A record $4.5 billion was wiped off the value of KiwiSaver funds in the March quarter as markets tumbled amid the out-break of the Covid-19 coronavirus. The total value of KiwiSaver funds fell from $63.6b as of the end of 2019 to $59.1b on March 31, Morningstar figures show. Tim Murphy, Morningstar director of manager research, Asia-Pacific, said the March quarter returns reflected underlying weakness in global share markets. Murphy said the Juno funds had benefitted from having large cash positions which provided downside protection as share markets. Over the year to March 31 average returns ranged from 2.2 per cent for the conservative funds down to -4.5 per cent, the average return for aggressive funds.

Source: Otago Daily Times April 29, 2020 21:56 UTC