Average multisector category returns ranged from –1.3% for the Conversative category to –1.8% for the Growth Category. KiwiSaver assets ended the quarter at NZ$83.5 billion. Top performers over the quarter against their peer group includes: Milford Conservative 0.5% (Multisector Conservative), InvestNow Mind Divresif Inc

1.3% (Multisector Moderate), InvestNow Milford Balanced 1.2% (Multisector Balanced), QuayStreet Growth 1.6% (Multisector Growth), and Milford Aggressive 0.4% (Multisector Aggressive).

Taking the longer view, in the past ten years the Aggressive category average has given investors an annualised return of 8.5%, followed by Growth (8.0%), Balanced (6.4%), Moderate (4.3%), and Conservative (3.9%).

Morningstar Director of Manager Selection and report author Tim Murphy said globally, as financial conditions tighten and policy-induced recession becomes more likely, the trade-off between growth and inflation has become increasingly clear.

ANZ led the market share with more than NZ$17.07 billion, with ASB in second with a market share of 16%. Westpac was third ahead of Fisher Funds, with Kiwi Wealth fifth. The six largest KiwiSaver providers accounted for approximately 69% of assets on the database.

The MSCI World Index was up 3.12% in the September quarter, helped by the depreciation of the NZD.