Booster KiwiSaver Scheme Review
Updated 10 July 2019 (Draft)
Summary of Booster KiwiSaver
- Booster KiwiSaver offers sixteen KiwiSaver funds, each with specific investing goals. Booster offers socially responsible funds, sector funds (i.e. funds which invest in international shares or NZ fixed-interest assets), diversified funds and asset-classed funds.
- With 16 funds, few KiwiSaver providers (outside of the banks) offer so much options within one KiwiSaver scheme.
- Booster KiwiSaver funds have three fees - an annual membership fee, a management fee and, for some funds, a performance fee (if the returns exceed expectations). Performance fees are standard for many actively managed funds within KiwiSaver.
- Switching between any Booster KiwiSaver fund is free. There are no joining fees, but there is a $30 exit fee if you close your account and leave the scheme.
- Booster goes beyond bond, shares and cash deposits. Recent media reports talk about Booster investing in vineyards, land and other long-term assets and New Zealand companies. These investments are owned by Booster Tahi LP, a fund which the Moderate, Balanced, Balanced Growth, High Growth Funds, Shielded Growth Fund and Geared Growth Funds have the right to invest in Tahi LP. What this means is that if you're in any of these funds, some of your money will be invested with non-traded companies, such as the recently purchased Mahana Estate winery.
Read this First: Fees, Performance and Understanding What's Best For Your Situation
A lot of media attention focuses on KiwiSaver fees, but this is only one thing to consider when picking the most suitable provider and fund for your retirement needs. Being comfortable with what you're investing in is the most important aspect of saving for your retirement.
With sixteen fund options available, Booster KiwiSaver offers investors a range of actively managed funds aiming to beat the market. iIth active management comes high fees, and media reports have suggested one Booster fund charged the most recently. However, the higher fees were largely down to classification of external costs, and not Booster charging its investors high fees. As of 31 March 2019, no fund charged more than 1.75% p.a. and the average total fees were around 1.20% p.a. This also includes all performance fees charged.
Our Review
In this guide, we outline what the Booster KiwiSaver scheme is, what funds they offer, and how the funds are different from other (similar) funds. We also look at alternative funds, and the level of fees involved.
Please note: MoneyHub is not a Financial Adviser, and this guide has been published to explain the investment fundamentals and outline the pros and cons of Booster KiwiSaver as a KiwiSaver investment option.
This Guide covers:
A lot of media attention focuses on KiwiSaver fees, but this is only one thing to consider when picking the most suitable provider and fund for your retirement needs. Being comfortable with what you're investing in is the most important aspect of saving for your retirement.
With sixteen fund options available, Booster KiwiSaver offers investors a range of actively managed funds aiming to beat the market. iIth active management comes high fees, and media reports have suggested one Booster fund charged the most recently. However, the higher fees were largely down to classification of external costs, and not Booster charging its investors high fees. As of 31 March 2019, no fund charged more than 1.75% p.a. and the average total fees were around 1.20% p.a. This also includes all performance fees charged.
Our Review
In this guide, we outline what the Booster KiwiSaver scheme is, what funds they offer, and how the funds are different from other (similar) funds. We also look at alternative funds, and the level of fees involved.
Please note: MoneyHub is not a Financial Adviser, and this guide has been published to explain the investment fundamentals and outline the pros and cons of Booster KiwiSaver as a KiwiSaver investment option.
This Guide covers:
- Booster Investment Management Limited, a fund manager, is the manager of the sixteen Booster KiwiSaver funds.
- Up-to-date fund performance data is available every three months for each of the sixteen funds on the Booster website.
- Booster operates four KiwiSaver plans, each with a specific focus and asset class. These include:
- Multi-sector Funds - these funds make up over 80% of Booster KiwiSaver's total investments. The six funds include the Capital Guaranteed Fund, Default Saver Fund, Moderate Fund, Balanced Fund, Balanced Growth Fund and the High Growth Fund.
- Socially Responsible Investment Funds - these two funds include the Socially Responsible Investment Balanced Fund and the Socially Responsible Investment Growth Fund.
- Single-sector and Specialty Funds - small in size and members, these four funds include the Shielded Growth Fund, Trans-Tasman Share Fund, International Share Fund and the Geared Growth Fund.
