Fund-vs-fund · International Equities
Amova Global Shares Fund vs Kernel Global ESG (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 difference in this comparison is data availability: the Kernel Global ESG (NZD Hedged) Fund's latest Quarterly Fund Update data is not present in this snapshot — fee, risk indicator, fund size, five-year return, growth asset allocation, and top holdings are all undisclosed on the Kernel side here. Readers should source those figures directly from FMA Disclose before drawing any conclusions about that fund.
Where data does exist, it belongs entirely to the Amova Global Shares Fund. Amova discloses an annual fund charge of 1.20%, a risk indicator of 5 out of 7, a five-year return of 6.69% per annum, a fund size of approximately NZD 161.9 million, and a growth asset allocation of 98.31%. Its five largest disclosed holdings are Nvidia Corp (7.71%), Microsoft Corp (5.42%), Amazon.com Inc (5.40%), Broadcom Corp (3.58%), and Netflix Inc (3.43%), indicating meaningful concentration in US large-cap technology names. Kernel's fund name signals both an ESG screen and NZD currency hedging as structural features, two characteristics Amova's fund does not explicitly reflect in its disclosed name or holdings — though whether Amova applies any ESG criteria is not addressed in the data provided here.
Both funds sit in the International Equities category. Currency treatment is a known structural distinction: Kernel's hedged mandate aims to reduce NZD/foreign-currency volatility, while Amova's currency approach is not stated in this snapshot.
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%.
- Kernel Global ESG (NZD Hedged) Fund applies responsible-investment / ESG screening. The other fund does not.
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
—
—
5-year return p.a.
Past performance — not a predictor
Amova
6.69%
Lower half over 5 years
Kernel
—
—
Fund size
Larger = more stable, lower close-risk
Amova
NZ$162m
Upper half by size
Kernel
—
—
| Metric | Amova | Kernel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.20% | — | Lower is better |
| Risk indicator (1–7) | 5 | — | Higher = more volatility |
| 5-year return p.a. | 6.69% | — | Higher is better (past not future) |
| Fund size | NZ$162m | — | Larger = more stable, lower close-risk |
| Growth / income split | 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 smooths NZD/foreign FX moves at a small cost. |
| Responsible investment screening | No | Yes | Specific exclusions live in each fund's SIPO. |
| Available via | Direct | Direct | Platforms accepting retail subscriptions. |
What each fund says it does
Amova
Amova Global Shares 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. This fund has a high level of volatility.Full Amova Amova Global Shares Fund profile →
Kernel
Kernel Global ESG (NZD Hedged) Fund
Strategy summary not yet ingested.
Full Kernel Kernel Global ESG (NZD Hedged) Fund profile →Common questions
What's the difference between the Amova Global Shares Fund and the Kernel Global ESG (NZD Hedged) Fund?
Are both funds PIE-taxed in NZ?
Does either fund apply responsible-investment screening?
Where can I read the official documents for these funds?
