Fund-vs-fund · Diversified
Generate Focused Growth Managed FundvsSummer Growth Selection
Generate Focused Growth Managed Fund (fund size NZ$117.7 million, annual fund charge 1.35%) and Summer Growth Selection (fund size NZ$111.5 million, annual fund charge 1.02%) are both diversified managed funds, as shown on Sorted Smart Investor on 22 May 2026; Generate Focused Growth Managed Fund's 1-year return after fees and tax was 8.76% for the year to 31 March 2026, per its quarterly fund update filed on FMA Disclose.
How much do these two overlap?
They hold 99 of the same securities. If you held both, roughly 26.5% of your money would be in the same companies — so the diversification you get from holding the pair is smaller than holding two funds suggests.
| Shared holding | Generate Focused | Summer Growth | Min weight |
|---|---|---|---|
| Fisher & Paykel Healthcare | 3.21% | 2.46% | 2.46% |
| Microsoft | 4.54% | 1.55% | 1.55% |
| Alphabet | 2.99% | 1.39% | 1.39% |
| Auckland International Airport | 1.54% | 1.30% | 1.30% |
| Infratil | 3.33% | 1.24% | 1.24% |
| Contact Energy | 2.08% | 0.94% | 0.94% |
| Apple | 2.56% | 0.87% | 0.87% |
| COMMONWEALTH BANK OF AUSTRALIA | 0.93% | 0.86% | 0.86% |
| Amazon.com | 4.11% | 0.83% | 0.83% |
| Spark New Zealand | 0.99% | 0.83% | 0.83% |
Min weight is the smaller of the two weightings — if you hold both funds, that is the floor of your exposure to that position. Direct holdings only: anything either fund holds through an underlying fund or ETF is not counted, so the real overlap can only be higher. From each fund's FMA Disclose full portfolio filing.
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 68 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 9% 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 | Direct | Direct | Platforms accepting retail subscriptions. |
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?