- Asset Class Funds - these four funds include the Asset Class Conservative Fund, Asset Class Growth Fund, the Asset Class Balanced Fund and the Enhanced Income Fund,
- Each of the sixteen funds has a unique risk factor (1 = lowest, 7 = highest) and an annual management fee, as well as distinct investment profiles.
The three Booster KiwiSaver Fees - Membership, Management and Performance
To understand the total fees charges, we explain them separately.
- Membership fee - if you sign up to any Booster fund, there is an annual $36 membership fee
- Management fee - these are fees that Booster charges for operating the fund, and differ depending on the fund you're in (as some cost more to operate than others). The lowest fee is charged by the Enhanced Income Fund (0.82% p.a., which invests in low-risk assets like fixed-interest deposits). The highest fee is charged by the Geared Growth Fund (1.74% p.a., which borrows money to invest in shares with the aim of outperforming the market).
- Performance fee - Six funds are subject to a performance fee; the Moderate, Balanced, Balanced Growth, High Growth, Shielded Growth and Geared Growth Fund. Each fund has to meet a certain performance level, called a 'hurdle', to trigger the performance fee. Currently, this happens when the return (before tax and fees) is 5% above the New Zealand 90-day bank bill rate.
- When this 'trigger' happens, a portion of the 'excess' return is payable to Booster. However, to limit the impact of the performance fees on KiwiSaver investors, there is a cap on the annual fund charge in each fund. This means that if you're invested in one of the six funds, you can never pay more than the following annual management fee:
- High Growth Fund 1.99% p.a.
- Balanced Growth Fund 1.76% p.a.
- Balanced Fund 1.71% p.a.
- Moderate Fund 1.44% p.a.
- Shielded Growth Fund 1.99% p.a.
- Geared Growth Fund 1.99% p.a.
Understanding the Booster funds, their performance and where the money is invested
- Booster Investment Management Limited, a fund manager, is the manager of the sixteen Booster KiwiSaver funds.
- Most of the funds have been operating since 2014, and each has a distinct investment profile.
- Because 90% of the total funds invested in Booster KiwiSaver come from the eight funds within the Multi-sector and Socially Responsible Investment sectors, we have chosen to look at these in detail. For fee information about the other eight funds, we suggest looking at Sorted's Fundfinder tool.
- Our review look at each fund's risk, expected return, suggested minimum investment period, where and what it invests in, and a brief summary of the fund.
1: Booster Capital Guaranteed Fund
- Risk factor: 2
- Annual management fee: 0.91%
- Performance fee applies? No
- Expected investment return (after fees but before tax): At least 1.5% per year above inflation over any two year period.
- Minimum suggested investment time frame: 2 years
Investment Composition:
- Cash and cash equivalents 60%
- International equities 15%
- New Zealand fixed interest 15%
- International fixed interest 10%
We say: This is Booster KiwiSaver's least aggressive fund, with 100% of your money being invested in term deposits, bank deposits and government debt. With the capital guarantee, this is a popular fund for those needing to protect their KiwiSaver balance right before a big event, such as retiring or buying a first home.
2: Booster Default Saver Fund
Investment Composition:
We say: This is Booster KiwiSaver's default fund, and invests mainly in income assets, with a small allocation in growth assets. Most of the money is invested in term deposits, bank deposits and government debt. If you are in this fund by default and plan to invest with KiwiSaver for the long-term, there are more suitable high-growth funds available within Booster, which we outline below.
- Risk factor: 3
- Annual management fee: 0.38%
- Performance fee applies? No
- Expected investment return (after fees but before tax): At least 2.0% per year above inflation over any three year period.
- Minimum suggested investment time frame: 3 years
Investment Composition:
- Cash and cash equivalents 20%
- New Zealand fixed interest 35%
- International fixed interest 25%
- International equities 11%
- Australasian equities 7%
- Listed property 2%
We say: This is Booster KiwiSaver's default fund, and invests mainly in income assets, with a small allocation in growth assets. Most of the money is invested in term deposits, bank deposits and government debt. If you are in this fund by default and plan to invest with KiwiSaver for the long-term, there are more suitable high-growth funds available within Booster, which we outline below.
3: Booster Moderate Fund
Investment Composition:
Recent top 10 holdings include: The fund invests in a range of Vanguard funds, (Ethically Conscious, International Shares Select, Fixed Interest Index, Emerging Markets Share Index, among others), and has New Zealand government bonds, and term deposits with a number of NZ banks.
