Fund-vs-fund · Diversified
Generate Focused Growth Managed Fund vs Summer Balanced Selection
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.
What's different at a glance
- Summer Balanced Selection charges 0.33% lower in annual fund charges (1.02% 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
Generate
1.35%
Highest 15% of cohort
Summer
1.02%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Generate
6.34%
Top 13% over 5 years
Summer
3.36%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Generate
NZ$118m
Upper half by size
Summer
NZ$125m
Upper half by size
| Metric | Generate | Summer | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.35% | 1.02% | Lower is better |
| Risk indicator (1–7) | 5 | 4 | Higher = more volatility |
| 5-year return p.a. | 6.34% | 3.36% | Higher is better (past not future) |
| Fund size | NZ$118m | NZ$125m | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 54% / 46% | 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
2
of each fund's top 10
Generate weight in shared
7.8%
of Generate Focused Growth Managed Fund top 10 is shared
Summer weight in shared
2.9%
of Summer Balanced Selection top 10 is shared
| Holding | Generate | Summer |
|---|---|---|
 Fisher & Paykel Healthcare Ltd NZ | 3.21% | 1.87% |
 Microsoft Corp US | 4.54% | 1.07% |
"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 →
Summer
Summer Balanced Selection
The Summer Balanced Selection fund invests in a balanced mix of cash, fixed interest, equity and property investments. We aim to achieve long-term returns (before fees, taxes and other expenses) greater than a composite benchmark. Investors can expect moderate to high levels of movement up and down in value and, longer-term returns that are higher than those of the Summer Conservative Selection (but with more risk), and lower than those of the Summer Growth Selection (but with less risk).Full Summer Summer Balanced Selection profile →
Common questions
What's the difference between the Generate Focused Growth Managed Fund and the Summer Balanced Selection?
Which fund has lower fees, Generate Focused Growth Managed Fund or Summer Balanced Selection?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
