Westpac Defensive Conservative Fund
Defensive Conservative Fund is a conservative KiwiSaver fund managed by Westpac. It has 12,793 members and holds $257 million. It opened in 2014.
Fees and returns
- Annual fee
- 0.40% of your balance each year
- Return over 1 year
- +4.3% a year
- Return over 3 years
- +4.8% a year
- Return over 5 years
- +2.3% 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 +2.3% a year. The median for mainstream conservative funds over the same period was +2.2% a year, across 29 funds. This fund is ahead of that median, by 0.1 percentage points.
What it invests in
International fixed interest 39%, new zealand fixed interest 27%, cash and cash equivalents 13%, international equities 13%.
Largest holdings
- Cash and cash equivalents 2.03%
- NZ Government Bond 4.5% 15/05/2035 1.3%
- NZ Government Bond 4.25% 15/05/2034 1.18%
Year by year
| Financial year | Return |
|---|---|
| 2025/26 | +4.3% |
| 2024/25 | +4.0% |
| 2023/24 | +6.0% |
| 2022/23 | −0.9% |
| 2021/22 | −1.6% |
| 2020/21 | +7.9% |
| 2019/20 | +0.8% |
| 2018/19 | +4.2% |
| 2017/18 | +4.1% |
| 2016/17 | +2.9% |
About this fund
The Westpac Defensive Conservative Fund is a conservative fund with a target of about 20% growth assets and 80% income assets — mostly fixed interest and cash. It uses BT Funds' blended active and passive approach, managed under a responsible-investment policy. It has operated since 2014 and carries an annual fund charge of 0.4%.