- KiwiSaver
You've got choices
Explore our funds
Choosing the KiwiSaver fund that’s right for your savings goals is an important decision. Each of our nine funds has a different investment strategy and risk profile, which will produce different returns. Our Stepping Stones options take the hassle out of choosing the right Generate KiwiSaver fund, as these options select a fund based on your age, and automatically adjust as you get older.
CashPlus
1 / 9
A stable return over the very short term. It invests in an actively managed portfolio made up entirely of income assets, for those who need certainty of the amount able to be withdrawn.
Target investments for this fund
100%
Income assets
0%
Growth assets
Fund performance¹
—
10 year return
Risk indicator²
1
2
3
4
5
6
7
Low
Risk / return
High
1/7
Timeframe and fund charges
Minimum investment timeframe
N/A
Estimated annual fund charge⁴
0.4%
+ $36 admin fee
Conservative
2 / 9
A modest return over the short term. It invests in an actively managed portfolio made up largely of income assets with a small allocation of growth assets.
Target investments for this fund
80%
Income assets
20%
Growth assets
Fund performance¹
—
10 year return
Risk indicator²
1
2
3
4
5
6
7
Low
Risk / return
High
3/7
Timeframe and fund charges
Minimum investment timeframe
2 years
(Recommended)
Estimated annual fund charge⁴
1.09%
+ $36 admin fee
Moderate
3 / 9
A modest to medium return over the short to medium term. It invests in an actively managed portfolio made up of slightly more income assets than growth assets.
Target investments for this fund
60%
Income assets
40%
Growth assets
Fund performance¹
5.41%
10 year return
Risk indicator²
1
2
3
4
5
6
7
Low
Risk / return
High
4/7
Timeframe and fund charges
Minimum investment timeframe
3 years
(Recommended)
Estimated annual fund charge⁴
1.14%
+ $36 admin fee
Balanced
4 / 9
A medium return over the medium term. It invests in an actively managed portfolio made up of slightly more growth assets than income assets.
Target investments for this fund
40%
Income assets
60%
Growth assets
Fund performance¹
—
10 year return
Risk indicator²
1
2
3
4
5
6
7
Low
Risk / return
High
4/7
Timeframe and fund charges
Minimum investment timeframe
5 years
(Recommended)
Estimated annual fund charge⁴
1.24%
+ $36 admin fee
Growth
5 / 9
A high return over the medium to long term. It invests in an actively managed portfolio made up largely of growth assets with a small allocation of income assets.
Target investments for this fund
20%
Income assets
80%
Growth assets
Fund performance¹
8.16%
10 year return
Risk indicator²
1
2
3
4
5
6
7
Low
Risk / return
High
4/7
Timeframe and fund charges
Minimum investment timeframe
7 years
(Recommended)
Estimated annual fund charge⁴
1.25%
+ $36 admin fee
Focused Growth
6 / 9
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.
Target investments for this fund
5%
Income assets
95%
Growth assets
Fund performance¹
8.8%
10 year return
Risk indicator²
1
2
3
4
5
6
7
Low
Risk / return
High
5/7
Timeframe and fund charges
Minimum investment timeframe
8 years
(Recommended)
Estimated annual fund charge⁴
1.27%
+ $36 admin fee
Australasian
7 / 9
A higher return over the long term. It invests in an actively managed portfolio of growth assets located predominantly in New Zealand and Australia with a very minor allocation of income assets
Target investments for this fund
2%
Income assets
98%
Growth assets
Fund performance¹
—
10 year return
Risk indicator²
1
2
3
4
5
6
7
Low
Risk / return
High
5/7
Timeframe and fund charges
Minimum investment timeframe
10 years
(Recommended)
Estimated annual fund charge⁴
1.19%
+ $36 admin fee
Thematic
8 / 9
A higher return over the long term. It invests in an actively managed portfolio of growth assets predominantly made up of mid to large cap international equities with a very minor allocation of income assets.
Target investments for this fund
2%
Income assets
98%
Growth assets
Fund performance¹
—
10 year return
Risk indicator²
1
2
3
4
5
6
7
Low
Risk / return
High
5/7
Timeframe and fund charges
Minimum investment timeframe
10 years
(Recommended)
Estimated annual fund charge⁴
1.19%
+ $36 admin fee
Global
9 / 9
A higher return over the long term. It invests in an actively managed portfolio of growth assets predominantly made up of mid to large cap international equities with a very minor allocation of income assets.
