The Great KiwiSaver Debate: Passive Managers Outshine Active Giants in Recent Returns

Data reveals passive KiwiSaver managers like Kernel and Simplicity are outperforming active giants like Milford and Fisher Funds, sparking a debate on fees and long-term strategy.

By: AXL Intelligence

Published: Apr 21, 2026, 6:08 AM EDT

Source: RNZ Pacific

The Breaking Development: Passive Prowess

Data to the end of March 2026 highlights a significant lead for passive managers, particularly in the High Growth and Balanced categories.

Balanced Fund Returns (3-Year Annualized)

Kernel (Passive): 11.68%

Simplicity (Passive): 9.42%

Generate (Active): 8.85%