and cash, with about 40% in growth assets such as shares and real assets. It is managed by Mercer. It has operated since 2015 and carries an annual fund charge of 0.73%.