Target investments for this fund
2%
Income assets
98%
Growth assets
Fund performance¹
—
10 year return
Risk indicator²
1
2
3
4
5
6
7
Low
Risk / return
High
5/7
Timeframe and fund charges
Minimum investment timeframe
10 years
(Recommended)
Estimated annual fund charge⁴
1.19%
+ $36 admin fee
CashPlus
1 / 9
A stable return over the very short term. It invests in an actively managed portfolio made up entirely of income assets, for those who need certainty of the amount able to be withdrawn.
Target investments for this fund
100%
Income assets
0%
Growth assets
Fund performance¹
—
10 year return
Risk indicator²
1
2
3
4
5
6
7
Low
Risk / return
High
1/7
Timeframe and fund charges
Minimum investment timeframe
N/A
Estimated annual fund charge⁴
0.4%
+ $36 admin fee
Conservative
2 / 9
A modest return over the short term. It invests in an actively managed portfolio made up largely of income assets with a small allocation of growth assets.
Target investments for this fund
80%
Income assets
20%
Growth assets
Fund performance¹
—
10 year return
Risk indicator²
1
2
3
4
5
6
7
Low
Risk / return
High
3/7
Timeframe and fund charges
Minimum investment timeframe
2 years
(Recommended)
Estimated annual fund charge⁴
1.09%
+ $36 admin fee
Moderate
3 / 9
A modest to medium return over the short to medium term. It invests in an actively managed portfolio made up of slightly more income assets than growth assets.
Target investments for this fund
60%
Income assets
40%
Growth assets
Fund performance¹
5.41%
10 year return
Risk indicator²
1
2
3
4
5
6
7
Low
Risk / return
High
4/7
Timeframe and fund charges
Minimum investment timeframe
3 years
(Recommended)
Estimated annual fund charge⁴
1.14%
+ $36 admin fee
Balanced
4 / 9
A medium return over the medium term. It invests in an actively managed portfolio made up of slightly more growth assets than income assets.
Target investments for this fund
40%
Income assets
60%
Growth assets
Fund performance¹
—
10 year return
Risk indicator²
1
2
3
4
5
6
7
Low
Risk / return
High
4/7
Timeframe and fund charges
Minimum investment timeframe
5 years
(Recommended)
Estimated annual fund charge⁴
1.24%
+ $36 admin fee
Growth
5 / 9
A high return over the medium to long term. It invests in an actively managed portfolio made up largely of growth assets with a small allocation of income assets.
Target investments for this fund
20%
Income assets
80%
Growth assets
Fund performance¹
8.16%
10 year return
Risk indicator²
1
2
3
4
5
6
7
Low
Risk / return
High
4/7
Timeframe and fund charges
Minimum investment timeframe
7 years
(Recommended)
Estimated annual fund charge⁴
1.25%
+ $36 admin fee
Focused Growth
6 / 9
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.
Target investments for this fund
5%
Income assets
95%
Growth assets
Fund performance¹
8.8%
10 year return
Risk indicator²
1
2
3
4
5
6
7
Low
Risk / return
High
5/7
Timeframe and fund charges
Minimum investment timeframe
8 years
(Recommended)
Estimated annual fund charge⁴
1.27%
+ $36 admin fee
Australasian
7 / 9
A higher return over the long term. It invests in an actively managed portfolio of growth assets located predominantly in New Zealand and Australia with a very minor allocation of income assets
Target investments for this fund
2%
Income assets
98%
Growth assets
Fund performance¹
—
10 year return
Risk indicator²
1
2
3
4
5
6
7
Low
Risk / return
High
5/7
Timeframe and fund charges
Minimum investment timeframe
10 years
(Recommended)
Estimated annual fund charge⁴
1.19%
+ $36 admin fee
Thematic
8 / 9
A higher return over the long term. It invests in an actively managed portfolio of growth assets predominantly made up of mid to large cap international equities with a very minor allocation of income assets.
Target investments for this fund
2%
Income assets
98%
Growth assets
Fund performance¹
—
10 year return
Risk indicator²
1
2
3
4
5
6
7
Low
Risk / return
High
5/7
Timeframe and fund charges
Minimum investment timeframe
10 years
(Recommended)
Estimated annual fund charge⁴
1.19%
+ $36 admin fee
Global
9 / 9
A higher return over the long term. It invests in an actively managed portfolio of growth assets predominantly made up of mid to large cap international equities with a very minor allocation of income assets.
Target investments for this fund
2%
Income assets
98%
Growth assets
Fund performance¹
—
10 year return
Risk indicator²
1
2
3
4
5
6
7
Low
Risk / return
High
5/7
Timeframe and fund charges
Minimum investment timeframe
10 years
(Recommended)
Estimated annual fund charge⁴
1.19%
+ $36 admin fee
CashPlus
1 / 9
A stable return over the very short term. It invests in an actively managed portfolio made up entirely of income assets, for those who need certainty of the amount able to be withdrawn.
