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 Amova Global Shares Hedged Fund charges an annual fund fee of 1.20%, while the Kernel S&P Global 100 (NZD Hedged) Fund charges 0.25% — a gap of 0.95 percentage points that compounds meaningfully over time in any fee-drag calculation.
Both funds sit in the International Equities category and carry identical growth asset allocations of 98.31%, signalling broadly similar capital deployment. However, their risk indicators differ: Amova is rated 6 (on the standard 1–7 scale) versus Kernel's 5, suggesting Amova's portfolio is assessed as carrying somewhat higher volatility or return variability under the FMA's prescribed methodology. Fund sizes are comparable — Amova at approximately NZD 242.5 million and Kernel at approximately NZD 229.9 million.
On five-year returns, Amova discloses 2.37% per annum; Kernel's five-year return figure is not available in this snapshot, likely reflecting the fund's younger track record. Investors relying on historical performance for comparison will find that data absent on Kernel's side.
Both funds hold Nvidia as their largest position, though at notably different weights — 8.15% in Amova versus 12.49% in Kernel — and their broader top-five holdings diverge, with Amova featuring Netflix and Broadcom where Kernel shows Apple and Alphabet, consistent with Kernel's passive S&P Global 100 index mandate versus Amova's active or differently constructed approach.
Always verify current fees, returns, and holdings against each fund's 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
- 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?
