QUARTERLY REPORT
KiwiSaver 360
KiwiSaver dips slightly as US/Iran war weighs on financial assets
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Global markets in the first quarter of 2026 were dominated by the escalation of the Iran conflict, which triggered a sharp but relatively short-lived risk-off move across asset classes. Equities sold off meaningfully in early March, with global indexes falling and more pronounced drawdowns across parts of Asia, as investors priced in inflation risk, supply disruptions, and geopolitical spillover. The key transmission channel was energy: Oil prices surged sharply amid concerns around the disruption of Middle East supply routes, driving a spike in inflation expectations and bond yields.
In New Zealand dollar terms, global equities were negative through the height of the shock, while commodity-linked markets like Australia proved relatively resilient because of the uplift in energy and resources. New Zealand equities lagged, reflecting weaker domestic growth and sensitivity to higher global rates. Fixed income initially sold off (yields rising on inflation fears), before partially recovering late in the quarter as markets began pricing eventual policy support.
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About the Morningstar KiwiSaver 360 Report
Morningstar's KiwiSaver 360 is designed to help New Zealand investors assess the past performance and other key characteristics of their KiwiSaver superannuation options. The accompanying tables show KiwiSaver fund returns for the three months and one, three, five, and 10 years to March 31, 2026.
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