Target investments for this fund
100%
Income assets
0%
Growth assets
Fund performance¹
—
10 year return
Risk indicator²
1
2
3
4
5
6
7
Low
Risk / return
High
1/7
Timeframe and fund charges
Minimum investment timeframe
N/A
Estimated annual fund charge⁴
0.4%
+ $36 admin fee
Conservative
2 / 9
A modest return over the short term. It invests in an actively managed portfolio made up largely of income assets with a small allocation of growth assets.
Target investments for this fund
80%
Income assets
20%
Growth assets
Fund performance¹
—
10 year return
Risk indicator²
1
2
3
4
5
6
7
Low
Risk / return
High
3/7
Timeframe and fund charges
Minimum investment timeframe
2 years
(Recommended)
Estimated annual fund charge⁴
1.09%
+ $36 admin fee
Moderate
3 / 9
A modest to medium return over the short to medium term. It invests in an actively managed portfolio made up of slightly more income assets than growth assets.
Target investments for this fund
60%
Income assets
40%
Growth assets
Fund performance¹
5.41%
10 year return
Risk indicator²
1
2
3
4
5
6
7
Low
Risk / return
High
4/7
Timeframe and fund charges
Minimum investment timeframe
3 years
(Recommended)
Estimated annual fund charge⁴
1.14%
+ $36 admin fee
Balanced
4 / 9
A medium return over the medium term. It invests in an actively managed portfolio made up of slightly more growth assets than income assets.
Target investments for this fund
40%
Income assets
60%
Growth assets
Fund performance¹
—
10 year return
Risk indicator²
1
2
3
4
5
6
7
Low
Risk / return
High
4/7
Timeframe and fund charges
Minimum investment timeframe
5 years
(Recommended)
Estimated annual fund charge⁴
1.24%
+ $36 admin fee
Growth
5 / 9
A high return over the medium to long term. It invests in an actively managed portfolio made up largely of growth assets with a small allocation of income assets.
Target investments for this fund
20%
Income assets
80%
Growth assets
Fund performance¹
8.16%
10 year return
Risk indicator²
1
2
3
4
5
6
7
Low
Risk / return
High
4/7
Timeframe and fund charges
Minimum investment timeframe
7 years
(Recommended)
Estimated annual fund charge⁴
1.25%
+ $36 admin fee
Focused Growth
6 / 9
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.
Target investments for this fund
5%
Income assets
95%
Growth assets
Fund performance¹
8.8%
10 year return
Risk indicator²
1
2
3
4
5
6
7
Low
Risk / return
High
5/7
Timeframe and fund charges
Minimum investment timeframe
8 years
(Recommended)
Estimated annual fund charge⁴
1.27%
+ $36 admin fee
Australasian
7 / 9
A higher return over the long term. It invests in an actively managed portfolio of growth assets located predominantly in New Zealand and Australia with a very minor allocation of income assets
Target investments for this fund
2%
Income assets
98%
Growth assets
Fund performance¹
—
10 year return
Risk indicator²
1
2
3
4
5
6
7
Low
Risk / return
High
5/7
Timeframe and fund charges
Minimum investment timeframe
10 years
(Recommended)
Estimated annual fund charge⁴
1.19%
+ $36 admin fee
Thematic
8 / 9
A higher return over the long term. It invests in an actively managed portfolio of growth assets predominantly made up of mid to large cap international equities with a very minor allocation of income assets.
Target investments for this fund
2%
Income assets
98%
Growth assets
Fund performance¹
—
10 year return
Risk indicator²
1
2
3
4
5
6
7
Low
Risk / return
High
5/7
Timeframe and fund charges
Minimum investment timeframe
10 years
(Recommended)
Estimated annual fund charge⁴
1.19%
+ $36 admin fee
Global
9 / 9
A higher return over the long term. It invests in an actively managed portfolio of growth assets predominantly made up of mid to large cap international equities with a very minor allocation of income assets.
Target investments for this fund
2%
Income assets
98%
Growth assets
Fund performance¹
—
10 year return
Risk indicator²
1
2
3
4
5
6
7
Low
Risk / return
High
5/7
Timeframe and fund charges
Minimum investment timeframe
10 years
(Recommended)
Estimated annual fund charge⁴
1.19%
+ $36 admin fee
CashPlus
The CashPlus Fund aims to provide a stable return over the very short term. It invests in an actively managed portfolio made up entirely of income assets. This fund is useful if you plan to withdraw your KiwiSaver funds within the next 12 months and need certainty of the amount you intend to withdraw, like for a deposit on a first home. Volatility is likely to be the lowest of the funds, however a negative return is still possible.
