Fund-vs-fund · NZ Fixed Interest
Amova Corporate Bond Fund vs Kernel March 2027 NZ Bond Fund
Both are NZ Fixed Interest funds available to NZ retail investors. Numbers below are sourced from the FMA Disclose register via Sorted Smart Investor and reflect the latest published quarterly fund updates.
Why these two differ
Both funds sit in the NZ Fixed Interest category, but the most material structural difference is the depth of available data: Kernel's March 2027 NZ Bond Fund discloses no fee, risk indicator, fund size, return history, or holdings in this snapshot, while the Amova Corporate Bond Fund (managed by Amova, distributed under the Nikko AM umbrella based on the PDS URL) provides a reasonably complete picture across all of those dimensions. Any comparison is therefore asymmetric by necessity.
On the Amova side, the fund carries a risk indicator of 3 out of 7, an annual fund charge of 0.70%, and a five-year return of 1.63% per annum as at the latest quarterly fund update. Fund size stands at approximately NZ$558 million, and growth assets represent just 0.07% of the portfolio — consistent with a near-pure income mandate. Top disclosed holdings include Housing NZ, NZ Local Government Funding Agency, Bank of New Zealand, Rabobank NZ, and Insurance Australia Group, with individual weights ranging from roughly 2.5% to 3.1%, suggesting moderate diversification across government-related and financial-sector issuers.
The Kernel March 2027 NZ Bond Fund name implies a defined-maturity bond structure — a meaningfully different design concept from an open-ended corporate bond fund — but fee, risk rating, portfolio composition, and return data are all silent in this snapshot. Investors comparing duration risk, credit exposure, or cost cannot do so on a like-for-like basis until Kernel's quarterly fund update is available.
Verify all figures against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
Comparison generated 2026-07-05 from each fund's FMA Disclose QFU facts as at that date. If the underlying facts change, this narrative is withheld until it is regenerated — the tables on this page always reflect the current data.
What's different at a glance
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
Where each fund sits in its cohort
Percentile rank vs all 14 nz fixed interest funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Amova
0.70%
Upper half of cohort
Kernel
—
—
5-year return p.a.
Past performance — not a predictor
Amova
1.63%
Top 19% over 5 years
Kernel
—
—
Fund size
Larger = more stable, lower close-risk
Amova
NZ$558m
Largest 25% in cohort
Kernel
—
—
| Metric | Amova | Kernel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.70% | — | Lower is better |
| Risk indicator (1–7) | 3 | — | Higher = more volatility |
| 5-year return p.a. | 1.63% | — | Higher is better (past not future) |
| Fund size | NZ$558m | — | Larger = more stable, lower close-risk |
| Growth / income split | 0% / 100% | — | More growth = higher long-run return + volatility |
| NZ tax structure | PIE (PIR-capped) | PIE (PIR-capped) | PIE = simpler. FIF = annual return. |
| Currency hedging | — | — | Hedged smooths NZD/foreign FX moves at a small cost. |
| Responsible investment screening | No | No | Specific exclusions live in each fund's SIPO. |
| Available via | Direct | Direct | Platforms accepting retail subscriptions. |
What each fund says it does
Amova
Amova Corporate Bond Fund
The Fund aims to outperform the Bloomberg NZBond Credit 0+ Year Index by 0.70% p.A. Over a rolling three year period before fees, expenses and taxes. The fund aims to provide investors with regular income by constructing an actively managed investment portfolio of New Zealand bonds, deposits and cash whilst preserving the capital value.Full Amova Amova Corporate Bond Fund profile →
Kernel
Kernel March 2027 NZ Bond Fund
Strategy summary not yet ingested.
Full Kernel Kernel March 2027 NZ Bond Fund profile →Common questions
What's the difference between the Amova Corporate Bond Fund and the Kernel March 2027 NZ Bond Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
