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RNZ News
20 minutes ago
- RNZ News
Do more expensive KiwiSaver funds give a better return?
RNZ has compared long-term returns to the funds' total cost ratios. Photo: 123RF Does paying more for your KiwiSaver give you a better return? Well, maybe. But maybe not. RNZ has conducted analysis of Morningstar's most recent KiwiSaver data, comparing long-term returns to the funds' total cost ratios. It showed that the highest performers in the conservative category, were Milford, QuayStreet and Fisher TWO. Fisher TWO was charging less than average - at 0.52 percent compared to 0.62 percent. Milford and QuayStreet had high fees relative to the category but were low overall and their returns were higher than some of the more aggressive fund types that would usually be more expensive. Milford had returns of 5.1 percent a year over 10 years, compared to a peer group average of 4.1 percent. Simplicity had the lowest fees for that category but does not have 10 years of returns. Over five years, it returned 1.9 percent a year. Of moderate funds, Generate and BNZ were solid performers. BNZ had fees of 0.45 percent compared to an average of 0.8 percent for that type of fund and was the second best for returns over 10 years. Generate was first but had higher fees, at 1.14 percent. Westpac had the lowest fees and was fourth-best performing. Among balanced funds, Quay St and Milford were delivering strong returns but had some of the higher fees - at 1.03 percent and 1.07 percent respectively, compared to an average 0.75 percent. SuperLife Ethica was the third-best performer and had fees of 0.7 percent. Simplicity had the cheapest funds of that group, at 0.25 percent. It does not have 10 years of history but was 11th over five years. Milford, Generate and Quay St were the outperformers in the growth category. Milford returned 10.4 percent a year over 10 years compared to an average 7.8 percent for that group of funds. But investors were paying higher fees - between 1.25 percent and 1.29 percent compared to an average 0.97 percent. Generate, FisherTWO and Booster were best performing in the aggressive categories. On the flipside, ANZ was the poorest performer in the conservative category but was charging above-average fees. Booster was ranked eighth and was charging 1.11 percent compared to the average 0.62 percent. Among moderate funds, Booster and Fisher Funds appeared to be providing lower returns for higher fees. In the balanced category, ANZ was charging 0.91 percent compared to an average 0.75 percent and was ranked 15th. Booster was 11th with fees of 1.22 percent. Booster also seemed expensive compared to its returns in the growth category. Morningstar data director Greg Bunkall said there did not seem to be a strong correlation between paying more for a fund and getting a better return. "There are some good active - which cost more - and good passive options -which cost less. "Depending on what time period, or cohort you choose you can get widely differing results. My suggestion is as an investor, get an idea about the style you like and then assess those providers who offer that service at that price point and make sure you are in the right risk profile." Stefan Stevanovic, head of international equities at QuayStreet Asset Management, said there was not just one one contributing factor that had helped it perform on a returns to fees basis. "There are numerous drivers at play which have contributed to QuayStreet's strong performance. If we had to summarise it briefly it would be centred around our heavy emphasis of understanding current risks. "This helps with filtering out a lot of the noise and narrows our focus in areas that tend to matter. When you pair that approach with a robust and fundamentals driven portfolio construction process, you tend to see improvement in risk-adjusted performance." Fisher Funds chief investment officer Ashley Gardyne said its funds had delivered solid returns in the past 12 months. "That said, relative to benchmark, our returns aren't where we'd like them to be. "As an active manager there will inevitably be periods when returns lag as well as beat the benchmark. History tells us that performance is cyclical, and occasional periods of underperformance are part and parcel of delivering strong long-term results. Our team are always looking for ways to lift returns and we think we are well placed to deliver strong outcomes in the years ahead." Booster chief executive Di Papadopoulos said the data did not capture the value of all services being offered. "They show that Booster's performance is returning firm results, but don't reflect value delivered with a host of other - and in some cases unique - offerings to our KiwiSaver members. "The Morningstar report also does not account for the level of risk being taken in each fund, which is a measure central to our investment approach; we target lower levels of month-to-month volatility than peer funds, to improve how well funds can withstand market volatility. "A key driver of Booster's investment strategy is to smooth out market highs and lows for KiwiSaver members, such as during global turmoil following the pandemic, and US tariff uncertainty affecting the global economy. Monitoring of the seven-year period up to June 2025 for risk-adjusted returns, has Booster's Socially Responsible (SR) Balanced and Balanced funds ranked third and fourth respectively, out of 16 funds." She said Booster's fees included access to financial advice, free accidental death cover, and access to its budgeting app. The highest-performing fund over the 12 months to June was Koura's Bitcoin fund, which returned 73 percent. Koura founder Rupert Carlyon said it had an annualised 76 percent per year return over three years. It has a total cost ratio of 1.1 percent. "This outperformance has been driven by the normalisation of Bitcoin over this period. "We saw the launch of the ETFs in the US which enabled institutional investors to jump into the asset class. The US now has a very pro crypto administration which is likely to drive the continued growth of Bitcoin and other crypto assets. "When we launched this fund three years ago we had a large number of commentators saying it was inappropriate for KiwiSaver investors to be investing in a high risk and speculative asset such us Bitcoin. Our perspective has always been that investors should be able to pick and choose where they invest their hard earned funds. Our job as a manager is to ensure that they are aware of the risks and invest appropriately to make sure that their retirement is not entirely put at risk. " Financial Markets Authority executive director of licensing and conduct supervision Clare Bolingford said there was inherent subjectivity in what would constitute value for money for investors. "In 2022, the FMA published research which showed different drivers that influence consumers' choice of the KiwiSaver provider and where the consumers see the value and benefits being delivered. In addition, FMA published this guidance on managed funds fees and value for money FMA Funds, which includes principles and useful questions to ask to assist investors. " Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
