Generate KiwiSaver Scheme
Moderate Fund
Recent material changes
Diffs we track across PDS, SIPO, holdings + fee history
- View holdings changes →HoldingsMATERIALJun 2026Top-10 turnover: 7 new, 7 droppedQuarter-on-quarter (Sept 2025 → Jun 2026)
- View fee + return history →FeeMATERIALJun 2026Annual fee 1.26% → 1.14% (-0.12pp)Quarter-on-quarter (Mar 2026 → Jun 2026)
Overview
About this balanced fund
The Moderate Fund sits within the Generate KiwiSaver Scheme as a balanced KiwiSaver scheme fund. It holds 60% income assets and 2% growth assets, with the remainder in other asset classes. This allocation positions it as a moderate-risk option within the scheme's range, designed to balance capital preservation with modest growth potential over the medium term.
Over the five years to 30 June 2026, the fund delivered an average annual return of 4.50%. The annual fee is 1.14%, which is higher than the peer-median fee of 0.85% for balanced funds in the same cohort. The fund manages $838.4 million in assets across 23,430 members. Past performance is not a reliable indicator of future returns.
On the FMA's risk indicator scale, this fund sits at 3 out of 7, reflecting moderate risk. The FMA scale positions funds at this level as typically suitable for investors with a medium investment timeframe who can tolerate moderate fluctuations in value but prioritise stability over aggressive growth. This profile generally suits those seeking a balanced approach between capital protection and returns.
Holdings
As of 2026-06-30 Moderate Fund reports an asset mix of 2% growth assets (shares, listed property, alternatives) and 60% income assets (cash, bonds, fixed interest). This split is typical for a balanced fund. The full asset-mix breakdown including overseas vs domestic and listed vs unlisted exposure appears in the asset-allocation chart below.
Performance
Moderate Fund has 4 quarters of QFU data on file (2025-03-31 to 2026-06-30). The 5-year average annual return reported in the most recent QFU is 4.50%. Past performance is not a reliable indicator of future returns.
Fees
At 1.14% in annual charges, Moderate Fund's fee sits 0.29 percentage points above the median for Balanced KiwiSaver scheme funds in our coverage (median 0.85%). 55 of the 76 funds in this cohort charge a lower annual fee (this fund ranks 56 cheapest of 76). Fee level is a mechanical signal — does not factor in returns, risk, or manager skill.
Risk and suitability
Moderate Fund carries a risk indicator of 3/7 on the FMA risk scale. Risk indicator 3-4 funds are typically considered for members with a medium investment horizon (3-10 years) or those balancing growth potential against shorter-term volatility. FundCompare does not provide personalised advice; consult a licensed financial adviser to understand whether this risk profile fits your circumstances.
Snapshot
4.5% a year over five years, at a 1.14% annual fee
Five-year return
4.5%
Five Year Average Return
Returns (green) show the fund’s growth over the five years to 30 June 2026, after fees and taxes. Compare these results with the average Balanced KiwiSaver scheme fund (light green).
4.5% for this fund — category median 4.5% across 15 Balanced KiwiSaver scheme funds at 30 June 2026. This fund ranks 8 of 15 (47th percentile) by five-year after-fee return.
Past performance is not an indicator of future performance.
Annual fee
1.14%
One Year Average Fees
Fees shown here (blue) represent what you would pay over a year if you had $30,000 invested in this fund. Compare them with the average fees for Balanced KiwiSaver scheme funds (light blue).
Growth / income split
The fund’s mix of growth assets (shares, property) and income assets (bonds, cash) as of 30 June 2026. The average mix for balanced KiwiSaver scheme funds is shown in light blue.
In the provider’s words
What the provider says about this fund
Here’s the provider’s overview of the managed fund:
“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.”
When can I get my money out?
This is a fund within a KiwiSaver scheme, which means generally you can withdraw only to purchase a first home, after the age of 65 or in cases of financial hardship.
Asset mix
2% growth assets, 60% income assets
This fund's asset mix
Average for balanced funds
Your investment mix shapes your outcome
The balance of assets you choose — your asset allocation, has the biggest impact on how your investments perform and how much their value may rise or fall along the way. Selecting that balance is crucial. By adjusting the proportion of growth-oriented investments you include, you’re effectively setting your preferred level of risk. Generally, taking on more risk can increase the potential for higher returns, but there’s never a guarantee — that’s the nature of risk. To find an allocation suited to your personal circumstances (sometimes called your risk profile), you can start with an investor risk questionnaire or a KiwiSaver-specific guide.
Largest holdings · 30 June 2026
Top 10 holdings — 17.92% of this fund
These assets make up 17.92% of this fund as at 30 June 2026.
