Fund-vs-fund · International Equities
Amova Global Shares Hedged Fund vs Kernel S&P Global 100 (NZD Hedged) Fund
Both are International Equities 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
The most material structural difference between these two funds is cost: the Kernel S&P Global 100 (NZD Hedged) Fund discloses an annual fund charge of 0.25%, while the Amova Global Shares Hedged Fund charges 1.20% — a nearly five-fold difference that compounds materially over time within the same International Equities category.
The funds also differ in risk profile. Amova carries a risk indicator of 6 (out of 7), whereas Kernel sits at 5, suggesting Kernel's index-based construction produces somewhat lower measured volatility despite both funds allocating almost identically to growth assets (98.31% each). The Kernel fund tracks the S&P Global 100 index, concentrating in 100 large-cap global companies; Amova's active or semi-active approach results in a more diffuse holding set, with its largest position (Nvidia at 8.15%) notably smaller than Kernel's Nvidia weighting of 12.49%. Apple, Alphabet, and Microsoft feature more prominently in Kernel's top five, while Amova's top five includes Netflix and Broadcom.
On performance, Amova discloses a five-year annualised return of 2.37%; Kernel's five-year return is not available in this snapshot, likely reflecting the fund's shorter operating history. Fund sizes are comparable — Amova at NZ$242.5 million, Kernel at NZ$229.9 million.
Always verify fees, returns, risk indicators, and holdings against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on any figures here.
Cached comparison generated 2026-05-21 from each fund's latest FMA Disclose QFU. Regenerated when the underlying facts change.
What's different at a glance
- Kernel S&P Global 100 (NZD Hedged) Fund charges 0.95% lower in annual fund charges (0.25% vs 1.20%).
- 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 81 international equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Amova
1.20%
Highest 23% of cohort
Kernel
0.25%
Lowest 15% of cohort
5-year return p.a.
Past performance — not a predictor
Amova
2.37%
Bottom 10% over 5 years
Kernel
—
—
Fund size
Larger = more stable, lower close-risk
Amova
NZ$243m
Largest 25% in cohort
Kernel
NZ$230m
Upper half by size
| Metric | Amova | Kernel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.20% | 0.25% | Lower is better |
| Risk indicator (1–7) | 6 | 5 | Higher = more volatility |
| 5-year return p.a. | 2.37% | — | Higher is better (past not future) |
| Fund size | NZ$243m | NZ$230m | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 98% / 2% | More growth = higher long-run return + volatility |
| NZ tax structure | PIE (PIR-capped) | PIE (PIR-capped) | PIE = simpler. FIF = annual return. |
| Currency hedging | Hedged to NZD | Hedged to NZD | 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. |
Portfolio overlap
How many top-10 positions both funds hold, and at what weight. Computed from each fund's most recently disclosed top-10 holdings — exact-name matched (Microsoft Corp. = Microsoft Corporation), with a Cash / Cash & Equivalents collapse rule.
Matching holdings
2
of each fund's top 10
Amova weight in shared
11.4%
of Amova Global Shares Hedged Fund top 10 is shared
Kernel weight in shared
14.1%
of Kernel S&P Global 100 (NZD Hedged) Fund top 10 is shared
| Holding | Amova | Kernel |
|---|---|---|
 Microsoft Corp US | 5.73% | 8.10% |
 Amazon Com Inc US | 5.72% | 6.00% |
"Min weight" = the smaller of the two weights — a conservative read of how much exposure you'd have to that position if you held both funds.
What each fund says it does
Amova
Amova Global Shares Hedged Fund
The fund aims to provide investors with a relatively concentrated actively managed investment portfolio of global equities to achieve long term capital growth. This fund invests in a selection of around 40-50 companies from around the world, covering a diverse range of regions and sectors. Currency exposure created as a consequence of global equity investment hedged to the NZD. This fund has a very high level of volatility.Full Amova Amova Global Shares Hedged Fund profile →
Kernel
Kernel S&P Global 100 (NZD Hedged) Fund
The Kernel S&P Global 100 (NZD Hedged) Fund invests in globally listed multi-national, blue chip companies and is designed to track the S&P Global 100 ex-Controversial Weapons (custom) (NZD Hedged) Index.Full Kernel Kernel S&P Global 100 (NZD Hedged) Fund profile →
Common questions
What's the difference between the Amova Global Shares Hedged Fund and the Kernel S&P Global 100 (NZD Hedged) Fund?
Which fund has lower fees, Amova Global Shares Hedged Fund or Kernel S&P Global 100 (NZD Hedged) Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