This fund is invested in
100%
Income assets
These investments generate income in the form of interest payments e.g., cash, term deposits and bonds.
0%
Growth assets
These investments generate a return from both capital growth and dividends e.g. shares, property and infrastructure.
Fund performance¹
—
10 year return
Timeframe and fund charges
Minimum investment timeframe
N/A
Estimated annual fund charge⁴
0.4%
+ $36 admin fee
Target investment mix²
This shows the ‘target’ amount of funds we plan to invest in different kinds of income or growth assets.
Cash and cash equivalents 100%
Risk indicator³
The risk category is calculated based on the volatility of past returns over five years.
1
2
3
4
5
6
7
Low
Risk / return
High
Generate 10 year returns as at 31 April 2025. 10 year returns are not available for the Generate CashPlus (Defensive), Conservative and Balanced Funds, as these funds only launched in May 2022. 10 year returns are not available for the Generate Thematic, Australasian and Global Funds, as these funds only launched in April 2025. Past performance is not a reliable indicator of future returns.
The actual investment mix may vary from the target asset allocation as we pursue tactical investment opportunities, or as we seek to protect asset values in periods of market volatility. For further information about the funds’ investment activities see the Statement of Investment Policy and Objectives (SIPO).
A combination of market and fund returns have been used to calculate risk indicators where funds have not existed for 5 years or have had a significant change of investment policy. More specifically, market returns have been used for the Moderate Fund (due to a change in asset allocation) and the new Conservative and Balanced Funds for the initial period ending 20 May 2022. Market returns were exclusively used to calculate the risk indicators of the CashPlus Fund (due to a change in asset allocation) and for the new Australasian, Thematic and Global Funds. This means that the risk indicators for all of these Funds do not reflect the actual returns and may provide a less reliable indicator of the potential future volatility of the Fund. It should also be noted that the long term targets and benchmarks were changed for most of the funds on 30 April 2025. Again, this means the risk indicators may provide a less reliable indicator of future volatility. See the PDS for more information.
Estimate for the year ahead. Annual fund charges for the fund are made up of: the base fund management fee; any third party underlying fund fees, and contains estimates. For details regarding the actual fund charges, see the latest fund update here. The $36 admin fee per year applies per member not per fund.
See the Scheme’s Statement of Investment Policy and Objectives (SIPO).
Conservative
The Conservative Fund aims to provide a modest return over the short term. It invests in an actively managed portfolio made up largely of income assets with a small allocation of growth assets. Volatility is likely to be low to medium. Returns will vary and may be low or negative at times.
This fund is invested in
80%
Income assets
These investments generate income in the form of interest payments e.g., cash, term deposits and bonds.
20%
Growth assets
These investments generate a return from both capital growth and dividends e.g. shares, property and infrastructure.
Fund performance¹
—
10 year return
Timeframe and fund charges
Minimum investment timeframe
2 years
Recommended
Estimated annual fund charge⁴
1.09%
+ $36 admin fee
Target investment mix²
This shows the ‘target’ amount of funds we plan to invest in different kinds of income or growth assets.
Cash and cash equivalents 5%
Fixed interest 75%
Australasian equities and property 7%
International equities 13%
Risk indicator³
The risk category is calculated based on the volatility of past returns over five years.
1
2
3
4
5
6
7
Low
Risk / return
High
Generate 10 year returns as at 31 April 2025. 10 year returns are not available for the Generate CashPlus (Defensive), Conservative and Balanced Funds, as these funds only launched in May 2022. 10 year returns are not available for the Generate Thematic, Australasian and Global Funds, as these funds only launched in April 2025. Past performance is not a reliable indicator of future returns.
The actual investment mix may vary from the target asset allocation as we pursue tactical investment opportunities, or as we seek to protect asset values in periods of market volatility. For further information about the funds’ investment activities see the Statement of Investment Policy and Objectives (SIPO).
A combination of market and fund returns have been used to calculate risk indicators where funds have not existed for 5 years or have had a significant change of investment policy. More specifically, market returns have been used for the Moderate Fund (due to a change in asset allocation) and the new Conservative and Balanced Funds for the initial period ending 20 May 2022. Market returns were exclusively used to calculate the risk indicators of the CashPlus Fund (due to a change in asset allocation) and for the new Australasian, Thematic and Global Funds. This means that the risk indicators for all of these Funds do not reflect the actual returns and may provide a less reliable indicator of the potential future volatility of the Fund. It should also be noted that the long term targets and benchmarks were changed for most of the funds on 30 April 2025. Again, this means the risk indicators may provide a less reliable indicator of future volatility. See the PDS for more information.
