Fund-vs-fund · Diversified
Fisher Funds Conservative Fund vs Generate Focused Growth Managed Fund
Both are Diversified funds available to NZ retail investors. Numbers below are sourced from the FMA Disclose register via Sorted Smart Investor and reflect the latest published quarterly fund updates.
Why these two differ
The most material structural difference between these two funds is their asset allocation. Fisher Funds Conservative Fund holds 23.37% in growth assets, with the remainder in income-oriented securities — its top holdings are dominated by NZ Government bonds and a cash account, reflecting a capital-preservation bias. Generate Focused Growth Managed Fund sits at 98.31% growth assets, with its largest positions in global equities including Nvidia (5.95%), Microsoft (4.54%), and Amazon (4.11%), alongside the Te Ahumairangi Global Equity Fund (4.68%) and Infratil (3.33%). This structural divergence is captured directly in their risk indicators: Fisher Funds Conservative carries a risk indicator of 3 out of 7, while Generate Focused Growth sits at 5 out of 7.
Both funds share an identical annual fund charge of 1.35%. Their reported five-year returns differ substantially — Fisher Funds Conservative returned 1.67% per annum over five years, against Generate Focused Growth's 6.34% — though these figures reflect very different risk profiles and market exposures and are not directly comparable on a like-for-like basis. Fund sizes are similar: approximately NZD 116.2 million and NZD 117.7 million respectively.
Both are categorised as Diversified managed funds and are not KiwiSaver scheme accounts. Neither fund's QFU data as presented here discloses benchmark comparisons or after-tax return breakdowns, so investors should weigh the return figures accordingly.
Verify all figures against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
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 (1.35% vs 1.35%).
- 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 67 diversified funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Fisher Funds
1.35%
Highest 15% of cohort
Generate
1.35%
Highest 15% of cohort
5-year return p.a.
Past performance — not a predictor
Fisher Funds
1.67%
Bottom 18% over 5 years
Generate
6.34%
Top 13% over 5 years
Fund size
Larger = more stable, lower close-risk
Fisher Funds
NZ$116m
Upper half by size
Generate
NZ$118m
Upper half by size
| Metric | Fisher Funds | Generate | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.35% | 1.35% | Lower is better |
| Risk indicator (1–7) | 3 | 5 | Higher = more volatility |
| 5-year return p.a. | 1.67% | 6.34% | Higher is better (past not future) |
| Fund size | NZ$116m | NZ$118m | Larger = more stable, lower close-risk |
| Growth / income split | 23% / 77% | 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. |
Portfolio overlap
How many top-10 positions both funds hold, and at what weight. Computed from each fund's most recently disclosed top-10 holdings — exact-name matched (Microsoft Corp. = Microsoft Corporation), with a Cash / Cash & Equivalents collapse rule.
What each fund says it does
Fisher Funds
Fisher Funds Conservative Fund
The fund aims to provide stable returns over the long term by investing in mainly income assets with a modest allocation to growth assetsFull Fisher Funds Fisher Funds Conservative 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 →
Documents
Crawled directly from each manager's website. How we record provenance →
Fisher Funds
LiveLast verified 2026-05-08
Generate
Common questions
What's the difference between the Fisher Funds Conservative Fund and the Generate Focused Growth Managed Fund?
Which fund has lower fees, Fisher Funds Conservative Fund or Generate Focused Growth Managed Fund?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