| Asset | Asset Class | Type | Country | % of Fund | |
|---|---|---|---|---|---|
 | ASB NZ Dollar Cash Account | 4.00 | |||
 | HOUSNZ Apr 2030 bonds | 2.13 | |||
 | Nvidia | 1.67 | |||
 | HOUSNZ Sep 2035 bonds | 1.60 | |||
 | Fisher & Paykel Healthcare Ltd | 1.55 | |||
 | Amazon.Com Inc | 1.51 | |||
 | Infratil Ltd | 1.48 | |||
 | Microsoft Corp | 1.43 | |||
 | Alphabet Inc Class A | 1.35 | |||
 | BNZ Nov 2029 bonds | 1.20 |
Top-10 holdings changes
31 Mar 2025 → 30 Jun 2026
HOUSNZ Apr 2030 bonds2.13%
HOUSNZ Sep 2035 bonds1.60%
Amazon.Com Inc1.51%
Infratil Ltd1.48%
Microsoft Corp1.43%
Alphabet Inc Class A1.35%
BNZ Nov 2029 bonds1.20%
Ka-inga Ora Sep 2035 bondswas 1.70%
NZLGA May 2031 bondswas 1.60%
Ka-inga Ora Apr 2030 bondswas 1.55%
Contact Energywas 1.46%
Auckland International Airport Ltdwas 1.30%
Nvidia1.34% → 1.67% (+0.33 pp)
Fisher & Paykel Healthcare Ltd2.31% → 1.55% (-0.76 pp)
Fees in context
How this fee compares with the category
1.14%
This Fund
0.78%
Average Balanced KiwiSaver scheme funds
The blue segment shows the annual fees you’d pay if you invested $30,000 in this fund. The grey segment represents the typical yearly fees for an average Balanced KiwiSaver scheme fund, so you can compare them directly.
Smaller Fees, Bigger Potential
When it comes to investing, spending more doesn’t automatically lead to stronger results. In fact, higher fund fees can often eat into your returns. Remember, what you keep is calculated after fees and taxes are deducted. Because no one can predict how any fund will perform, it’s generally wise to look for options with lower costs whenever you can.
Fee breakdown
What makes up the 1.14% annual charge
| Fee Type | % Over a year | Amount paid on a 30k balance |
|---|---|---|
| total Total fund charges | 1.14% | — |
| membership Membership fee | — | 36.00 |
Returns in context
How the five-year return compares with the category
4.5%
This Fund
4.44%
Average Balanced KiwiSaver scheme funds
Over the past five years, this fund delivered the average annual return shown here (in green) to investors, after fees and taxes (28% PIR) were applied. For comparison, the average return over the same period for all Balanced KiwiSaver scheme funds is shown in grey.
Returns: Reflecting the Past
Investing is about seeking returns, but the figures shown here represent historical performance—they cannot be relied upon to continue in the future. Selecting a fund solely based on past performance is not advisable. A well-informed decision should consider factors such as an appropriate investment mix for your goals and reasonable fees.
Risk
Risk indicator: 3 of 7
Risk indicator
This indicator reflects how much the investment’s value has fluctuated over time. It is calculated from the fund’s five-year performance, or from a comparable market index if the fund has a shorter history.
Fund details
The numbers that don’t make headlines
Manager information
| Name | GENERATE INVESTMENT MANAGEMENT LIMITED |
| Type | NZ Limited Company |
| Website | generatewealth.co.nz |
| NZBN | 9429030374034 |
| FSP Number | FSP271005 |
Fund information
| Asset liquidity ratio | 94.28% |
| Total value of fund | $838,371,805 |
| Debt ratio | — |
Fee + return history
View detailed history →Quarterly fees and after-tax returns recorded against this fund since inception. Sourced from FMA Disclose Quarterly Fund Updates. The detailed view shows the full chart + per-quarter data table.
PDS changes
View detailed PDS history →Material changes to the Product Disclosure Statement over time — fee adjustments, asset-allocation shifts, scheme-rule amendments. Diff against the previous PDS shown side-by-side in the detailed view.
Holdings changes
View detailed holdings diff →Top-10-holdings additions, removals, and weight changes across quarters. Shows the manager's actual portfolio decisions over time, sourced from the fund's Quarterly Fund Update.
SIPO changes
View detailed SIPO history →Statement of Investment Policy and Objectives revisions — investment objective rewrites, asset-class target shifts, ESG policy changes, derivatives policy changes. The detailed view diffs against prior SIPO versions.
AI · API · Markdown
Machine-readable surfaceEvery fund page on FundCompare ships with structured JSON and a plain-markdown summary alongside the HTML — so LLMs, MCP clients, and analysts can cite the same regulator-sourced data the page renders. Source documents come from FMA Disclose, IRD, and Sorted Fund Finder.
Identifiers
- FMA fund code
- FND809
- FSP number
- FSP271005
- NZBN
- 9429030374034
- Provider
- Generate
- Scheme
- Generate KiwiSaver Scheme
Endpoints for Moderate Fund
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curl -s "https://fundcompare.co.nz/api/fund/generate/moderate-fund/facts.json" | jq .Python
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print(data["fund_name" if "fund" == "fund" else "name"])MCP (Claude Desktop / ChatGPT)
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# URL: https://fundcompare.co.nz/mcp
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{ "mcpServers": { "fundcompare": {
"command": "npx", "args": ["-y", "mcp-remote", "https://fundcompare.co.nz/mcp"]
} } }
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The information provided on this website is not a recommendation to buy, sell, or hold any financial products. Nothing on this website constitutes financial advice for the purposes of the Financial Markets Conduct Act 2013. FundCompare.co.nz is not a licensed Financial Advice Provider.
Investing involves risk. The value of your investment can go down as well as up, and you may get back less than you put in. Past performance is not a reliable indicator of future returns.
Before making any investment decision, you should read the Product Disclosure Statement (PDS) for the fund carefully. If you have questions or are unclear about the implications of your investment decision, you should seek advice from a licensed Financial Advice Provider.
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