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 one of the most equity-heavy offerings within the Diversified category; the Lifetime Retirement Income Fund sits at 53.15% growth assets, carrying a substantially larger income and defensive component. This divergence is reflected directly in their risk indicators: Generate Focused Growth is rated 5 on the standard 1–7 scale, while Lifetime Retirement Income is rated 4, indicating meaningfully lower expected volatility.
On fees, the two funds are nearly identical — Generate Focused Growth charges 1.35% annually and Lifetime Retirement Income charges 1.36% — so fee difference is not a distinguishing factor here. Fund size is also comparable, at approximately NZD 117.7 million and NZD 115.0 million respectively.
Performance comparison is limited by missing data. Generate Focused Growth reports a five-year annualised return of 6.34%; Lifetime Retirement Income's five-year return figure is not available in the current snapshot, so no like-for-like comparison can be made.
Portfolio construction differs in style as well. Generate Focused Growth concentrates its top holdings in individual global equities — Nvidia (5.95%), Microsoft (4.54%), Amazon (4.11%) — alongside some fund exposure. Lifetime Retirement Income builds its portfolio almost entirely through wholesale fund vehicles, with its top positions being broad ESG global equity funds and a NZ fixed interest fund, plus 7.51% in cash.
Readers should 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 1.36%).
- 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 | 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?
