Fund-vs-fund · Diversified
NZ Funds Income Generator vs SBS Wealth Balanced Strategy
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 diversified funds is their asset allocation. NZ Funds Income Generator holds 98.31% in growth assets despite carrying the word "Income" in its name, giving it an equity-heavy profile that sits unusually high for a diversified category fund. SBS Wealth Balanced Strategy, by contrast, holds 53.2% in growth assets — a conventional balanced split — with the remainder in income-oriented positions, as reflected in its top holdings, which are dominated by fixed interest funds including Harbour NZ Core Fixed Interest and two iShares/Dimensional bond vehicles.
Fees also differ meaningfully. NZ Funds Income Generator discloses an annual fund charge of 1.67%, compared with 1.03% for SBS Wealth Balanced Strategy — a 64 basis point gap on broadly similar fund sizes (approximately NZ$15.8 million versus NZ$17.1 million respectively). Both carry a risk indicator of 4 out of 7.
On performance, NZ Funds Income Generator reports a five-year annualised return of 0.9%. SBS Wealth Balanced Strategy's five-year return figure is not available in our current snapshot, so a like-for-like performance comparison cannot be made here. The NZ Funds portfolio's largest single exposure is Goldman Sachs Futures at 9.86%, followed by ASX-listed equities; SBS Wealth's top holding is a sustainability-screened global equity PIE fund at 21.34%.
Always verify current fees, returns, and asset allocation against each fund's product disclosure statement 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
- SBS Wealth Balanced Strategy charges 0.64% lower in annual fund charges (1.03% vs 1.67%).
- 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
NZ Funds
1.67%
Highest 2% of cohort
SBS Wealth
1.03%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
NZ Funds
0.90%
Bottom 6% over 5 years
SBS Wealth
—
—
Fund size
Larger = more stable, lower close-risk
NZ Funds
NZ$16m
Lower half by size
SBS Wealth
NZ$17m
Lower half by size
| Metric | NZ Funds | SBS Wealth | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.67% | 1.03% | Lower is better |
| Risk indicator (1–7) | 4 | 4 | Higher = more volatility |
| 5-year return p.a. | 0.90% | — | Higher is better (past not future) |
| Fund size | NZ$16m | NZ$17m | 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.
What each fund says it does
NZ Funds
NZ Funds Income Generator
The objective of the NZ Funds Income Generator is to provide a source of income by primarily investing in dividend paying shares and derivatives including options. The fund is anticipated to mainly own and trade New Zealand and Australian shares, derivatives including options over the minimum suggested timeframe.Full NZ Funds NZ Funds Income Generator profile →
SBS Wealth
SBS Wealth Balanced Strategy
The Strategy aims to achieve medium capital growth and returns over the medium to long term, with an emphasis on balancing capital growth with stable returns. The Strategy invests into the following SBS Wealth funds: 45% into the World Equity Portfolio; 15% into the Australasian Equity Portfolio; 25% into the World Bond Portfolio; and 15% into the New Zealand Bond Portfolio.Full SBS Wealth SBS Wealth Balanced Strategy profile →
Common questions
What's the difference between the NZ Funds Income Generator and the SBS Wealth Balanced Strategy?
Which fund has lower fees, NZ Funds Income Generator or SBS Wealth Balanced Strategy?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
