When comparing KiwiSaver providers, it’s natural to focus on who’s at the top of the performance tables today. But experienced investors know that a single year’s returns rarely tell the full story.
Investment markets move through cycles. Different investment styles can perform well in some environments and struggle in others. That’s why many financial professionals encourage investors to focus on long-term consistency rather than short-term performance when evaluating a KiwiSaver provider.
Looking beyond the latest rankings
Every quarter, independent research company Morningstar publishes its KiwiSaver performance tables. These rankings are closely watched by investors comparing KiwiSaver providers and looking for insights into long-term fund performance.
At first glance, the report can seem overwhelming, with multiple fund categories and time periods to compare. Funds are grouped by category, such as Conservative, Balanced, Growth and Aggressive, allowing investors to compare similar funds side by side.
Performance is shown across a range of timeframes, from one month through to 10 years. Returns over periods longer than one year are annualised, making it easier to compare results over time.
While short-term performance often grabs the headlines, many investment professionals encourage investors to focus on five- and 10-year returns. These longer timeframes can provide a clearer picture of which providers have delivered consistently strong results through different market conditions.
This approach helps investors look beyond recent winners and focus on providers with a proven long-term track record.
Why consistency matters
Long-term investing is not about winning every quarter.
It’s about delivering strong outcomes over time while navigating market volatility, economic cycles, interest rate changes and global events.
Providers that consistently rank near the top of their categories over extended periods may demonstrate characteristics that investors value, including:
- A disciplined investment process
- Experienced portfolio managers
- Consistent decision-making
- The ability to manage risk through changing market conditions
- A focus on long-term outcomes rather than short-term trends
For KiwiSaver members, these qualities can be particularly important because retirement savings are often invested for decades rather than years.
What the latest data shows
The latest Morningstar KiwiSaver 360 report to end March 2026 highlights the importance of looking at long-term performance.
Generate’s three original KiwiSaver funds – Moderate, Growth and Focused Growth – have ranked in the top three of their respective categories for 10-year returns more than 90% of the time since becoming eligible for a 10-year ranking.[1]
The Generate Focused Growth Fund has maintained a top-three ranking in the aggressive category every quarter since becoming eligible for a 10-year comparison.[2]
Most recently, the Generate Focused Growth Fund ranked second for 10-year returns in the Morningstar KiwiSaver 360 report to 31 March 2026.[3]
While past performance does not guarantee future returns, long-term data can provide investors with valuable insight into how consistently a provider has delivered outcomes over time.
What investors should look for when comparing KiwiSaver funds
Performance remains an important consideration when choosing a KiwiSaver provider, but it should not be viewed in isolation.
Investors may wish to consider:
Long-term returns
Looking at five and ten-year returns can provide a more balanced picture than focusing on short-term results.
Consistency
Has the fund delivered strong results over multiple market cycles, or has performance been driven by a single standout period?
Risk profile
The best-performing fund is not always the right fund. Investors should ensure their chosen fund aligns with their goals, timeframe and tolerance for risk.
Fees and value for money
Fees should be considered alongside value and performance and the overall value provided by the investment manager.
Service and support
Access to advice, educational resources and ongoing communication can play an important role in helping investors stay on track.
The value of staying focused on the long term
One of the biggest mistakes investors can make is reacting to short-term market movements.
History shows that markets experience periods of uncertainty, volatility and decline. However, long-term investors who remain focused on their goals are often better positioned to benefit from future growth.
Generate Chief Executive Officer Henry Tongue says maintaining a long-term perspective has always been central to the firm’s investment philosophy.
“KiwiSaver is a long-term investment, and that’s how we manage our funds. Rather than focusing on short-term market noise, our investment team remains committed to delivering strong outcomes for members over the long run.”
This approach has helped Generate build a strong track record of performance, while also earning the trust of more than 190,000 KiwiSaver members and growing funds under management beyond $9 billion.
The bottom line
When comparing KiwiSaver providers, short-term rankings can be informative, but they shouldn’t be the only factor investors consider.
Long-term performance, consistency, risk management and member support can all provide valuable insight into a provider’s ability to help investors achieve their retirement goals.
For many KiwiSaver members, the most important question isn’t who won the latest quarter — it’s which provider has demonstrated the ability to deliver over the long term.
© 2026 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its affiliates or content providers; (2) may not be copied, adapted or distributed; (3) is not warranted to be accurate, complete or timely; and (4) does not constitute advice of any kind, whether investment, tax, legal or otherwise and 5) has been prepared for New Zealand wholesale clients of Morningstar Research Ltd, subsidiary of Morningstar, Inc and is not intended for New Zealand retail clients. Neither Morningstar nor its content providers are responsible for any damages arising from the use and distribution of this information. Past performance is no guarantee of future results.
No part of this article is intended as financial advice; it is intended as general information only. To see our Financial Advice Provider Disclosure Statement, please see Generate FAP Disclosure Statement. For more information see the Generate KiwiSaver Scheme Product Disclosure Statement or the Generate Unit Trust Scheme (Managed Funds) Product Disclosure Statement or the fund updates for KiwiSaver and for Managed Funds. The issuer of both schemes is Generate Investment Management Limited. Past performance is not indicative of future performance.
[1] Source: Data from successive quarterly Morningstar KiwiSaver reports, June 2023 to March 2026 comparing 10-year returns in the multi-sector moderate, growth and
aggressive KiwiSaver categories.[2] Source: Data from successive quarterly Morningstar KiwiSaver reports, June 2023 to March 2026 comparing 10-year returns in the multi-sector moderate, growth and
aggressive KiwiSaver categories.[3] Source: Morningstar KiwiSaver 360 report March Quarter 2026. The Generate Focused Growth Fund ranked 2nd out of 10 funds for 10-year returns in the muti-sector aggressive category as at 31 March 2026.
