Generate KiwiSaver Moderate Fund
Where a company has multiple ethical concerns, the total concerns percentage counts this investment once.
The average total concerns of all funds of the same risk profile is weighted by the funds' investment values.
The average total concerns of all KiwiSaver balanced funds is 5.99%.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Fonterra ranks as the fifth largest source of greenhouse gas emissions among agri-food companies globally. This position is reflective of the heavy environmental footprint of the dairy industry, notably of methane (GHG) produced by dairy herds and other harm from intensive dairy farming practices such as through high nitrogen runoff into rivers, which flow into oceans.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
BP, headquartered in the UK, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company has as reportable segments: gas & low carbon energy, oil production & operations, customers & products, and Rosneft. Additionally, BP plc owns and operates crude oil and natural gas pipelines, processing facilities and NGLs extraction business. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 34.7%.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Origin Energy engages in fossil fuel production and generation in Australia and New Zealand. They produce oil and gas, engage in thermal coal fired generation and LNG exploration.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Total is a French-based global oil major (7th largest in the world by market cap). In 2024 they produced 1,947 thousand barrels of oil equivalent per day. They have plans to expand their oil and gas production by 3% in 2026 while claiming they will reduce their methane emissions by 70% by 2030.
Where companies are involved in the production or retail of fur & speciality leather products (where animals are raised purely for skins).
Uses exotic leather and fur products in its luxury ranges such as crocodile, python and ostrich. Brands containing exotic leather include Donna Karan, Louis Vuitton, Fendi, Bvlgari, Céline. In addition it sells cosmetics and fragrances in China where testing on animals is required.
Where companies are involved in significant harm to individuals or communities, through the unsafe nature of their products or delivery of services and inadequate response to evidence of harm.
The world’s largest social network (Facebook, Instagram, Messenger, WhatsApp). Company has faced claims and legal actions due to mental health harm (notably to young people), breaches of user privacy / data rights, and the spread of misinformation. Inadequate moderating in non-English speaking countries (e.g. Myanmar) allowed the platform to be used to incite ethnic violence. Removal of content moderation from strt of 2025 increases risk of social and political harm.
Where the actions of companies have violated global standards on labour rights and freedoms; including poor treatment of workers, child and forced labour, and modern slavery.
A ride and food delivery service provider. As Uber considers its drivers to be contractors, this limits their employee rights to the minimum wage, and providing the same benefits and rights as traditional taxi companies.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Develops and operates Israel’s Population Registry System which holds information on residents of Occupied Palestinian Territories. The registry enables control of work and travel permits for Palestinians. This supports severe violations of human rights including freedom of movement and data privacy rights.
Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
Thermo Fisher Scientific sells scientific instruments and laboratory equipment, diagnostics consumables, and life science reagents. Thermo Fisher DNA testing kits have been linked to surveillance and discriminatory purposes by the legal authorities in Xinjiang (a region of China) for monitoring and tracking the Muslim Uyghur ethnic group and other minorities. Evidence that DNA sequencing products continue to be distributed in China, despite the company announcing it would halt sales to the region.
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
Tesla has been involved in violations across human rights categories including business ethics due to CEO leadership style, limiting of shareholder rights and poor governance. There have also been big safety and human rights concerns with Tesla’s supply chain and production line.
Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.
Amphenol are a US company manufacturing electronic components. They supply services to the military weapons industry through interconnect systems which have applications in harsh conditions for the military and aerospace sectors, specificially weapons release connectors.
We invest in fossil fuel companies because energy is an essential resource for modern life, and we believe it is better to invest in the companies that are relative ESG leaders in the sector rather than ignoring the sector entirely.
We take a holistic approach to assessing a company's prospective ESG leadership, including the carbon intensity of current oil production facilities, initiatives to reduce this carbon intensity to help meet net zero goals, capital allocation policies including for green energy initiatives, and ESG scores on both the MSCI and Sustainalytics ratings scales.
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 low to medium. Returns will vary and may be low or negative at times.