We say: This is Booster KiwiSaver's middle-of-the-road fund, giving investors some exposure to growth shares and property (35%) and safety with 65% of funds in term deposits, bank deposits and government debt. The returns are likely to be consistent, and there is a possibility of capital gain given the sharemarket investments.
- Risk factor: 3
- Annual management fee: 1.14%
- Performance fee applies? Yes - if met, the maximum management fee charged is 1.44% p.a
- Expected investment return (after fees but before tax): At least 2.5% per year above inflation over any four year period.
- Minimum suggested investment time frame: 4 years
Investment Composition:
- Cash and cash equivalents 15%
- International equities 31%
- Listed property 4%
- New Zealand fixed interest 30%
- International fixed interest 20%
Recent top 10 holdings include: The fund invests in a range of Vanguard funds, (Ethically Conscious, International Shares Select, Fixed Interest Index, Emerging Markets Share Index, among others), and has New Zealand government bonds, and term deposits with a number of NZ banks.
We say: This is Booster KiwiSaver's middle-of-the-road fund, giving investors some exposure to growth shares and property (35%) and safety with 65% of funds in term deposits, bank deposits and government debt. The returns are likely to be consistent, and there is a possibility of capital gain given the sharemarket investments.
4: Booster Balanced Fund
Investment Composition:
Recent top 10 holdings include: The fund invests in a range of Vanguard funds, (Ethically Conscious, International Shares Select, Fixed Interest Index, Emerging Markets Share Index, among others), and shares in companies like A2 Milk and Sileni Wines. It also has term deposits with a number of NZ banks.
We say: This is Booster KiwiSaver's balanced fund, meaning it's 50% growth and 50% income generating. It's Booster's most popular fund, with $450m invested. Those wanting higher returns and more sharemarket investments can consider the funds listed below.
- Risk factor: 3
- Annual management fee: 1.24%
- Performance fee applies? Yes - if met, the maximum management fee charged is 1.71% p.a
- Expected investment return (after fees but before tax): At least 3% per year above inflation over any five year period.
- Minimum suggested investment time frame: 5 years
Investment Composition:
- Cash and cash equivalents 2%
- International equities 48%
- Listed property 7%
- New Zealand fixed interest 17%
- International fixed interest 26%
Recent top 10 holdings include: The fund invests in a range of Vanguard funds, (Ethically Conscious, International Shares Select, Fixed Interest Index, Emerging Markets Share Index, among others), and shares in companies like A2 Milk and Sileni Wines. It also has term deposits with a number of NZ banks.
We say: This is Booster KiwiSaver's balanced fund, meaning it's 50% growth and 50% income generating. It's Booster's most popular fund, with $450m invested. Those wanting higher returns and more sharemarket investments can consider the funds listed below.
5: Booster Balanced Growth Fund
Investment Composition:
Recent top 10 holdings include: The fund invests in a range of Vanguard funds, (Ethically Conscious, International Shares Select, Fixed Interest Index, Emerging Markets Share Index, among others), and shares in companies like A2 Milk, Auckland Airport, Fisher & Paykel Healthcare and Sileni Wines. It also has term deposits with a number of NZ banks.
We say: The Booster Balanced Growth Fund invests 75% of its money into growth assets, and a small 25% in term deposits, bank deposits and government debt. With around $300m invested, it is Booster's third most popular KiwiSaver fund.
- Risk factor: 4
- Annual management fee: 1.29%
- Performance fee applies? Yes - if met, the maximum management fee charged is 1.76% p.a
- Expected investment return (after fees but before tax): At least 4% per year above inflation over any seven-year period.
- Minimum suggested investment time frame: 7 years
Investment Composition:
- Cash and cash equivalents 2%
- International equities 66%
- Listed property 9%
- New Zealand fixed interest 9%
- International fixed interest 14%
Recent top 10 holdings include: The fund invests in a range of Vanguard funds, (Ethically Conscious, International Shares Select, Fixed Interest Index, Emerging Markets Share Index, among others), and shares in companies like A2 Milk, Auckland Airport, Fisher & Paykel Healthcare and Sileni Wines. It also has term deposits with a number of NZ banks.
