Global market volatility caused by Britain's EU referendum and concerns about slower global growth weighed on returns for KiwiSaver accounts in the past three months, according to a survey.
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Investment research company Morningstar said there was a modest rise for markets, but the unexpected shock of the British vote unsettled investors and caused some sharp falls.
However, for the three months ended June, Morningstar said New Zealand markets showed reasonable growth, with the best performers being the conservative based funds, gaining an average 1.6 percent, compared to a mere 0.3 percent for aggressive funds.
The best performers for the quarter were ASB, Milford, and Fisher Funds.
The strongest performing sectors were materials, healthcare, utilities and local listed property trusts.
The amount invested in KiwiSaver as at the end of June was $33.4 billion, up $1.3bn for the quarter.