Fund-vs-fund · Diversified
Generate Focused Growth Managed Fund vs Lifetime Retirement Income 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. The Generate Focused Growth Managed Fund holds 98.31% in growth assets, making it a near-pure equity vehicle despite its "Diversified" category label. The Lifetime Retirement Income Fund sits at 53.2% growth assets, with the remainder in income assets including New Zealand fixed interest and cash — a materially more balanced profile. This divergence is reflected in their risk indicators: Generate Focused Growth sits at 5 on the 1–7 scale, while Lifetime Retirement Income sits at 4.
On fees, the two funds are close. Generate Focused Growth charges 1.39% annually; Lifetime Retirement Income charges 1.36%. Fund sizes are also comparable — NZ$110.4 million versus NZ$115.0 million respectively.
Generate Focused Growth reports a five-year return of 8.22% per annum. Lifetime Retirement Income's five-year return figure is not available in our snapshot, meaning a like-for-like performance comparison cannot be made here.
Their portfolio construction differs notably. Generate's top holdings are concentrated in individual global equities — Nvidia, Amazon, Microsoft, Alphabet — alongside a single fund allocation. Lifetime's portfolio is built almost entirely from underlying wholesale funds, with global equity ESG funds and NZ fixed interest pooled vehicles dominating, suggesting a fund-of-funds approach rather than direct stock selection.
The Lifetime fund's name and structure also indicate a specific retirement income purpose, which may involve product features not captured in allocation or fee data alone.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on any of this.
Cached comparison generated 2026-05-21 from each fund's latest FMA Disclose QFU. Regenerated when the underlying facts change.
What's different at a glance
- Annual fund charges are within 0.05% of each other (1.35% vs 1.36%).
- 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
Generate
1.35%
Highest 15% of cohort
Lifetime
1.36%
Highest 11% of cohort
5-year return p.a.
Past performance — not a predictor
Generate
6.34%
Top 13% over 5 years
Lifetime
—
—
Fund size
Larger = more stable, lower close-risk
Generate
NZ$118m
Upper half by size
Lifetime
NZ$115m
Upper half by size
| Metric | Generate | Lifetime | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.35% | 1.36% | Lower is better |
| Risk indicator (1–7) | 5 | 4 | Higher = more volatility |
| 5-year return p.a. | 6.34% | — | Higher is better (past not future) |
| Fund size | NZ$118m | NZ$115m | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 53% / 47% | 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 | InvestNow · 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.
Matching holdings
1
of each fund's top 10
Generate weight in shared
2.1%
of Generate Focused Growth Managed Fund top 10 is shared
Lifetime weight in shared
7.5%
of Lifetime Retirement Income Fund top 10 is shared
| Holding | Generate | Lifetime |
|---|---|---|
| AN ASB NZ Dollar Cash Account NZ | 2.10% | 7.51% |
"Min weight" = the smaller of the two weights — a conservative read of how much exposure you'd have to that position if you held both funds.
What each fund says it does
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 →
Lifetime
Lifetime Retirement Income Fund
Managed investment fund designed to turn your retirement savings into a variable retirement income.Full Lifetime Lifetime Retirement Income Fund profile →
Common questions
What's the difference between the Generate Focused Growth Managed Fund and the Lifetime Retirement Income Fund?
Which fund has lower fees, Generate Focused Growth Managed Fund or Lifetime Retirement Income Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