We say: The Booster Balanced Growth Fund invests 75% of its money into growth assets, and a small 25% in term deposits, bank deposits and government debt. With around $300m invested, it is Booster's third most popular KiwiSaver fund.
6: Booster High Growth Fund
Investment Composition:
Recent top 10 holdings include: The fund invests in a range of Vanguard funds and holds shares in companies like Visa, Amazon, Microsoft, A2 Milk and Silini Wines.
We say: The Booster High Growth invests exactly how it should do, with 98% in international shares and property. This means that day-to-day returns will be volatile, but over the long-term, the aim is to beat market indexes. With around $330m invested, it is Booster's second most popular KiwiSaver fund.
- Risk factor: 4
- Annual management fee: 1.34%
- Performance fee applies? Yes - if met, the maximum management fee charged is 1.99% p.a
- Expected investment return (after fees but before tax): At least 5% per year above inflation over any ten year period.
- Minimum suggested investment time frame: 10 years
Investment Composition:
- Cash and cash equivalents 2%
- International equities 86%
- Listed property 12%
Recent top 10 holdings include: The fund invests in a range of Vanguard funds and holds shares in companies like Visa, Amazon, Microsoft, A2 Milk and Silini Wines.
We say: The Booster High Growth invests exactly how it should do, with 98% in international shares and property. This means that day-to-day returns will be volatile, but over the long-term, the aim is to beat market indexes. With around $330m invested, it is Booster's second most popular KiwiSaver fund.
7: Booster Socially Responsible Investment Balanced Fund
Investment Composition:
Recent top 10 holdings include: The fund invests in internationally-regarded socially responsible funds, such as Vanguard Ethically Conscious, UBS World Socially Responsible and the Vaneck Vectors International Sustainable fund. It also holds shares in A2 Milk Company Limited, Fisher & Paykel Healthcare, Auckland Airport and Spark, among others.
We say: The Booster Socially Responsible Balanced Fund puts 55% of its investments into high-growth assets, keeping 45% in fixed-interest such as term deposits with banks. The fund prohibits investing in anything in the tobacco, alcohol, gambling, armaments and fossil fuel industries. With around $50m invested, it is a very popular Booster KiwiSaver fund and the more conservative of the two socially responsible options.
- Risk factor: 3
- Annual management fee: 1.27%
- Performance fee applies? Yes - if met, the maximum management fee charged is 1.99% p.a
- Expected investment return (after fees but before tax): At least 3% per year above inflation over any five year period.
- Minimum suggested investment time frame: 5 years
Investment Composition:
- Cash and cash equivalents 2%
- Fixed-interest 43%
- International equities 48%
- Listed property 7%
Recent top 10 holdings include: The fund invests in internationally-regarded socially responsible funds, such as Vanguard Ethically Conscious, UBS World Socially Responsible and the Vaneck Vectors International Sustainable fund. It also holds shares in A2 Milk Company Limited, Fisher & Paykel Healthcare, Auckland Airport and Spark, among others.
We say: The Booster Socially Responsible Balanced Fund puts 55% of its investments into high-growth assets, keeping 45% in fixed-interest such as term deposits with banks. The fund prohibits investing in anything in the tobacco, alcohol, gambling, armaments and fossil fuel industries. With around $50m invested, it is a very popular Booster KiwiSaver fund and the more conservative of the two socially responsible options.
8: Booster Socially Responsible Investment Growth Fund
Investment Composition:
Recent top 10 holdings include: The fund invests in internationally-regarded socially responsible funds, such as Vanguard Ethically Conscious, UBS World Socially Responsible and the Vaneck Vectors International Sustainable fund. It also holds shares in A2 Milk Company Limited, Fisher & Paykel Healthcare, Auckland Airport and Spark, among others.
We say: The Booster Socially Responsible Investment Growth Fund puts 98% of its investments into high-growth assets, and is suitable for long-term investors only. We expect day-to-day returns to be volatile, but over the long-term, the aim is to beat market indexes while prohibiting anything in the tobacco, alcohol, gambling, armaments and fossil fuel industries. With around $50m invested, it is a very popular Booster KiwiSaver fund.
- Risk factor: 4
- Annual management fee: 1.32%
- Performance fee applies? Yes - if met, the maximum management fee charged is 1.99% p.a
- Expected investment return (after fees but before tax): At least 5% per year above inflation over any ten year period.
