Fund-vs-fund · Diversified
Generate Focused Growth Managed Fund vs Summer Growth 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.
Why these two differ
The most material structural difference between these two funds is their growth asset allocation and corresponding risk profile. Generate Focused Growth Managed Fund holds 98.31% in growth assets and carries a risk indicator of 5 (on the FMA's 1–7 scale), while Summer Growth Selection holds 77.76% in growth assets and sits at risk indicator 4. Both are classified as Diversified, but the gap in equity exposure meaningfully separates their risk-return positioning.
That difference is reflected in five-year returns: Generate Focused Growth returned 8.22% per annum versus Summer Growth Selection's 4.51%, though past performance is not a reliable indicator of future returns and the gap in growth asset exposure is a likely structural contributor. Annual fund charges also differ — Generate charges 1.39% versus Summer's 1.02% — a 37 basis point spread that compounds over time. Fund sizes are closely matched at approximately NZD 110.4 million (Generate) and NZD 111.5 million (Summer).
Top holdings reveal contrasting construction approaches. Generate's largest exposures are concentrated in global technology equities — Nvidia, Amazon, Microsoft, and Alphabet — alongside a Te Ahumairangi Global Equity Fund allocation. Summer's top holdings include a Hunter Global Fixed Interest Fund position (4.97%), Vanguard ESG US Stock ETF, and NZ-listed property names such as Precinct Properties and Goodman Property Trust, suggesting a more domestically blended and defensively tilted portfolio. Summer's PDS references a KiwiSaver scheme account structure, while Generate's offering is a standalone unit trust managed fund.
Verify all figures against the source PDS and latest quarterly fund update on FMA Disclose before relying on any of this information.
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
- Summer Growth 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
4.51%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Generate
NZ$118m
Upper half by size
Summer
NZ$111m
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% | 4.51% | Higher is better (past not future) |
| Fund size | NZ$118m | NZ$111m | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 78% / 22% | 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
3
of each fund's top 10
Generate weight in shared
10.7%
of Generate Focused Growth Managed Fund top 10 is shared
Summer weight in shared
5.3%
of Summer Growth Selection top 10 is shared
| Holding | Generate | Summer |
|---|---|---|
 Fisher & Paykel Healthcare Ltd NZ | 3.21% | 2.46% |
 Microsoft Corp US | 4.54% | 1.55% |
 Alphabet Inc Class A US | 2.96% | 1.28% |
"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 Growth Selection
The Summer Growth Selection fund invests in a lesser exposure to cash and fixed interest investments and a greater exposure to 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 Balanced Selection (but with more risk).Full Summer Summer Growth Selection profile →
Common questions
What's the difference between the Generate Focused Growth Managed Fund and the Summer Growth Selection?
Which fund has lower fees, Generate Focused Growth Managed Fund or Summer Growth 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?
