Fund-vs-fund · International Equities
Amova Global Shares Fund vs Kernel World ex-US (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 in this comparison is data availability: Kernel's World ex-US (NZD Hedged) Fund has no fee, risk indicator, return, fund size, or holdings data present in our snapshot, meaning a like-for-like numerical comparison is not possible at this time. For current Kernel figures, refer to the fund's own quarterly update and PDS on Kernel's website or the Disclose Register; this page will reflect them once updated disclosure data is available.
On the Amova Global Shares Fund, the available data shows an annual fund charge of 1.20%, a risk indicator of 5 out of 7, a five-year return of 6.69% per annum, and a fund size of approximately NZD 161.9 million. The portfolio is heavily weighted toward growth assets at 98.31%. Its top five disclosed holdings are concentrated in large-cap US technology and consumer names — Nvidia Corp (7.71%), Microsoft Corp (5.42%), Amazon.com Inc (5.40%), Broadcom Corp (3.58%), and Netflix Inc (3.43%) — reflecting a meaningful US equity tilt despite the "Global Shares" label.
Structurally, the Kernel fund's name signals a deliberate exclusion of US equities and applies NZD hedging, which would represent a meaningfully different currency and geographic exposure profile compared to Amova's US-heavy, apparently unhedged global portfolio — though without Kernel's current disclosures this contrast cannot be quantified.
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 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 | 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 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 World ex-US (NZD Hedged) Fund
Strategy summary not yet ingested.
Full Kernel Kernel World ex-US (NZD Hedged) Fund profile →Common questions
What's the difference between the Amova Global Shares Fund and the Kernel World ex-US (NZD Hedged) Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
