COMMENT:

I recently looked at my latest KiwiSaver update. I am with a provider (in an active growth fund) that has won a few awards and consistently advertises that it has the best long-term returns.

As part of this update, it provides returns across a raft of time periods as well as comparisons with key indexes.

Interestingly, the S&P/NZX 50 Gross Index has outperformed this fund in the short and long term. Is this surprising?

Given my KiwiSaver provider has consistently received awards for its performance, I am surprised and disappointed that most funds would be delivering less than an index fund.

It's great — at least in principle — to see KiwiSaver providers showing their investors how well they have performed compared to an index.

In active growth funds like yours, the managers choose which

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