Generate is an award-winning KiwiSaver and wealth provider with a track record of strong, long-term performance through responsible investment. Generate was awarded both Investor Choice and Adviser Choice Awards at the Research IP Funds Manager of the year awards 2022 and also received a Consumer NZ People’s Choice Award for KiwiSaver.
| Value | $763M NZD |
| Period of data report | 31st March 2026 |
| Members | 23,241 |
| Fund started | 16th April 2013 |
| Total annual fund fees | 1.14% |
| Total performance based fees | 0.0% |
| Manager's basic fee | 1.11% |
| Other management and administration charges | 0.03% |
| Total other charges | 36.0 |
| Total other charges currency | NZD |
|
Ayrton Oliver |
Currently: Portfolio Manager - Fixed Income (5 years, 0 months)
|
|
Andrew Bolland |
Currently: Portfolio Manager - Property & Infrastructure, Australasian Equities (6 years, 9 months)
|
|
Nathan Field |
Currently: Portfolio Manager - Global Equities (3 years, 1 months)
|
|
Sam Goldwater |
Currently: Chief Investment Officer/Investment Committee Member/Executive Director (13 years, 0 months)
|
|
Daniel Frost |
Currently: Portfolio Manager - Property & Infrastructure, Australasian Equities (8 years, 2 months)
|
This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 31st March 2026.
Past annual returns for this fund are after fees and taxes. Please note that higher past returns do not always mean higher future returns.
| Year | Market Average | Fund Annual Return |
|---|---|---|
| 2026 | 6.37% | 4.74% |
| 2025 | 4.34% | 4.04% |
| 2024 | 10.79% | 9.91% |
| 2023 | -2.79% | -0.64% |
| 2022 | 1.34% | 0.01% |
| 2021 | 17.98% | 11.34% |
| 2020 | -1.40% | 1.56% |
| 2019 | 5.81% | 6.81% |
| 2018 | 5.28% | 4.53% |
| 2017 | 5.86% | 1.79% |
The market average is the average return for funds of the same risk category, sourced from the Commission for Financial Capability's Sorted website. The fund information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 31st March 2026.
ASB NZ Dollar Cash Account
New Zealand Cash and Equivalents A1
Nvidia
United States International Equities
Housnz Apr 2030 Bonds
New Zealand NZ Fixed Interest AAA
Microsoft Corp
United States International Equities
Amazon.Com Inc
United States International Equities
Housnz Sep 2035 Bonds
New Zealand NZ Fixed Interest AAA
Fisher & Paykel Healthcare Ltd
New Zealand Australasian Equities
Meta Platforms Inc
United States International Equities
Alphabet Inc Class A
United States International Equities
Infratil Ltd
New Zealand Australasian Equities
| Type | Target | Actual |
|---|---|---|
| Cash and Cash Equivalents | 5.0% | 6.61% |
| New Zealand Fixed Interest | 35.75% | 42.07% |
| International Fixed Interest | 19.25% | 11.27% |
| Australasian Equities | 13.5% | 11.63% |
| International Equities | 25.0% | 25.4% |
| Listed Properties | 1.5% | 2.87% |
| Unlisted Properties | 0.0% | 0.15% |
| Other | 0.0% | 0.0% |
| Commodities | 0.0% | 0.0% |
How the money in this fund is invested by asset type.
This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 31st March 2026.
This data is compiled by Mindful Money from the fund information and portfolios
that each
KiwiSaver
fund has
filed with the Disclose register to 31st March 2026 and Mindful Money
analysis of funds within those portfolios. The list of companies of concern has
been drawn from ratings agencies and public sources, including the Norwegian
Sovereign Fund, NZ Super Fund, Sustainalytics and research organisations.
Please note that companies may breach more than one of these areas of
concern.
The listing of companies of concern is based on definitions used in Mindful Money's
methodology. These definitions may
be different from the exclusions policy and definitions applied by the fund provider.