Estimate for the year ahead. Annual fund charges for the fund are made up of: the base fund management fee; any third party underlying fund fees, and contains estimates. For details regarding the actual fund charges, see the latest fund update here. The $36 admin fee per year applies per member not per fund.
See the Scheme’s Statement of Investment Policy and Objectives (SIPO).
Moderate
The Moderate Fund aims to provide a modest to medium return over the short to medium term. It invests in an actively managed portfolio made up of slightly more income assets than growth assets. Volatility is likely to be medium to high. Returns will vary and may be low or negative at times.
This fund is invested in
60%
Income assets
These investments generate income in the form of interest payments e.g., cash, term deposits and bonds.
40%
Growth assets
These investments generate a return from both capital growth and dividends e.g. shares, property and infrastructure.
Fund performance¹
5.41%
10 year return
Timeframe and fund charges
Minimum investment timeframe
3 years
Recommended
Estimated annual fund charge⁴
1.14%
+ $36 admin fee
Target investment mix²
This shows the ‘target’ amount of funds we plan to invest in different kinds of income or growth assets.
Cash and cash equivalents 5%
Fixed interest 55%
Australasian equities and property 15%
International equities 25%
Risk indicator³
The risk category is calculated based on the volatility of past returns over five years.
1
2
3
4
5
6
7
Low
Risk / return
High
Generate 10 year returns as at 31 April 2025. 10 year returns are not available for the Generate CashPlus (Defensive), Conservative and Balanced Funds, as these funds only launched in May 2022. 10 year returns are not available for the Generate Thematic, Australasian and Global Funds, as these funds only launched in April 2025. Past performance is not a reliable indicator of future returns.
The actual investment mix may vary from the target asset allocation as we pursue tactical investment opportunities, or as we seek to protect asset values in periods of market volatility. For further information about the funds’ investment activities see the Statement of Investment Policy and Objectives (SIPO).
A combination of market and fund returns have been used to calculate risk indicators where funds have not existed for 5 years or have had a significant change of investment policy. More specifically, market returns have been used for the Moderate Fund (due to a change in asset allocation) and the new Conservative and Balanced Funds for the initial period ending 20 May 2022. Market returns were exclusively used to calculate the risk indicators of the CashPlus Fund (due to a change in asset allocation) and for the new Australasian, Thematic and Global Funds. This means that the risk indicators for all of these Funds do not reflect the actual returns and may provide a less reliable indicator of the potential future volatility of the Fund. It should also be noted that the long term targets and benchmarks were changed for most of the funds on 30 April 2025. Again, this means the risk indicators may provide a less reliable indicator of future volatility. See the PDS for more information.
Estimate for the year ahead. Annual fund charges for the fund are made up of: the base fund management fee; any third party underlying fund fees, and contains estimates. For details regarding the actual fund charges, see the latest fund update here. The $36 admin fee per year applies per member not per fund.
See the Scheme’s Statement of Investment Policy and Objectives (SIPO).
Balanced
The Balanced Fund aims to provide a medium return over the medium term. It invests in an actively managed portfolio made up of slightly more growth assets than income assets. Volatility is likely to be medium to high. Returns will vary and may be low or negative at times.
This fund is invested in
40%
Income assets
These investments generate income in the form of interest payments e.g., cash, term deposits and bonds.
60%
Growth assets
These investments generate a return from both capital growth and dividends e.g. shares, property and infrastructure.
Fund performance¹
—
10 year return
Timeframe and fund charges
Minimum investment timeframe
5 years
Recommended
Estimated annual fund charge⁴
1.24%
+ $36 admin fee
Target investment mix²
This shows the ‘target’ amount of funds we plan to invest in different kinds of income or growth assets.
Cash and cash equivalents 5%
Fixed interest 35%
Australasian equities and property 20%
International equities 40%
Risk indicator³
The risk category is calculated based on the volatility of past returns over five years.
1
2
3
4
5
6
7
Low
Risk / return
High
Generate 10 year returns as at 31 April 2025. 10 year returns are not available for the Generate CashPlus (Defensive), Conservative and Balanced Funds, as these funds only launched in May 2022. 10 year returns are not available for the Generate Thematic, Australasian and Global Funds, as these funds only launched in April 2025. Past performance is not a reliable indicator of future returns.
The actual investment mix may vary from the target asset allocation as we pursue tactical investment opportunities, or as we seek to protect asset values in periods of market volatility. For further information about the funds’ investment activities see the Statement of Investment Policy and Objectives (SIPO).
