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Booster Wealth Series Funds Review

​We review the Booster Wealth Series, five diversified funds (Moderate, Balanced, Growth, High Growth and Geared Growth) that offer RIAA (Responsible Investment Association Australasia) certified funds, competitive fees, and access to off-market assets
Updated 31 January 2026

Summary
  • The Booster Wealth Series is a group of five diversified managed funds offered by Booster, the fund manager best known for the Booster KiwiSaver scheme. Booster has operated since 1998 and currently administers over $8 billion on behalf of more than 200,000 New Zealanders.
  • The Booster Wealth Series launched in March 2025, initially making its funds available through financial advisers, before expanding to direct-to-investor in January 2026.
  • The five funds span from moderate to geared growth on the risk spectrum - we outline each fund in detail below. Booster's approach blends passive and active investing. Most of the fund tracks the market (keeping costs low), with active decisions layered on top, aiming to either enhance returns or reduce risk.
  • Investors can start with $500 per fund, add as little as $10 at a time, and withdraw usually within five business days with no exit fees. All income is reinvested rather than paid out.
  • We believe the Growth, High Growth and Geared Growth Wealth Series funds in particular will appeal to investors looking for growth-focused funds and are comfortable with active management returns fees (which are higher than those of index-tracking funds), as well as borrowing to invest (for the Geared Growth Fund) and some exposure to private assets.

To help explain what the Wealth Series is and help you decide if the funds are right for you, our guide covers:
Disclosure: Booster is a MoneyHub advertising client. MoneyHub's founder, Christopher Walsh, personally invests in Booster Savvy and the Booster Wealth Series. This review remains editorially independent - see our advertising policy for more information. While this review highlights Booster's features and links to its track record, past returns are no guarantee of future performance.

The Specs of Booster Wealth Series - Understanding the Five Funds

The Wealth Series five funds invest across a diversified mix of asset classes, including New Zealand and international equities, fixed interest, and cash, with a target allocation to listed and unlisted property. The Wealth Series focuses on what are arguably the most common risk profiles for the typical investor - Moderate, Balanced, Growth, High Growth. Within the KiwiSaver space, Geared Growth is both unique and popular, making it an obvious addition to the Wealth Series line-up.
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Each fund has a specific annual fund charge, a risk indicator reviewed each quarter rated 1 (low) to 7 (high), and, for the Geared Growth Fund, a typical gearing ratio of 35%. Our table outlines each fund's specs:
Fund Name Annual Fund Charges (estimated) Growth vs Income Risk Rating Suggested Timeframe
Moderate 0.72% 40% growth / 60% income 4 3+ years
Balanced 0.82% 60% growth / 40% income 4 5+ years
Growth 0.90% 80% growth / 20% income 4 7+ years
High Growth 0.95% 99% growth / 1% income 5 10+ years
Geared Growth 1.34% + 1.75% interest on the portion borrowed 99% growth / 1% income (leveraged) 5 15+ years
For more details on this are included in the Product Disclosure Statement.

We examine each fund in detail, with fund insights based on September 2025 reporting:

Booster Wealth Series Moderate Fund

The Moderate Fund is the most conservative option in the Wealth Series, designed for investors with a three-year-plus horizon who want some exposure to growth assets while taking on less risk. The fund invests mainly in income assets (cash and fixed interest) while maintaining a moderate allocation to shares and property.

Fund specs:
  • Annual fund charge (estimate): 0.72% (the lowest in the Wealth Series)
  • Risk indicator: 4 out of 7
  • Minimum investment timeframe: 3 years

Target Asset Allocation:
  • Cash: 20%
  • NZ fixed interest: 23%
  • International fixed interest: 17%
  • Australasian equities: 13%
  • International equities: 21%
  • Listed property: 3.5%
  • Unlisted property: 2.5%

What's in the Portfolio: Unlike the Wealth Series' growth-focused funds, the Moderate Fund's largest holdings are dominated by fixed interest rather than company shares. The portfolio holds cash with BNZ, several NZ Government bonds (all rated AAA), term deposits with Kiwibank and ASB, and Infratil infrastructure bonds.

Our View:
  • The Moderate Fund may suit certain investors who want some growth exposure but aren't comfortable with the volatility of share-heavy funds.
  • The 0.72% fee is competitive for an actively managed fund, though investors seeking even lower costs could consider index funds
  • The weighting towards NZ Government bonds will help lower risk, but the 60% income allocation means returns may lag the growth-focused funds over the long term.

