Kiwisaver Conservative Fund

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Lower risk, modest returns

Looking to invest for 3+ years? This Fund could be the one for you

This Fund has a higher exposure to income assets and a lower exposure to growth assets. Its value is unlikely to fluctuate as much as the Pathfinder KiwiSaver Balanced Fund or Pathfinder KiwiSaver Growth Fund.
Join the Conservative Fund

Return focus:


Average annual return:

3.3% p.a. since inception July 2019

Minimum suggested time frame:

3+ years

Risk focus:


Estimated fund fees:

0.94% p.a.

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Pick Pathfinder and you’ll be investing in...

We focus on investing positively. This includes selecting well-managed, quality companies that meet our ethical standards and, where we can, private companies that have real-world impact.

  • WoolAid logo
  • Sharesies Logo
  • Lodestone Energy logo
  • Enphase logo
  • Organo logo
Learn more about our investments

What we don’t invest in:

We avoid investments that disrespect people, our planet and animals (some examples below). Both thresholds and exceptions may apply - please see our Ethical Investment Policy for more detail.

  • Fossil Fuel

  • Animal Testing

  • Gambling

  • Palm Oil & GMOs

  • Weapons

  • Tobacco

  • Factory Farming

  • Adult Entertainment

  • Alcohol



1 month


1 year


3 years


p.a. since inception*

Past performance is no guarantee of future return. We encourage all investors to seek independent financial advice prior to making investment decisions. *31/07/19 (date of inception). To compare fund returns against the fund benchmark visit our Performance and Returns page.

Performance figures as of 31/08/2023, and are after fees before tax

Risk Level

This Fund is suited to an investor with a lower tolerance to risk and a minimum investment timeframe of 3+ years.

Lower Risk

Potentially Lower Returns


Higher Risk

Potentially Higher Returns

The rating reflects how much the value of the Fund’s assets goes up and down (volatility). A higher risk generally means higher potential returns over time, but more ups and downs along the way. This risk indicator is not a guarantee of a fund’s future performance. The Fund does not have a five-year history. The risk indicators were prepared using the relevant market index returns when the fund was not in existence, and the funds returns since inception. While risk indicators are usually relatively stable, they do shift from time to time. You can see the most recent risk indicator in the latest fund update for the Funds.

Compare our funds.

Choose the right fund for your risk tolerance and goals.

KiwiSaver GrowthKiwiSaver BalancedKiwiSaver Conservative
Return focusMedium to HighMediumModest
Risk focusHigherMediumLower
Likely fluctuation in valueMore than the Balanced or Conservative FundsMore than Conservative Fund but less than Growth FundLess than the Balanced or Growth Funds
Minimum suggested time frame8+ years (long term)5+ years3+ years
Estimated fund fees1.30% p.a.1.17% p.a.0.94% p.a.
Fund return since inception9.3% p.a.6.4% p.a.3.3% p.a.

Investor Notes

Ethical Approach

The Pathfinder KiwiSaver Growth Fund has been designated a Certified Responsible Investment by RIAA (Responsible Investment Association Australasia).


The fund is diversified across asset classes, industries and geographies. We use environmental, social and governance metrics, as well as financial metrics when making investment decisions.

View Holdings

Target Investment

24.0% Cash & Cash Equivalents
23.6% New Zealand Fixed Interest
37.7% International Fixed Interest
3.4% Australasian Equities
6.3% International Equities
5.0% Other Assets

Number of Holdings

Approximately 200

Asset Class

Cash (and Cash Equivalents), NZ Fixed Interest, International Fixed Interest, Australasian Equities, International Equities, Listed Property, Other Assets.

Investment horizon

3+ years


Morningstar® Target Allocation Index™: Conservative Multisector for New Zealand (non-New Zealand Fixed Interest 100% hedged to NZD. The index is gross of dividends and tax except for International Equities and International Listed Properties, which are gross of dividends after deducting the tax withheld)

Current Hedging Target

100% of non-NZD Fixed Income exposure
0% of other non-NZD exposure

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