A combination of market and fund returns have been used to calculate risk indicators where funds have not existed for 5 years or have had a significant change of investment policy. More specifically, market returns have been used for the Moderate Fund (due to a change in asset allocation) and the new Conservative and Balanced Funds for the initial period ending 20 May 2022. Market returns were exclusively used to calculate the risk indicators of the CashPlus Fund (due to a change in asset allocation) and for the new Australasian, Thematic and Global Funds. This means that the risk indicators for all of these Funds do not reflect the actual returns and may provide a less reliable indicator of the potential future volatility of the Fund. It should also be noted that the long term targets and benchmarks were changed for most of the funds on 30 April 2025. Again, this means the risk indicators may provide a less reliable indicator of future volatility. See the PDS for more information.
Estimate for the year ahead. Annual fund charges for the fund are made up of: the base fund management fee; any third party underlying fund fees, and contains estimates. For details regarding the actual fund charges, see the latest fund update here. The $36 admin fee per year applies per member not per fund.
See the Scheme’s Statement of Investment Policy and Objectives (SIPO).
Growth
The Growth Fund aims to provide a high return over the medium to long term. It invests in an actively managed portfolio made up largely of growth assets with a small allocation of income assets. Volatility is likely to be high. Returns will vary and may be low or negative at times.
This fund is invested in
20%
Income assets
These investments generate income in the form of interest payments e.g., cash, term deposits and bonds.
80%
Growth assets
These investments generate a return from both capital growth and dividends e.g. shares, property and infrastructure.
Fund performance¹
8.16%
10 year return
Timeframe and fund charges
Minimum investment timeframe
7 years
Recommended
Estimated annual fund charge⁴
1.25%
+ $36 admin fee
Target investment mix²
This shows the ‘target’ amount of funds we plan to invest in different kinds of income or growth assets.
Cash and cash equivalents 5%
Fixed interest 15%
Australasian equities and property 30%
International equities 50%
Risk indicator³
The risk category is calculated based on the volatility of past returns over five years.
1
2
3
4
5
6
7
Low
Risk / return
High
Generate 10 year returns as at 31 April 2025. 10 year returns are not available for the Generate CashPlus (Defensive), Conservative and Balanced Funds, as these funds only launched in May 2022. 10 year returns are not available for the Generate Thematic, Australasian and Global Funds, as these funds only launched in April 2025. Past performance is not a reliable indicator of future returns.
The actual investment mix may vary from the target asset allocation as we pursue tactical investment opportunities, or as we seek to protect asset values in periods of market volatility. For further information about the funds’ investment activities see the Statement of Investment Policy and Objectives (SIPO).
A combination of market and fund returns have been used to calculate risk indicators where funds have not existed for 5 years or have had a significant change of investment policy. More specifically, market returns have been used for the Moderate Fund (due to a change in asset allocation) and the new Conservative and Balanced Funds for the initial period ending 20 May 2022. Market returns were exclusively used to calculate the risk indicators of the CashPlus Fund (due to a change in asset allocation) and for the new Australasian, Thematic and Global Funds. This means that the risk indicators for all of these Funds do not reflect the actual returns and may provide a less reliable indicator of the potential future volatility of the Fund. It should also be noted that the long term targets and benchmarks were changed for most of the funds on 30 April 2025. Again, this means the risk indicators may provide a less reliable indicator of future volatility. See the PDS for more information.
Estimate for the year ahead. Annual fund charges for the fund are made up of: the base fund management fee; any third party underlying fund fees, and contains estimates. For details regarding the actual fund charges, see the latest fund update here. The $36 admin fee per year applies per member not per fund.
See the Scheme’s Statement of Investment Policy and Objectives (SIPO).
Focused Growth
The Generate KiwiSaver Focused Growth Fund (Focused Growth 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
This fund is invested in
5%
Income assets
These investments generate income in the form of interest payments e.g., cash, term deposits and bonds.
95%
Growth assets
These investments generate a return from both capital growth and dividends e.g. shares, property and infrastructure.
Fund performance¹
8.8%
10 year return
Timeframe and fund charges
Minimum investment timeframe
8 years
Recommended
Estimated annual fund charge⁴
1.27%
+ $36 admin fee
Target investment mix²
This shows the ‘target’ amount of funds we plan to invest in different kinds of income or growth assets.
Cash and cash equivalents 5%
Australasian equities and property 30%
International equities 65%
Risk indicator³
The risk category is calculated based on the volatility of past returns over five years.