Booster Wealth Series Balanced Fund

The Balanced Fund sits in the middle of the Wealth Series range, offering a 60/40 target split between growth and income assets. It's arguably designed for investors with a five-year-plus horizon who want meaningful exposure to shares while retaining a substantial fixed-interest allocation to smooth out sharemarket volatility, hence its 'balanced' label.

Fund specs:
  • Annual fund charge (estimate): 0.82%
  • Risk indicator: 4 out of 7
  • Minimum investment timeframe: 5 years

Target Asset Allocation:
  • Cash: 2%
  • NZ fixed interest: 19%
  • International fixed interest: 19%
  • Australasian equities: 19%
  • International equities: 34%
  • Listed property: 4%
  • Unlisted property: 3%

What's in the Portfolio: The Balanced Fund blends cash, blue-chip equities and government bonds. NZX-listed holdings include Fisher & Paykel Healthcare, Auckland International Airport and Infratil, alongside NZ Government bonds. International holdings include the major US tech companies - NVIDIA, Microsoft, Apple and Amazon. The mix reflects the fund's 60/40 growth-to-income split.

Our View:
  • The Balanced Fund appeals to those who want growth but aren't ready to go all-in on shares.
  • The 60/40 growth-to-income split is a classic allocation that has historically worked well and is popular among New Zealand investors.
  • The 0.82% fee is reasonable for active management per our shortlist of popular funds, and the diversification across New Zealand and international assets provides broad market exposure.

Booster Wealth Series Growth Fund

The Growth Fund significantly increases its allocation to growth assets, targeting around 80%. It's designed for investors with a seven-year-plus horizon who can ride out market volatility to pursue higher long-term returns.

Fund specs:
  • Annual fund charge: 0.90%
  • Risk indicator: 4 out of 7
  • Minimum investment timeframe: 7 years

Target Asset Allocation:
  • Cash: 2%
  • NZ fixed interest: 10%
  • International fixed interest: 8%
  • Australasian equities: 25%
  • International equities: 46%
  • Listed property: 5%
  • Unlisted property: 4%

What's in the Portfolio: Company shares dominate the top holdings with only a small cash position alongside them. NZX-listed holdings include Fisher & Paykel Healthcare, Auckland Airport, Infratil and Mercury. The international side features major US tech companies, including NVIDIA, Microsoft, Apple, Amazon, and Alphabet (Google). Fixed-interest investments are 20%, half of the Balanced Fund's target.

Our View:
  • The Growth Fund represents a meaningful step up in equity exposure compared to the Balanced Fund.
  • The 46% international equity allocation provides solid diversification beyond New Zealand's small market, with exposure to global technology leaders.
  • The 0.90% fund charge (estimated) is at the higher end for diversified funds but includes active management and access to unlisted property.

Booster Wealth Series High Growth Fund

The High Growth Fund is for investors who want maximum equity exposure without leverage. With a target of 99% in growth assets, this fund will likely experience larger ups and downs than the Wealth Series' Growth, Balanced and Moderate funds, but is positioned for stronger long-term returns.

Fund specs:
  • Annual fund charge (estimated): 0.95%
  • Risk indicator: 5 out of 7
  • Minimum investment timeframe: 10 years

Target Asset Allocation:
  • Cash: 1%
  • Australasian equities: 29%
  • International equities: 60%
  • Listed property: 5%
  • Unlisted property: 5%

What's in the Portfolio: The High Growth Fund is almost entirely invested in shares and property. The top holdings are concentrated in NZX-listed companies such as Fisher & Paykel Healthcare, Auckland Airport, Infratil and Mercury NZ, alongside the major US tech giants NVIDIA, Microsoft, Apple, Amazon and Alphabet. Cash accounts for less than 2% of the portfolio, and there's no meaningful fixed-income exposure.

Our View:
  • The High Growth Fund offers a pure equity play without the complexity of gearing.
  • The 60% international equity allocation provides significant offshore diversification, which is important given New Zealand's small sharemarket.
  • The 0.95% fee is only marginally higher than the Growth Fund despite the far greater equity exposure.
  • For investors with a genuine 10-year horizon who understand there will be significant volatility during market corrections, the High Growth Fund is a straightforward high-growth option.
  • The risk indicator, 5, reflects the higher expected volatility.

Booster Wealth Series Geared Growth Fund

The Geared Growth Fund is the most aggressive option in the Wealth Series and one of the few leveraged retail funds available in New Zealand. The fund invests in the same investments as the High Growth Fund and borrows additional money to increase exposure to growth assets, amplifying both potential gains and losses.

