According to the March quarter 2019 Morningstar KiwiSaver Survey, 151 of the 153 KiwiSaver funds underperformed the NZX50 Gross Index in the 12 months to March 2019.

The only funds to outperform this NZX benchmark index, which returned 18.3 per cent for the March 2019 year, were two small property funds with total assets of only $25 million. These two funds represent only 0.05 per cent of total KiwiSaver assets of $54,661m.

How could this happen? How could the vast majority of KiwiSaver funds, including all passive funds, underperform the benchmark New Zealand sharemarket index in the March 2019