Fund-vs-fund · NZ Fixed Interest
Amova Corporate Bond Fund vs Kernel March 2029 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 difference is data availability: Kernel's March 2029 NZ Bond Fund returns no disclosed figures in this snapshot — fee, risk indicator, fund size, five-year return, and holdings are all absent — making a symmetrical comparison impossible. Readers should treat the Kernel side of this comparison as pending until the fund's latest Quarterly Fund Update is available on FMA Disclose.
Where data does exist, it belongs entirely to the Amova Corporate Bond Fund, managed by Amova. That fund carries a risk indicator of 3 (on a scale of 1 to 7), an annual fund charge of 0.70%, and a reported five-year return of 1.63% per annum. Fund size stands at approximately $558 million. Growth assets represent just 0.07% of the portfolio, confirming its defensive, income-oriented character. The five largest disclosed holdings are concentrated in New Zealand government-related and bank-issued fixed income securities — Housing NZ, NZ Local Government Funding Agency, Bank of New Zealand, Rabobank NZ, and Insurance Australia Group — each weighted between roughly 2.5% and 3.1%, suggesting reasonable individual-issuer diversification at the top of the book. The Amova fund's PDS is linked through FMA Disclose and also appears on Sorted's Smart Investor tool.
The Kernel fund's name implies a target-maturity structure maturing around March 2029, which is structurally distinct from an open-ended bond fund, but no disclosed data in this snapshot confirms that or any other characteristic.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on this summary.
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 2029 NZ Bond Fund
Strategy summary not yet ingested.
Full Kernel Kernel March 2029 NZ Bond Fund profile →Common questions
What's the difference between the Amova Corporate Bond Fund and the Kernel March 2029 NZ Bond Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