Fund Specs:
  • Annual management fee: 1.34% (see our cost breakdown example below)
  • Estimated interest costs: ~1.75% total funds invested (varies with OCR, spreads and the fund’s borrowing levels, as we outline in our cost breakdown example below)
  • Total estimated annual cost: An estimated 3.09% at current rates (see our example table below)
  • Risk indicator: 5 out of 7
  • Minimum investment timeframe: 15 years
  • Gearing ratio: Approximately 35%

Target Asset Allocation (before leverage):
  • Cash: 1%
  • Australasian equities: 29%
  • International equities: 60%
  • Listed property: 5%
  • Unlisted property: 5%

What's in the Portfolio:
You'll find NZX-listed shares (Fisher & Paykel Healthcare, Auckland Airport, Infratil, Mercury) and US tech leaders (NVIDIA, Microsoft, Apple, Amazon, Alphabet). The difference is that borrowing amplifies exposure, meaning each dollar you invest buys more than a dollar's worth of shares.

Understanding Geared Growth Fund Costs

Our assumptions:
  • Gearing ratio: 35% (fund borrows $35 for every $100 you invest, although it can borrow up to $50 for every $100 you invest)
  • Current OCR: 2.25% (as at 18 December 2025, for this example)
  • Borrowing cost: Approximately 5% of the amount borrowed. $35*5% = 1.75% as an estimated interest cost. The “Our View” section below explains this in detail.
  • Management fee on your capital: 0.95%
  • Management fee on borrowed portion: 1.10%

Example: A $100,000 Investment in the fund:
Component Amount Rate Annual Cost
Your investment $100,000 0.95% management $950.00
Borrowed funds $35,000 1.10% management $385.00
Interest on borrowed funds $35,000 5% $1,750.00
Total exposure $135,000 $3,085.00
Total cost as % of your $100,000 invested: ~3.09%. This figure will change based on:
  1. OCR movements: If the OCR rises, borrowing costs increase, and your total cost goes up. If the OCR falls, your costs decrease. For example, at an OCR of 3.25% (1% higher), total costs would rise to approximately 3.35%.
  2. Gearing ratio changes: The fund doesn't always borrow exactly 35%. If market conditions or fund management decisions lead to higher or lower borrowing, your effective cost changes accordingly. More borrowing = higher interest costs but also greater market exposure.
  3. Spread variations: The margin lenders receive may fluctuate over time.

Our View: When interest rates are high and the fund is borrowing more, expect costs above 3%. When rates fall or gearing reduces, costs come down. The 3% estimate reflects current OCR (2.25%) and typical 35% gearing - please treat this explanation as a guide rather than a fixed fee figure.

A note on borrowing costs:
Think of it like buying a house with a mortgage:
  • Secured lending is cheaper: When a loan has collateral (like your house), banks charge less. Current home loan rates sit around 2.5-3.0% p.a. above the OCR.
  • Unsecured lending is expensive: Without collateral (like a credit card), you might pay 25% p.a.+ because the lender takes more risk.
  • The Geared Growth Fund sits in the "secured" camp: The fund's borrowings are backed by underlying assets (mostly shares), similar to how your home secures your mortgage. This means the spread above OCR falls in a similar range to home loan rates.
  • Our estimate: We use ~5% as the borrowing cost (OCR of 2.25% + approximately 2.5% spread). Applied to $35,000 borrowed for every $100,000 invested, this equals approximately 1.75% in interest costs on your total investment.

Understanding the Effect of Leverage and Performance for Geared Growth Returns
  • The gearing strategy only makes sense if the fund's returns (after all fees and taxes) exceed the borrowing costs. For example, if you're paying ~5% to borrow money and earning 8-10%+ on that borrowed capital, the spread is yours to keep.
  • Looking at past results, this has worked. Booster's KiwiSaver High Growth Fund (and its SRI equivalent) has delivered strong long-term returns - the Booster KiwiSaver Socially Responsible High Growth Fund was ranked #1 by Morningstar for 10-year performance in the Aggressive KiwiSaver category in Q3 2025. However, past returns are no guarantee of future performance.
  • While exact comparisons aren't yet available due to the Wealth Series being new, the KiwiSaver Geared Growth Fund (which uses the same underlying approach) has historically delivered long-term returns in the ~10-11% p.a. range over the long term - comfortably above the ~5% borrowing cost.
  • The risk is that leverage amplifies everything. In years when the fund underperforms (like any market downturn), your losses are magnified. The 3% estimated total cost eats into returns every year, regardless of performance.
  • For these reasons, we believe this fund is only suitable for investors with 15+ year time horizons who are comfortable with market volatility.