- Minimum suggested investment time frame: 10 years
Investment Composition:
- Cash and cash equivalents 2%
- International equities 86%
- Listed property 12%
Recent top 10 holdings include: The fund invests in internationally-regarded socially responsible funds, such as Vanguard Ethically Conscious, UBS World Socially Responsible and the Vaneck Vectors International Sustainable fund. It also holds shares in A2 Milk Company Limited, Fisher & Paykel Healthcare, Auckland Airport and Spark, among others.
We say: The Booster Socially Responsible Investment Growth Fund puts 98% of its investments into high-growth assets, and is suitable for long-term investors only. We expect day-to-day returns to be volatile, but over the long-term, the aim is to beat market indexes while prohibiting anything in the tobacco, alcohol, gambling, armaments and fossil fuel industries. With around $50m invested, it is a very popular Booster KiwiSaver fund.
Summary
The eight major Booster funds offer a choice for any investor, from the conservative wealth-protector to the socially-minded and the growth-hungry. As is the case with any KiwiSaver fund, the higher the proportion of equity investments, the more aggressive the fund and the expectation of a higher return. Please remember that past performances do not indicate future results, but generally the characteristics of how each fund behaves remain the same.
The eight major Booster funds offer a choice for any investor, from the conservative wealth-protector to the socially-minded and the growth-hungry. As is the case with any KiwiSaver fund, the higher the proportion of equity investments, the more aggressive the fund and the expectation of a higher return. Please remember that past performances do not indicate future results, but generally the characteristics of how each fund behaves remain the same.
Booster KiwiSaver - What You Need to Know
Claims made by Booster
"Booster offers two certified socially responsible investment funds for KiwiSaver members, so you can become an ethical investor".
Is it true?
"We offer great member benefits, access to financial advice and tools to raise your money know-how".
Is it true?
"Booster offers two certified socially responsible investment funds for KiwiSaver members, so you can become an ethical investor".
Is it true?
- Yes - the two funds (Booster Socially Responsible Investment Balanced Fund and Booster Socially Responsible Investment Growth Fund) actively invest in ethical investments. Both funds are popular, with around $100m invested in total. Investments exclude companies operating in the tobacco, alcohol, gambling, armaments or fossil fuel industries.
"We offer great member benefits, access to financial advice and tools to raise your money know-how".
Is it true?
- Yes. Booster offers free accidental death insurance benefit (limited to $50,000) to all contributing members. It also offers free fees for anyone with less than $500 in their KiwiSaver fund.
- Booster also offers tools and guidance via its ThinkMoney website, which is updated regularly with useful information.
Who is Booster KiwiSaver Suited To?
With free fees for anyone with balances less than $500, Booster is immediately attractive to students and anyone joining KiwiSaver. Best of all, Booster's 16 funds (grouped under Conservative, Balanced and Growth) offer something for everyone. Many funds invest in private investments, such as wineries and startups, while the ultra-aggressive Booster Geared Growth Fund borrows money to invest and reports some of the highest five-year returns among 200+ KiwiSaver funds.
If you're looking for an actively managed fund supported by investment experts and analysts, both the Booster Balanced Growth and Booster High are among the most popular Booster KiwiSaver funds.
Standout Features:
Be aware:
If you're looking for an actively managed fund supported by investment experts and analysts, both the Booster Balanced Growth and Booster High are among the most popular Booster KiwiSaver funds.
Standout Features:
- The free fees for anyone with less than $500 in their fund - $500 is what you would earn with $8,000 of earnings at a 3% contribution rate, so it's perfect for a student or part-time worker.
- Booster invests in New Zealand startups and established companies through its specialist investment fund (Tahi) and its NZ Innovation Booster fund. This means your funds can be allocated to investments with high growth potential.
- It's free to change funds; the monthly membership fee means you can move between funds as often as you like.
- Fees range from around 0.38% to 1.74%, depending on what fund is selected.
- The scheme has two sustainable funds, which means companies trading in weapons, tobacco, gambling, nuclear and other “unethical” business will be avoided.
Be aware:
- As with any investment, markets go up and down. The Dotcom bubble in the early 2000s sank global sharemarkets, as did the 2008 Global Financial Crisis. While many global sharemarkets are now at record highs, this is no guarantee of future earnings.