Mindful Money uses the term Mindful Funds as our standard
for ethical investment and responsible investment. This does not imply that
other funds are unethical or that the fund providers that do not meet these
standards are unethical providers.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Fonterra ranks as the fifth largest source of greenhouse gas emissions among agri-food companies globally. This position is reflective of the heavy environmental footprint of the dairy industry, notably of methane (GHG) produced by dairy herds and other harm from intensive dairy farming practices such as through high nitrogen runoff into rivers, which flow into oceans.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
BP, headquartered in the UK, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company has as reportable segments: gas & low carbon energy, oil production & operations, customers & products, and Rosneft. Additionally, BP plc owns and operates crude oil and natural gas pipelines, processing facilities and NGLs extraction business. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 34.7%.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Origin Energy engages in fossil fuel production and generation in Australia and New Zealand. They produce oil and gas, engage in thermal coal fired generation and LNG exploration.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Total is a French-based global oil major (7th largest in the world by market cap). In 2024 they produced 1,947 thousand barrels of oil equivalent per day. They have plans to expand their oil and gas production by 3% in 2026 while claiming they will reduce their methane emissions by 70% by 2030.
Where companies are involved in the production or retail of fur & speciality leather products (where animals are raised purely for skins).
Uses exotic leather and fur products in its luxury ranges such as crocodile, python and ostrich. Brands containing exotic leather include Donna Karan, Louis Vuitton, Fendi, Bvlgari, Céline. In addition it sells cosmetics and fragrances in China where testing on animals is required.
Where companies are involved in significant harm to individuals or communities, through the unsafe nature of their products or delivery of services and inadequate response to evidence of harm.
The world’s largest social network (Facebook, Instagram, Messenger, WhatsApp). Company has faced claims and legal actions due to mental health harm (notably to young people), breaches of user privacy / data rights, and the spread of misinformation. Inadequate moderating in non-English speaking countries (e.g. Myanmar) allowed the platform to be used to incite ethnic violence. Removal of content moderation from strt of 2025 increases risk of social and political harm.
Where the actions of companies have violated global standards on labour rights and freedoms; including poor treatment of workers, child and forced labour, and modern slavery.
A ride and food delivery service provider. As Uber considers its drivers to be contractors, this limits their employee rights to the minimum wage, and providing the same benefits and rights as traditional taxi companies.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Develops and operates Israel’s Population Registry System which holds information on residents of Occupied Palestinian Territories. The registry enables control of work and travel permits for Palestinians. This supports severe violations of human rights including freedom of movement and data privacy rights.
Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
Thermo Fisher Scientific sells scientific instruments and laboratory equipment, diagnostics consumables, and life science reagents. Thermo Fisher DNA testing kits have been linked to surveillance and discriminatory purposes by the legal authorities in Xinjiang (a region of China) for monitoring and tracking the Muslim Uyghur ethnic group and other minorities. Evidence that DNA sequencing products continue to be distributed in China, despite the company announcing it would halt sales to the region.
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
Tesla has been involved in violations across human rights categories including business ethics due to CEO leadership style, limiting of shareholder rights and poor governance. There have also been big safety and human rights concerns with Tesla’s supply chain and production line.
Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.
Amphenol are a US company manufacturing electronic components. They supply services to the military weapons industry through interconnect systems which have applications in harsh conditions for the military and aerospace sectors, specificially weapons release connectors.
We invest in fossil fuel companies because energy is an essential resource for modern life, and we believe it is better to invest in the companies that are relative ESG leaders in the sector rather than ignoring the sector entirely.
We take a holistic approach to assessing a company's prospective ESG leadership, including the carbon intensity of current oil production facilities, initiatives to reduce this carbon intensity to help meet net zero goals, capital allocation policies including for green energy initiatives, and ESG scores on both the MSCI and Sustainalytics ratings scales.
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 low to medium. Returns will vary and may be low or negative at times.