Bottom line: The gearing strategy is effective when markets trend upward over long periods, which they have historically. However, investors are paying ~3% p.a. for the privilege of amplified exposure, and that cost needs to be justified by returns exceeding the ~5% borrowing rate. Over a long enough horizon, the evidence suggests this trade-off has been worthwhile, but to reinforce the point, past performance does not guarantee the future. ​

Who is the Booster Wealth Series Suited To?

We believe the Wealth Series funds will appeal to a range of investors, including:​​​​​

Investors who want a "set and forget" diversified portfolio

  • The Wealth Series funds offer exposure to multiple asset classes - New Zealand and international shares, bonds, property and cash - in a single fund. This suits investors who don't want to build and rebalance their own portfolio across different investments.

Those comfortable with active management

  • Booster's approach blends passive and active investing. This differs from index funds, which are designed to simply track a specific market index - such as the NZX50 or S&P500 - without making judgment calls on individual shares.
  • Active management means higher fees, but some investors prefer having professionals react to market conditions and select investments on their behalf rather than passively holding whatever the index contains.

Investors seeking responsible investing

  • All five funds apply Booster's Approach to Responsible Investing policy, which excludes certain investments that don't meet specific ethical criteria.
  • This may appeal to investors who want their money managed with certain ESG (environmental, social and governance) considerations in mind.

KiwiSaver investors who want consistency

  • If you're already in Booster's KiwiSaver scheme and comfortable with their investment approach, the Wealth Series lets you invest additional savings outside KiwiSaver using the same fund manager and similar investment strategies.

Those looking for unlisted property exposure

  • Unlike many retail funds, the Wealth Series include target allocations to unlisted property, which can provide diversification benefits and returns that don't always move in sync with sharemarkets.
  • This asset class is typically harder for individual investors to access directly.

Investors with defined timeframes

  • The five funds clearly match different investment horizons - from three years (Moderate) through to 15 years (Geared Growth).
  • This structure helps investors select a fund aligned with when they'll need their money and avoid week-to-week 'performance watching' given the funds' long-term nature.

Higher-risk investors wanting leverage (Geared Growth only)

  • The Geared Growth Fund is one of the very few retail options in New Zealand for investors who want amplified market exposure without arranging their own margin lending.
  • Gearing adds complexity. If you're not confident it's right for you, talk to someone first - either Booster's in-house team (who can explain the fund in detail) or an independent adviser (who can assess your broader situation).

Investors who may want to look elsewhere

These include:
  • Cost-conscious investors who don't see the value in paying a higher fee for potentially better risk adjusted returns, access to the Booster Kiwi Innovation Fund (BIF), property (PLPF) and premium/personalised customer service.
  • Those wanting full control over individual holdings won't get that with a managed fund structure - our guide to buying shares has more information about the options available.
  • Short-term investors should note that even the most conservative fund (Moderate) suggests a minimum three-year timeframe.
  • Investors uncomfortable with active management risk - where fund performance depends partly on manager skill - may prefer passive index-tracking alternatives.

Standout Features

We shortlist six must-know standouts the Wealth Series offers:

1) Responsible Investment Certification
  • The Wealth Series funds have been independently certified by the Responsible Investment Association Australasia (RIAA), which means the responsible investing process has been externally verified.
  • This goes beyond self-declared ESG credentials that some fund managers use to self-certify their offerings as 'ethical'. In Booster's case, the independent body RIAA has reviewed how Booster applies its exclusions and ethical screening. For investors who prioritise responsible investing, this certification provides additional assurance.

2) Geared Growth Fund - Rare in New Zealand
  • The Geared Growth Fund is one of the very few retail managed funds in New Zealand that borrows money to invest.
  • The fund can borrow up to 50% of its net assets, with a typical ratio of around 35%.
  • This means for every $100 you invest, the fund may have $135 working in the market.
  • Leverage amplifies both gains and losses, and comes at a cost making this a genuinely aggressive option - but it saves investors the complexity of arranging their own margin lending facilities.

3) Access to Private Assets
  • Unlike pure index funds that only hold publicly traded investments, the Wealth Series funds can allocate to private (unlisted) assets.
  • The funds may hold up to 5% in unlisted property and can access the Booster Innovation Fund (BIF), which invests in early-stage New Zealand companies founded on intellectual property.
  • These private assets can provide diversification benefits because their returns don't always move in sync with public sharemarkets - though they're also less liquid and harder to value.

4) PIE Tax Structure
  • The Wealth Series funds are Portfolio Investment Entities (PIEs), which means your investment returns are taxed at your Prescribed Investor Rate (PIR), capped at 28%.
  • For investors with higher marginal tax rates (30%, 33% or 39%), this structure provides a tax advantage over investing directly in shares or bonds outside a PIE.