- The investments made by Tahi and the NZ Innovation Booster funds are usually specialist assets and therefore may be riskier than other standard equity investments. They also may take longer to sell should Booster's management wish to divest.
- Booster charges performance fees on some funds, but these are capped to be very reasonable and will only be charged when a fund performs well above expectations. This means the fund manager makes money for its work, but you make the most.
The Bottom Line
- Overall, Booster delivers on all it promises, and is a refreshing entrant to the KiwiSaver market. Its two certified socially responsible investment funds have a good track record of performance, meaning being ethical doesn't cost you money.
- The are no joining fees, and you will be charged a $30 exit fee if you leave Booster for another provider. You can transfer between funds for free as many times as you want.
- The funds are active funds, and unlike Simplicity, for example, do not follow or recreate a benchmark of a sharemarket index. Booster's investment managers will regularly pick undervalued equities, invest directly in New Zealand companies. The goal is to see the value of the investments rise in the short, medium and long term (depending on the investment). This has more risk but also has the potential for greater returns.
- Depending on your KiwiSaver balance, other funds on other platforms can have cheaper management fees.
6 things to know about Booster KiwiSaver
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Booster offers exclusive perks that save you money
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It doesn't matter what your employer's default KiwiSaver provider or fund is - you can select Booster KiwiSaver and the fund you wantBooster was previously known as Grosvenor until 2016, is focused on growing its brand around New Zealand. It is also a default KiwiSaver scheme appointed by the government. No matter what your employer's default KiwiSaver scheme is, any KiwiSaver member has the right to pick any one of the 25+ providers and the fund they want. So while Booster KiwiSaver may be unknown to your employer, you're 100% entitled to select it as your provider, or switch to it.
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There is no minimum investment and it's easy to take contribution holidaysAs a Booster KiwiSaver member, you'll pay the monthly membership fee. This gives you the freedom to invest as you like. And if you want to contribute to your fund at a level above your fixed salary contribution, you can do this by contacting the client services team.
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Dividends your fund(s) receive are reinvested, meaning more cash is invested on your behalfMany of Booster's funds invest in shares, and many will pay dividends. These cash payments represent the profits from companies returning it to the shareholders, i.e. you. When a company declares a dividend, your fund will receive money, and it is re-invested into more shares, growing the value of your fund. Despite being a cash payment, and as is the case with ALL KiwiSaver funds, there is no option to take this money as cash until you turn 65.
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Booster offers a choice of many actively managed funds, and is orientated towards picking market-beating sharesBooster is a growth-focused KiwiSaver provider, with an experienced team responsible for delivering market-leading returns. Grosvenor, the company behind Booster, has been in business for over 20 years and collectively has billions under managed.
Just as Booster offers a wide range of KiwiSaver funds, it also offers funds that focus on growth, income and socially-responsible investments. For more information, detailed fund reports can be found on the Booster website. |
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Signing up isn't complicated, but you’ll need to decide what fund to invest in firstSigning up to Booster is effortless, but you’ll need to decide your fund first. Our fund review above is designed to explain the different options and what they invest in. However, Booster offers many more funds, including the 'Shielded Growth Fund' and the 'Asset Class Growth Fund', among others. To understand how they perform, what they invest in and the fees, refer to the latest data on Sorted's Fund Finder.
Generally, if you're looking for a safe investment with the lowest risk of seeing your original investment fall, a conservative fund, i.e. one that invests in little equities, could be a suitable option. If you're looking for a higher return and are prepared to have your money in higher risk investments which could fall in value, balanced and growth funds operate in this manner. If you're not sure of what to invest in and want to have a range of options to pick from, look at Sorted's FundFinder. |
Our Conclusion
- We like that Booster offers $0 fees to anyone with balances under $500, which makes the scheme attractive to younger KiwiSaver members.
- Booster offers 16 funds, meaning there's something for nearly every KiwiSaver member.
- With 'balanced' and 'growth' orientated funds, which are Booster's most popular funds, investors get exposure to the New Zealand sharemarket, Australian sharemarket and leading international funds run by Vanguard.
- Historically, Booster (and before, Grosvenor) have produced market-leading returns, especially with its Geared Growth funds. Performance data for each individual fund can be found using the Sorted FundFinder tool.
Do you have an experience with Booster you would like to share with our readers? Email our research team who would be delighted to hear from you.
