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The value of KiwiSaver assets fell more than $3.6 billion last year, but the equity market experienced a positive performance in the last three months of 2022.
The latest survey from investment firm Morningstar shows KiwiSaver assets increased in the December quarter to $86.5b, up from $83.5b in the previous quarter.
Morningstar data director of global fund data Greg Bunkall said the New Zealand equity market experienced a positive performance over the December quarter, and the S&P/NZX 50 Index returned 3.7 percent; however, the market recorded a loss of 12.0 percent over the one-year period.
ANZ lead the market share with more than $17.7b, ASB was in second position with a market share of 15.9 percent, Westpac was in third spot ahead of Fisher Funds, while Kiwi Wealth sat in fifth spot, Bunkall said.
"The six largest KiwiSaver providers account for approximately 69 percent of assets on our database," he said.
"Fisher & Paykel Healthcare Corporation Ltd, The a2 Milk Co, and Ebos Group were among the top contributors to the quarter performance, returning 23.1 percent, 20.6 percent, and 16.7 percent, respectively."
Bunkall said all multisector KiwiSaver funds produced positive returns over the December quarter, with the average multisector category returns ranging from 1.3 percent for the conservative category to 3.0 percent for the aggressive category.
However he said it was most appropriate to evaluate the performance of a KiwiSaver scheme by studying its long-term returns.
"Over 10 years, the aggressive category average has given investors an annualised return of 8.4 percent, followed by growth (8.1 percent), balanced (6.4 percent), moderate (4.1 percent), and conservative (4.2 percent)."