Quote Originally Posted by stoploss View Post
Latest QTR Kiwisaver reports out .
Juno aka PIE Funds has taken out # 1 in the Growth category ...not bad going in their first year .

https://cdn.morningstar.com.au/mca/s...ey-Q3-2019.pdf
What I don't like, the disclaimer:

* Performance numbers supplied directly from the provider rather than calculated independently by Morningstar.

A lot of information missing such as are the returns net of taxation, PIR 28%? FIF? Otherwise the reported returns can only be taken as a 'gross' figure quoted below:

"Average multisector category returns over the September quarter ranged from 2.9% for the Growth category to 2.2% for the Conservative category."

LONG term performance is key and while i'm being repetitive, Warren Buffet pointed out in the past that managed funds do not beat buying the index returns over a long term period. He won a wagered bet that they could not beat the S&P500 index. What i'm seeing in NZ is more $ is wasted on managed funds, administration fees, etc. via 'salesmanship' than actual returns to investors. I'm not seeing transparency in any of these NZ based fund when compared to say buying real estate in NZ. One thing is certain though, that $60B in Kiwi Savers invested gives IRD the ticket to tax all these funds (while the FMA basically locks out NZ retail investors out by directly buying ie an S&P500 Vanguard ETF through a US broker.