Fund-vs-fund · Diversified
Booster Socially Responsible Growth FundvsGenerate Focused Growth Managed Fund
Booster Socially Responsible Growth Fund (fund size NZ$123.5 million, annual fund charge 1.34%) and Generate Focused Growth Managed Fund (fund size NZ$117.7 million, annual fund charge 1.35%) 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 4.57% and 8.76%, per their quarterly fund updates filed on FMA Disclose.
How much do these two overlap?
They hold 110 of the same securities. If you held both, roughly 35.8% 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 Socially | Generate Focused | Min weight |
|---|---|---|---|
| Nvidia | 2.62% | 5.95% | 2.62% |
| Fisher & Paykel Healthcare | 2.53% | 3.21% | 2.53% |
| Alphabet | 2.27% | 2.99% | 2.27% |
| Apple | 2.24% | 2.56% | 2.24% |
| Microsoft | 1.83% | 4.54% | 1.83% |
| Auckland International Airport | 1.57% | 1.54% | 1.54% |
| Amazon.com | 1.50% | 4.11% | 1.50% |
| Infratil | 1.36% | 3.33% | 1.36% |
| Meridian Energy | 1.12% | 1.07% | 1.07% |
| a2 Milk | 1.02% | 1.00% | 1.00% |
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 is their growth asset allocation. The Generate Focused Growth Managed Fund holds 98.31% in growth assets, making it almost entirely equity-oriented, while the Booster Socially Responsible Growth Fund holds 77.76% in growth assets, retaining a meaningful defensive allocation. This structural gap is reflected directly in their risk indicators: Generate sits at 5 on the standard 1–7 scale, Booster at 4. Both are classified as Diversified, but investors accepting more volatility for equity exposure would encounter meaningfully different risk profiles between them.
Annual fund charges are nearly identical — Generate at 1.35% and Booster at 1.34% — so fees alone do not differentiate these funds. Fund size is comparable: Generate at approximately NZD 117.7 million, Booster at approximately NZD 123.5 million. Generate discloses a five-year return of 6.34% per annum; Booster's five-year return figure is not available in this snapshot, so a like-for-like historical performance comparison cannot be made here.
On portfolio construction, Booster applies a socially responsible investment screen, which shapes its holdings — its PDS title references "Socially Responsible Investment Funds" — whereas Generate's mandate is unconstrained in that respect. Nvidia appears in both portfolios, but at a significantly higher weight in Generate (5.95%) than in Booster (2.62%). Booster holds a dedicated cash position (3.00%) as a disclosed top holding; Generate's top five are entirely equities.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on any of this.
Comparison generated 2026-07-05 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
- Annual fund charges are within 0.05% of each other (1.34% vs 1.35%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Booster Socially Responsible Growth Fund applies responsible-investment / ESG screening. The other fund does not.
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
1.34%
Highest 18% of cohort
Generate
1.35%
Highest 15% of cohort
5-year return p.a.
Past performance — not a predictor
Booster
—
—
Generate
6.34%
Top 9% over 5 years
Fund size
Larger = more stable, lower close-risk
Booster
NZ$123m
Upper half by size
Generate
NZ$118m
Upper half by size
| Metric | Booster | Generate | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.34% | 1.35% | Lower is better |
| Risk indicator (1–7) | 4 | 5 | Higher = more volatility |
| 5-year return p.a. | — | 6.34% | Higher is better (past not future) |
| Fund size | NZ$123m | NZ$118m | Larger = more stable, lower close-risk |
| Growth / income split | 78% / 22% | 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 | Yes | 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 Socially Responsible Growth Fund
The Socially Responsible Growth Fund is suited to investors who seek potentially relatively high returns on average over longer term periods (seven years plus), allowing for short to medium term ups and downs, whilst excluding investments which do not satisfy certain socially responsible investment criteria. We aim to achieve this by investing primarily in growth assets, with a moderate allocation of income assets, and the application of our Responsible Investment Policy.Full Booster Booster Socially Responsible Growth Fund profile →
Generate
Generate Focused Growth Managed Fund
The Focused Growth Managed Fund aims to provide a higher return over the long term. It invests in an actively managed portfolio made up predominantly of growth assets with a minor allocation of income assets. Volatility is likely to be high. Returns will vary and may be low or negative at times.Full Generate Generate Focused Growth Managed Fund profile →
Common questions
What's the difference between the Booster Socially Responsible Growth Fund and the Generate Focused Growth Managed Fund?
Which fund has lower fees, Booster Socially Responsible Growth Fund or Generate Focused Growth Managed Fund?
Are both funds PIE-taxed in NZ?
Does either fund apply responsible-investment screening?
Where can I read the official documents for these funds?