1
2
3
4
5
6
7
Low
Risk / return
High
Generate 10 year returns as at 31 April 2025. 10 year returns are not available for the Generate CashPlus (Defensive), Conservative and Balanced Funds, as these funds only launched in May 2022. 10 year returns are not available for the Generate Thematic, Australasian and Global Funds, as these funds only launched in April 2025. Past performance is not a reliable indicator of future returns.
The actual investment mix may vary from the target asset allocation as we pursue tactical investment opportunities, or as we seek to protect asset values in periods of market volatility. For further information about the funds’ investment activities see the Statement of Investment Policy and Objectives (SIPO).
A combination of market and fund returns have been used to calculate risk indicators where funds have not existed for 5 years or have had a significant change of investment policy. More specifically, market returns have been used for the Moderate Fund (due to a change in asset allocation) and the new Conservative and Balanced Funds for the initial period ending 20 May 2022. Market returns were exclusively used to calculate the risk indicators of the CashPlus Fund (due to a change in asset allocation) and for the new Australasian, Thematic and Global Funds. This means that the risk indicators for all of these Funds do not reflect the actual returns and may provide a less reliable indicator of the potential future volatility of the Fund. It should also be noted that the long term targets and benchmarks were changed for most of the funds on 30 April 2025. Again, this means the risk indicators may provide a less reliable indicator of future volatility. See the PDS for more information.
Estimate for the year ahead. Annual fund charges for the fund are made up of: the base fund management fee; any third party underlying fund fees, and contains estimates. For details regarding the actual fund charges, see the latest fund update here. The $36 admin fee per year applies per member not per fund.
See the Scheme’s Statement of Investment Policy and Objectives (SIPO).
Australasian
The Generate KiwiSaver Australasian Fund aims to provide a higher return over the long term. It invests in an actively managed portfolio of growth assets located predominantly in New Zealand and Australia with a very minor allocation of income assets. Volatility is likely to be high.
This fund is invested in
2%
Income assets
These investments generate income in the form of interest payments e.g., cash, term deposits and bonds.
98%
Growth assets
These investments generate a return from both capital growth and dividends e.g. shares, property and infrastructure.
Fund performance¹
—
10 year return
Timeframe and fund charges
Minimum investment timeframe
10 years
Recommended
Estimated annual fund charge⁴
1.19%
+ $36 admin fee
Target investment mix²
This shows the ‘target’ amount of funds we plan to invest in different kinds of income or growth assets.
Cash and cash equivalents 2%
Australasian equities and property 98%
Risk indicator³
The risk category is calculated based on the volatility of past returns over five years.
1
2
3
4
5
6
7
Low
Risk / return
High
Generate 10 year returns as at 31 April 2025. 10 year returns are not available for the Generate CashPlus (Defensive), Conservative and Balanced Funds, as these funds only launched in May 2022. 10 year returns are not available for the Generate Thematic, Australasian and Global Funds, as these funds only launched in April 2025. Past performance is not a reliable indicator of future returns.
The actual investment mix may vary from the target asset allocation as we pursue tactical investment opportunities, or as we seek to protect asset values in periods of market volatility. For further information about the funds’ investment activities see the Statement of Investment Policy and Objectives (SIPO).
A combination of market and fund returns have been used to calculate risk indicators where funds have not existed for 5 years or have had a significant change of investment policy. More specifically, market returns have been used for the Moderate Fund (due to a change in asset allocation) and the new Conservative and Balanced Funds for the initial period ending 20 May 2022. Market returns were exclusively used to calculate the risk indicators of the CashPlus Fund (due to a change in asset allocation) and for the new Australasian, Thematic and Global Funds. This means that the risk indicators for all of these Funds do not reflect the actual returns and may provide a less reliable indicator of the potential future volatility of the Fund. It should also be noted that the long term targets and benchmarks were changed for most of the funds on 30 April 2025. Again, this means the risk indicators may provide a less reliable indicator of future volatility. See the PDS for more information.
Estimate for the year ahead. Annual fund charges for the fund are made up of: the base fund management fee; any third party underlying fund fees, and contains estimates. For details regarding the actual fund charges, see the latest fund update here. The $36 admin fee per year applies per member not per fund.
See the Scheme’s Statement of Investment Policy and Objectives (SIPO).
Thematic
The Generate KiwiSaver Thematic Fund aims to provide a higher return over the long term. It invests in an actively managed portfolio of growth assets predominantly made up of mid to large cap international equities with a very minor allocation of income assets. Volatility is likely to be high.
This fund is invested in
2%
Income assets
These investments generate income in the form of interest payments e.g., cash, term deposits and bonds.
98%
Growth assets
These investments generate a return from both capital growth and dividends e.g. shares, property and infrastructure.