5) No Entry or Exit Fees
  • Booster doesn't charge contribution fees when you invest or termination fees when you withdraw. This means you can add to your investment or withdraw your money without incurring a penalty from the fund manager.
  • Please note that if you invest through a financial adviser, they may charge their own fees in addition to the Booster fees you pay.

6) Established Fund Manager
  • Booster has operated since 1998 and administers over $8 billion on behalf of more than 200,000 New Zealanders.
  • The Wealth Series is new, having launched in March 2025, but the underlying investment team and infrastructure aren't - Booster has been managing similar diversified funds through its Booster KiwiSaver scheme and Investment funds for years.
  • Whether Booster's management delivers outperformance is another question - plenty of experienced fund managers underperform index funds after fees. But active management can also be about risk management - making defensive calls during downturns rather than riding the index all the way down. For investors who value that human judgment, Booster's track record and scale suggest they're a long-term player.

How to Invest (and How to Withdraw)

You can invest with Booster directly via its website - you'll need to sign up as a Booster investor, complete an ID check (required by law), complete forms online and choose your fund(s). Then, the process is as followed:
  1. Make your investment: The minimum initial investment is $500 per fund.
  2. Ongoing contributions: After the initial investment, you can make additional lump-sum investments (minimum $10) or set up regular investments (minimum $10).

Making Withdrawals
You can withdraw some or all of your investment at any time via the Booster website. There are some requirements:
  • Minimum withdrawal: $10 per fund
  • Minimum ongoing balance: $500 per fund
  • Processing time: Normally within five business days
  • Regular withdrawals can be set up with your chosen payment date

Our View and Concluding Comments

The Booster Wealth Series represents an innovative offering for investors who value professional advice and responsible investing credentials. The RIAA certification provides genuine third-party validation of ESG processes, which is increasingly important for investors concerned about greenwashing. The fee structure is competitive for an actively managed product, though it's notably higher than passive index funds.

The Geared Growth Fund is a standout feature in the New Zealand market, offering retail investors access to leveraged returns that are typically available only through direct borrowing or wholesale products. However, this comes with significantly higher risk and costs, making it suitable only for sophisticated investors with very long time horizons.

Important: MoneyHub is not a Financial Adviser, and this guide has been published to explain the investment fundamentals and outline the pros and cons of the Booster Wealth Series as an investment opportunity.

Frequently Asked Questions

How does the RIAA certification work?

The Responsible Investment Association Australasia certifies funds that demonstrate systematic consideration of environmental, social, governance, or ethical factors. This involves an external review of the investment process. However, certification doesn't constitute financial advice or guarantee performance.

What investments are excluded under the responsible investing policy?

The funds exclude direct holdings and managed fund investments principally involved in tobacco, gambling, armaments, nuclear power, and fossil fuel industries. Booster's full Approach to Responsible Investing policy is available on their website and may be updated over time.

How does the Geared Growth Fund's leverage work?

The fund can borrow up to 50% of its value to invest more than the cash contributed by investors. For example, with 35% gearing, $100,000 of investor funds might be invested as $135,000. This amplifies returns in both directions – a 10% market gain becomes roughly 13.5% (minus borrowing costs), but a 10% loss becomes roughly 13.5%.

What is the Booster Innovation Fund (BIF), and how does it affect my investment?

BIF invests in early-stage New Zealand companies built on intellectual property. A small portion of Wealth Series assets may be allocated to BIF. When BIF exceeds 10% annual returns (on the 30-year NZX performance), a 20% performance fee applies to returns above that hurdle. This fee is reflected in unit prices and estimated at 0.01% p.a. in total fund charges.

Can I switch between funds?

Yes, you can switch some or all of your investment between funds by accessing your online portal. You must maintain the $500 minimum balance in each fund you hold. You can also switch to other Booster Investment Scheme funds not covered in the Wealth Series PDS.

Are distributions paid out?

No. The Wealth Series funds do not make income distributions. Instead, any income earned is reinvested within the fund and reflected in the unit price.

What happens if Booster fails?

Your investments are held by an independent custodian (PT (Booster Investments) Nominees Limited, appointed by Public Trust as Supervisor). This means your assets are legally separate from Booster's own business and protected in the event of Booster's insolvency.

Why are the risk indicators all based on market indices rather than actual fund returns?

Because the Wealth Series funds only launched in March 2025, there isn't sufficient actual performance history to calculate risk indicators. The current indicators use market index returns for the 5 years to 31 March 2025 as a proxy. These may not accurately reflect the funds' actual future volatility.
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