QUARTERLY REPORT
KiwiSaver 360
KiwiSaver reaches $150 billion milestone as quarterly returns tread water.
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Global markets continued to advance during the September quarter, demonstrating considerable resilience in the face of renewed geopolitical tensions, higher energy prices, and rising government bond yields. The optimism that emerged during the June quarter was tested as conflict in the Middle East intensified once again,pushing oil prices higher and reviving concerns that inflation could prove more persistent than investors had hoped. Despite these headwinds, global economic growth remained resilient, corporate earnings generally exceeded expectations, and continued investment in artificial intelligence and digital infrastructure supported investor confidence. Global equity markets delivered positive returns overall, led by the United States, where strong earnings growth and continued enthusiasm for artificial intelligence-related companies helped offset rising interest rates and higher energy costs.
In New Zealand-dollar terms, international equities again delivered positive returns, although gains were more moderate than those achieved during the June quarter. New Zealand equities produced mixed results as investors weighed improving domestic economic conditions against ongoing pressure on company earnings and consumer spending. Australian shares generally outperformed local markets, supported by strong bank performance and a relatively resilient economy.
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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 September 30, 2026.
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