On the performance of KiwiSaver funds

Bart Frijns and Alireza Tourani-Rad

Pacific Accounting Review, 2015, vol. 27, issue 3, 266-281

Abstract: Purpose - – This paper aims to investigate the risk-adjusted performance of the KiwiSaver Growth funds for the period 2007-2013 in New Zealand. Design/methodology/approach - – Performance attribution regressions are used to measure risk-adjusted performance of KiwiSaver funds. Findings - – This paper found that there is no evidence of systematic risk-adjusted outperformance of KiwiSaver Growth funds, and in several cases, there is evidence of significant underperformance. This paper further reports substantial variation in the amount of risk-taking, and local and international stock market exposure of KiwiSaver Growth funds. Originality/value - – KiwiSaver is becoming an increasingly important investment vehicle for many New Zealanders saving for retirement. This is the first paper that considers the performance of KiwiSaver funds.

Keywords: KiwiSaver; Performance measurement; Mutual funds (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:eme:parpps:par-09-2013-0089

DOI: 10.1108/PAR-09-2013-0089

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