Strengthening your investment potential.

At MAS, we’re making some smart changes to how we invest on behalf of our Members, all with one goal in mind: delivering stronger long-term financial outcomes. 

These changes are about improving how investments are selected and ensuring portfolios are better positioned to capture opportunities around the world. For our Members, that means aiming for stronger long-term returns and a smoother investment journey. Though we’re changing how we select some investments, there will be no changes to our fees or risk indicators because of these refinements. 

The changes are expected to take effect from around 1 September 2026. 

What’s changing

We’re making two improvements to our MAS KiwiSaver Scheme, MAS Retirement Savings Scheme and our MAS Investment Funds. This change will impact all funds in the MAS Schemes except for the Cash Funds. They include:

• refining how we invest in international shares.
• shifting the Global Equities Fund to be fully invested offshore.

Think of this as fine‑tuning what sits under the hood of our Members’ investments.

A smarter way to invest globally

International shares are a key building block of our Members’ portfolios, providing access to companies and growth opportunities well beyond New Zealand.

We are transitioning part of this portfolio to a different investment approach managed by BlackRock, providing greater flexibility in portfolio construction and security selection. With the aim of outperforming the benchmark, this strategy uses data, research, and sophisticated modelling to identify companies with strong long-term potential.

It works alongside our existing investment styles, including Global Themes and Direct Equities. Each plays a different role, and together they create a more balanced and resilient portfolio.

This change is about being more deliberate in how investments are selected, with the aim of achieving better financial outcomes over time for our Members.

What this means for Members

While this is a behind the scenes change, it’s an important one.

Portfolios will remain well diversified across regions, sectors, and investment styles. There are no changes to MAS management fees or risk indicators due to these changes.

What this change is designed to do is strengthen the overall investment approach, supporting more consistent returns over the long term as markets shift and evolve.

Our responsible investing approach

Evolving our investment approach is important to ensure we maintain the right balance between a risk/return focus, diversification and responsible investing. As part of this change, we are moving to a more flexible investment approach and will no longer use the MSCI Climate Paris Aligned Index methodology, which has been one of three strategies used within our international equities exposure.

As we continually evolve our investment proposition, our Responsible Investment Policy will continue to guide how we invest across all MAS Schemes. This includes considering environmental, social and governance factors, engaging with companies, and restricting investments in areas such as fossil fuels, weapons and tobacco, along with companies involved in very severe controversies.

In short, how we invest continues to reflect what matters most to our Members.

Moving to a truly global portfolio

We’re also updating the Global Equities Fund, shifting its target investment mix to be fully invested in international shares.

Currently, a portion of the target investment mix for the fund is allocated to New Zealand and Australian companies. From September, it will move to 100% international shares.

This shift better reflects the reality of global markets, where New Zealand and Australian companies make up only a very small share of the overall opportunity set.

What stays the same 

While these updates strengthen how investments are managed, the fundamentals remain consistent. 

There is no impact on MAS fees or risk indicators due to this change. 

What’s evolving is the strength and sophistication of the investment approach supporting our Members’ outcomes.

Looking ahead

We’re continually looking for ways to improve outcomes for our Members. These enhancements are another step in ensuring portfolios are well positioned, not just for today, but for the years ahead.

Members who would like to learn more about how their investments are managed can visit our website or get in touch with our dedicated team of MAS Advisers.