A survey of KiwiSaver funds shows some of the worst performing fund managers are attracting the most money.
However, analysts say the bottom line may not be the best indictor of a good long-term investment.
According to the survey by the investment research company, Morningstar, only a few KiwiSaver funds remained in the black over the June quarter.
The largest fund, ASB's default fund, with more than $600 million, ranked 10th out of 16 funds for performance over two years in the conservative sector.
Morningstar research co-director Chris Douglas says it is a good thing that investors are not making decisions based on past performance alone because that can be misleading and the highest fliers can sometimes fall the fastest.