Fund-vs-fund · Diversified
Booster Shielded Growth FundvsNZ Funds Income Generator
Booster Shielded Growth Fund (fund size NZ$14.6 million, annual fund charge 1.41%) and NZ Funds Income Generator (fund size NZ$15.8 million, annual fund charge 1.67%) are both diversified managed funds, as shown on Sorted Smart Investor on 22 May 2026; for the year to 31 March 2026 their 1-year returns after fees and tax were 7.57% and 4.14%, per their quarterly fund updates filed on FMA Disclose.
How much do these two overlap?
They hold 5 of the same securities. If you held both, roughly 1.0% of your money would be in the same companies — so the diversification you get from holding the pair is smaller than holding two funds suggests.
| Shared holding | Booster Shielded | NZ Funds | Min weight |
|---|---|---|---|
| Westpac Banking Corp | 0.45% | 5.57% | 0.45% |
| Wesfarmers | 0.20% | 4.91% | 0.20% |
| Telstra Group | 0.15% | 5.91% | 0.15% |
| Transurban Group | 0.11% | 5.20% | 0.11% |
| Woolworths Ltd | 0.10% | 6.38% | 0.10% |
Min weight is the smaller of the two weightings — if you hold both funds, that is the floor of your exposure to that position. Direct holdings only: anything either fund holds through an underlying fund or ETF is not counted, so the real overlap can only be higher. From each fund's FMA Disclose full portfolio filing.
Why these two differ
The most material structural difference between these two funds lies in their return profiles despite near-identical risk and asset allocation settings. Both the Booster Shielded Growth Fund and NZ Funds Income Generator carry a risk indicator of 4 and hold growth assets at approximately 98%, yet their five-year returns diverge sharply: Booster Shielded Growth returned 5.13% per annum against NZ Funds Income Generator's 0.90% per annum over the same period. This gap warrants scrutiny of each fund's underlying strategy and holdings mix before drawing conclusions.
Portfolio construction differs meaningfully. Booster Shielded Growth's top holdings are concentrated in global equities and an ESG-screened ETF — Fisher & Paykel Healthcare (2.89%), NVIDIA (2.70%), and the Vanguard ESG US Stock ETF (2.37%) — reflecting a broadly diversified equity tilt with an explicit socially responsible investment overlay as indicated in its PDS title. NZ Funds Income Generator's top positions skew toward Australian listed companies and a Goldman Sachs Futures position (9.86%), suggesting a derivatives-augmented, income-oriented equity approach despite the "growth assets" classification.
On fees, NZ Funds Income Generator charges 1.67% annually versus Booster Shielded Growth at 1.41%, a 26-basis-point difference that compounds over time. Fund sizes are comparable — NZ$14.6 million and NZ$15.8 million respectively — both relatively small pools. Both funds are KiwiSaver scheme accounts under their respective schemes.
Always verify these figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on them for any investment decision.
Comparison generated 2026-05-21 from each fund's FMA Disclose QFU facts as at that date. If the underlying facts change, this narrative is withheld until it is regenerated — the tables on this page always reflect the current data.
What's different at a glance
- Booster Shielded Growth Fund charges 0.26% lower in annual fund charges (1.41% vs 1.67%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
Where each fund sits in its cohort
Percentile rank vs all 68 diversified funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Booster
1.41%
Highest 10% of cohort
NZ Funds
1.67%
Highest 2% of cohort
5-year return p.a.
Past performance — not a predictor
Booster
5.13%
Top 19% over 5 years
NZ Funds
0.90%
Bottom 4% over 5 years
Fund size
Larger = more stable, lower close-risk
Booster
NZ$15m
Lower half by size
NZ Funds
NZ$16m
Lower half by size
| Metric | Booster | NZ Funds | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.41% | 1.67% | Lower is better |
| Risk indicator (1–7) | 4 | 4 | Higher = more volatility |
| 5-year return p.a. | 5.13% | 0.90% | Higher is better (past not future) |
| Fund size | NZ$15m | NZ$16m | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 98% / 2% | More growth = higher long-run return + volatility |
| NZ tax structure | PIE (PIR-capped) | PIE (PIR-capped) | PIE = simpler. FIF = annual return. |
| Currency hedging | — | — | Hedged smooths NZD/foreign FX moves at a small cost. |
| Responsible investment screening | No | No | Specific exclusions live in each fund's SIPO. |
| Available via | Direct | Direct | Platforms accepting retail subscriptions. |
What each fund says it does
Booster
Booster Shielded Growth Fund
The Shielded Growth Fund is suited to investors who seek potentially relatively high returns over longer term periods (seven years plus), allowing for short to medium term ups and downs, whilst partially shielding the fund against some of the more significant short-term risks. We aim to achieve this by investing predominantly in growth assets, with little or no allocation to income assets.Full Booster Booster Shielded Growth Fund profile →
NZ Funds
NZ Funds Income Generator
The objective of the NZ Funds Income Generator is to provide a source of income by primarily investing in dividend paying shares and derivatives including options. The fund is anticipated to mainly own and trade New Zealand and Australian shares, derivatives including options over the minimum suggested timeframe.Full NZ Funds NZ Funds Income Generator profile →
Common questions
What's the difference between the Booster Shielded Growth Fund and the NZ Funds Income Generator?
Which fund has lower fees, Booster Shielded Growth Fund or NZ Funds Income Generator?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