RNZ News
20 minutes ago
- RNZ News
Pay equity: Five unions take government to court over law changes
Pay equity protesters voice their opinions outside Parliament in May. Photo: RNZ/Marika Khabazi Five unions are taking the government to the High Court over changes to pay equity laws. The sudden and controversial changes cancelled existing claims from mostly female-dominated jobs and made it harder for new claims to succeed . Workplace Minister Brooke van Veldengave a figure of 33 current claims that would be stopped, as the legislation was put through under urgency in May. The Nurses Organisation, Tertiary Education Union, Educational Institute, Post-Primary Teachers' Association, and Public Service Association argued the new rules breached the Bill of Rights Act. "The legal challenge argues the coalition government's legislation breaches three fundamental rights: freedom from gender-based pay discrimination, the right to natural justice, and the right to fair legal process," the unions said in a joint statement. "The case gives workers who have been denied their right to challenge gender-based pay discrimination a chance to challenge the government in court. If successful, a Parliamentary Select Committee must consider the declaration of inconsistency and a Parliamentary debate must occur. The government is then required to formally respond." The claim would be formally lodged on 29 August at the High Court in Wellington following a rally by women whose pay equity claims had been cancelled, the unions said. A spokesperson for the office of Workplace Relations and Safety Minister Brooke van Velden told RNZ: "The Bill was considered for consistency with the Bill of Rights Act before introduction, and the Acting Attorney-General concluded the Bill appeared to be consistent with the Bill of Rights Act". Public Service Association national Secretary Fleur Fitzsimons said the government avoided proper scrutiny, bypassing consultation. "We are asking the High Court to declare that the government's actions are inconsistent with the New Zealand Bill of Rights Act 1990 because of the discrimination New Zealand women will face as a result of the government's action," she said. "The government silenced women but we know the High Court will listen to our claims. This is just the start of our campaign for pay equity for New Zealand women and we will be leaving no stone unturned to achieve pay equity. "The decision to cancel claims that were about to be heard by the Employment Relations Authority is inconsistent with the constitutional foundations of New Zealand which do not provide for the government to interfere with the judicial system in this way." Educational Institute national secretary Stephanie Mills said the government did not follow a democratic process. "The scrapping of the teachers claim without consultation and under urgency was a kick in the guts for our teacher members after years of blood, sweat and money getting the claim moving," she said. "We'd had five years of work on it with hundreds of interviews with members about their work, and it was a genuinely joint process with the Ministry of Education and their pay equity team." NZNO delegate and Plunket nurse Hannah Cook said nurses and care workers were devastated by the scrapping of their pay equity claims. "Plunket nurses were so close to finally having our hard work recognised. Nurses and care workers are the backbone of a caring society and the coalition government needs to value us. These changes don't just impact us. They impact our families, our livelihoods and our quality of life," she said. "The coalition government has shown it doesn't value us nurses and those of us in women dominated workforces. It is 2025 for goodness sake. We shouldn't still be paid less than those in male dominated occupations." Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
Scoop
an hour ago
- Scoop
Faster, More Accurate Brain Tumour Diagnoses For Kiwis
Minister of Health More than 100 New Zealanders have already benefited from a groundbreaking diagnostic tool that is delivering faster, more accurate brain tumour diagnoses, Health Minister Simeon Brown says. DNA methylation profiling, the international gold standard for diagnosing brain tumours, has been rolled out at Auckland City Hospital over the past year. 'This technology is a game-changer for brain tumour diagnosis in New Zealand. It enables doctors to pinpoint the exact tumour type with greater precision and in less time, meaning patients can start the right treatment sooner,' Mr Brown says. 'Until now, diagnosis was typically made by microscopic examination. In some complex cases, samples were sent overseas for methylation profiling, but that could take up to six weeks. 'Having this cutting-edge capability in New Zealand means more Kiwi patients can access this advanced diagnostic technology locally. Turnaround times are faster, around four weeks, and quicker for urgent cases. 'It also means we can prioritise urgent cases, deliver answers sooner, and give patients and their families greater certainty.' In some recent cases done locally, methylation profiling has significantly altered the initial diagnosis. In others, it has identified rare or unexpected tumour types that may have been missed using traditional methods. The Auckland-based service is one of only three in Australasia, with samples from hospitals around the country also being sent to Auckland for analysis. Along with improving access and outcomes for patients, it is also significantly cheaper than sending samples offshore. 'Delivering faster access to cancer treatment is a key focus for the Government, which is why it is one of our five national health targets. Faster, more accurate diagnosis for brain tumours that may be cancerous is a vital part of that. 'By providing local access to the world's best diagnostic tools, we are improving outcomes for New Zealanders,' Mr Brown says.