Fund performance¹
—
10 year return
Timeframe and fund charges
Minimum investment timeframe
10 years
Recommended
Estimated annual fund charge⁴
1.19%
+ $36 admin fee
Target investment mix²
This shows the ‘target’ amount of funds we plan to invest in different kinds of income or growth assets.
Cash and cash equivalents 2%
International Equities 98%
Risk indicator³
The risk category is calculated based on the volatility of past returns over five years.
1
2
3
4
5
6
7
Low
Risk / return
High
Generate 10 year returns as at 31 April 2025. 10 year returns are not available for the Generate CashPlus (Defensive), Conservative and Balanced Funds, as these funds only launched in May 2022. 10 year returns are not available for the Generate Thematic, Australasian and Global Funds, as these funds only launched in April 2025. Past performance is not a reliable indicator of future returns.
The actual investment mix may vary from the target asset allocation as we pursue tactical investment opportunities, or as we seek to protect asset values in periods of market volatility. For further information about the funds’ investment activities see the Statement of Investment Policy and Objectives (SIPO).
A combination of market and fund returns have been used to calculate risk indicators where funds have not existed for 5 years or have had a significant change of investment policy. More specifically, market returns have been used for the Moderate Fund (due to a change in asset allocation) and the new Conservative and Balanced Funds for the initial period ending 20 May 2022. Market returns were exclusively used to calculate the risk indicators of the CashPlus Fund (due to a change in asset allocation) and for the new Australasian, Thematic and Global Funds. This means that the risk indicators for all of these Funds do not reflect the actual returns and may provide a less reliable indicator of the potential future volatility of the Fund. It should also be noted that the long term targets and benchmarks were changed for most of the funds on 30 April 2025. Again, this means the risk indicators may provide a less reliable indicator of future volatility. See the PDS for more information.
Estimate for the year ahead. Annual fund charges for the fund are made up of: the base fund management fee; any third party underlying fund fees, and contains estimates. For details regarding the actual fund charges, see the latest fund update here. The $36 admin fee per year applies per member not per fund.
See the Scheme’s Statement of Investment Policy and Objectives (SIPO).
Global
The Generate KiwiSaver Global Fund aims to provide a higher return over the long term. It invests in an actively managed portfolio of growth assets predominantly made up of mid to large cap international equities with a very minor allocation of income assets. Volatility is likely to be high.
This fund is invested in
2%
Income assets
These investments generate income in the form of interest payments e.g., cash, term deposits and bonds.
98%
Growth assets
These investments generate a return from both capital growth and dividends e.g. shares, property and infrastructure.
Fund performance¹
—
10 year return
Timeframe and fund charges
Minimum investment timeframe
10 years
Recommended
Estimated annual fund charge⁴
1.19%
+ $36 admin fee
Target investment mix²
This shows the ‘target’ amount of funds we plan to invest in different kinds of income or growth assets.
Cash and cash equivalents 2%
International equities 98%
Risk indicator³
The risk category is calculated based on the volatility of past returns over five years.
1
2
3
4
5
6
7
Low
Risk / return
High
Generate 10 year returns as at 31 April 2025. 10 year returns are not available for the Generate CashPlus (Defensive), Conservative and Balanced Funds, as these funds only launched in May 2022. 10 year returns are not available for the Generate Thematic, Australasian and Global Funds, as these funds only launched in April 2025. Past performance is not a reliable indicator of future returns.
The actual investment mix may vary from the target asset allocation as we pursue tactical investment opportunities, or as we seek to protect asset values in periods of market volatility. For further information about the funds’ investment activities see the Statement of Investment Policy and Objectives (SIPO).
A combination of market and fund returns have been used to calculate risk indicators where funds have not existed for 5 years or have had a significant change of investment policy. More specifically, market returns have been used for the Moderate Fund (due to a change in asset allocation) and the new Conservative and Balanced Funds for the initial period ending 20 May 2022. Market returns were exclusively used to calculate the risk indicators of the CashPlus Fund (due to a change in asset allocation) and for the new Australasian, Thematic and Global Funds. This means that the risk indicators for all of these Funds do not reflect the actual returns and may provide a less reliable indicator of the potential future volatility of the Fund. It should also be noted that the long term targets and benchmarks were changed for most of the funds on 30 April 2025. Again, this means the risk indicators may provide a less reliable indicator of future volatility. See the PDS for more information.
Estimate for the year ahead. Annual fund charges for the fund are made up of: the base fund management fee; any third party underlying fund fees, and contains estimates. For details regarding the actual fund charges, see the latest fund update here. The $36 admin fee per year applies per member not per fund.
See the Scheme’s Statement of Investment Policy and Objectives (SIPO).
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