Generate is an award-winning KiwiSaver and wealth provider with a track record of strong, long-term performance through responsible investment. Generate was awarded both Investor Choice and Adviser Choice Awards at the Research IP Funds Manager of the year awards 2022 and also received a Consumer NZ People’s Choice Award for KiwiSaver.
| Value | $763M NZD |
| Period of data report | 31st March 2026 |
| Members | 23,241 |
| Fund started | 16th April 2013 |
| Total annual fund fees | 1.14% |
| Total performance based fees | 0.0% |
| Manager's basic fee | 1.11% |
| Other management and administration charges | 0.03% |
| Total other charges | 36.0 |
| Total other charges currency | NZD |
|
Ayrton Oliver |
Currently: Portfolio Manager - Fixed Income (5 years, 0 months)
|
|
Andrew Bolland |
Currently: Portfolio Manager - Property & Infrastructure, Australasian Equities (6 years, 9 months)
|
|
Nathan Field |
Currently: Portfolio Manager - Global Equities (3 years, 1 months)
|
|
Sam Goldwater |
Currently: Chief Investment Officer/Investment Committee Member/Executive Director (13 years, 0 months)
|
|
Daniel Frost |
Currently: Portfolio Manager - Property & Infrastructure, Australasian Equities (8 years, 2 months)
|
This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 31st March 2026.
Past annual returns for this fund are after fees and taxes. Please note that higher past returns do not always mean higher future returns.
| Year | Market Average | Fund Annual Return |
|---|---|---|
| 2026 | 6.37% | 4.74% |
| 2025 | 4.34% | 4.04% |
| 2024 | 10.79% | 9.91% |
| 2023 | -2.79% | -0.64% |
| 2022 | 1.34% | 0.01% |
| 2021 | 17.98% | 11.34% |
| 2020 | -1.40% | 1.56% |
| 2019 | 5.81% | 6.81% |
| 2018 | 5.28% | 4.53% |
| 2017 | 5.86% | 1.79% |
The market average is the average return for funds of the same risk category, sourced from the Commission for Financial Capability's Sorted website. The fund information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 31st March 2026.
ASB NZ Dollar Cash Account
New Zealand Cash and Equivalents A1
Nvidia
United States International Equities
Housnz Apr 2030 Bonds
New Zealand NZ Fixed Interest AAA
Microsoft Corp
United States International Equities
Amazon.Com Inc
United States International Equities
Housnz Sep 2035 Bonds
New Zealand NZ Fixed Interest AAA
Fisher & Paykel Healthcare Ltd
New Zealand Australasian Equities
Meta Platforms Inc
United States International Equities
Alphabet Inc Class A
United States International Equities
Infratil Ltd
New Zealand Australasian Equities
| Type | Target | Actual |
|---|---|---|
| Cash and Cash Equivalents | 5.0% | 6.61% |
| New Zealand Fixed Interest | 35.75% | 42.07% |
| International Fixed Interest | 19.25% | 11.27% |
| Australasian Equities | 13.5% | 11.63% |
| International Equities | 25.0% | 25.4% |
| Listed Properties | 1.5% | 2.87% |
| Unlisted Properties | 0.0% | 0.15% |
| Other | 0.0% | 0.0% |
| Commodities | 0.0% | 0.0% |
How the money in this fund is invested by asset type.
This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 31st March 2026.
This data is compiled by Mindful Money from the fund information and portfolios
that each
KiwiSaver
fund has
filed with the Disclose register to 31st March 2026 and Mindful Money
analysis of funds within those portfolios. The list of companies of concern has
been drawn from ratings agencies and public sources, including the Norwegian
Sovereign Fund, NZ Super Fund, Sustainalytics and research organisations.
Please note that companies may breach more than one of these areas of
concern.
The listing of companies of concern is based on definitions used in Mindful Money's
methodology. These definitions may
be different from the exclusions policy and definitions applied by the fund provider.
Mindful Money uses the term Mindful Funds as our standard
for ethical investment and responsible investment. This does not imply that
other funds are unethical or that the fund providers that do not meet these
standards are unethical providers.
