In the Morningstar ‘Equity Region World - Hedged’ category to 30 September 2025, the Generate Wholesale Global Fund returned 27.97% per annum*, compared with 23.85% per annum for the S&P 500. The fund ranked 1st out of 32 funds in the category for three year returns. The Generate Wholesale Global Fund is the only fund within this category to outperform the S&P 500 over three years, and it did so by more than 4% per annum, which resulted in a cumulative 19.6% higher return over the three-year period.
The Generate Wholesale Global Fund was established in November 2021, and since then has contributed to the long-term success of Generate’s diversified KiwiSaver Scheme funds. In April 2025, Generate launched retail versions of the Wholesale Global fund to give Kiwi investors access to this highly successful global equities fund. The fund is available in both KiwiSaver and non-KiwiSaver managed fund form, and both are PIE funds that have tax advantages for New Zealand investors.
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Sam Goldwater, Chief Investment Officer,, said the Fund’s performance was driven by a number of key investment decisions. Recent examples include owning companies at the forefront of the AI revolution like Nvidia and TSMC, gold miners Newmont and Alamos Gold that benefit from the surging gold price, and other stocks that have offered very good value for investors, such as United Airlines and US regional bank First Citizens.
“This performance highlights the value of active management. Rather than simply tracking the S&P 500 and taking the good with the bad, we identify the companies we believe are best positioned for long-term growth and apply our responsible investing principles to ensure those investments align with Generate’s values.”
While returns like these can be attractive, Goldwater reminds investors that managed fund returns are not guaranteed and can fluctuate in value depending on market performance.
* See disclaimers below.