Fund-vs-fund · Diversified
AMP Aggressive Managed Fund vs Kernel Conservative Fund
Both are Diversified 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 their asset allocation. The AMP Aggressive Managed Fund holds 98.31% in growth assets, while the Kernel Conservative Fund holds 23.37% — a gap of roughly 75 percentage points that drives divergence in expected volatility, drawdown risk, and long-term return profile. This difference is also reflected in their risk indicators: AMP sits at 4 (out of 7) and Kernel at 3, though investors should note that a 98% growth allocation would typically sit at the higher end of that scale, and readers may wish to scrutinise how each manager calculates their indicator.
Annual fund charges also differ substantially. Kernel discloses 0.25% per annum versus AMP's 0.80% — a 0.55 percentage point difference that compounds meaningfully over time. Neither fund discloses a five-year return figure in the data available for this snapshot, so historical performance cannot be compared here.
Fund size is broadly similar: AMP at approximately NZD 12.3 million and Kernel at approximately NZD 14.0 million. The funds' top holdings reveal their contrasting mandates — AMP's largest positions are global and domestic equities (NVIDIA, Fisher & Paykel Healthcare, Apple), while Kernel's are dominated by NZ government securities and a broad US bond ETF, consistent with a conservative, income-oriented tilt.
Both funds are retail managed funds, not KiwiSaver scheme accounts. Always verify current fees, holdings, and risk indicators 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 Conservative Fund charges 0.55% lower in annual fund charges (0.25% vs 0.80%).
- 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 67 diversified funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
AMP
0.80%
Lower half of cohort
Kernel
0.25%
Lowest 6% of cohort
5-year return p.a.
Past performance — not a predictor
AMP
—
—
Kernel
—
—
Fund size
Larger = more stable, lower close-risk
AMP
NZ$12m
Smallest 23% in cohort
Kernel
NZ$14m
Smallest 25% in cohort
| Metric | AMP | Kernel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.80% | 0.25% | Lower is better |
| Risk indicator (1–7) | 4 | 3 | Higher = more volatility |
| 5-year return p.a. | — | — | Higher is better (past not future) |
| Fund size | NZ$12m | NZ$14m | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 23% / 77% | 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. |
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.
What each fund says it does
AMP
AMP Aggressive Managed Fund
The fund has a well-diversified portfolio that aims to provide growth, primarily through holding growth assets with a low allocation to income assets. The fund aims to achieve high returns, in exchange there will be larger movements up and down in the value of your investments.Full AMP AMP Aggressive Managed Fund profile →
Kernel
Kernel Conservative Fund
The Kernel Conservative Fund's investment objective is to provide a return (before tax, fees and expenses) that closely matches the return of the index of the reference portfolio. Investment strategy. Designed as a 30% growth / 70% income option by investing mainly in several of the other Kernel fundsFull Kernel Kernel Conservative Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Common questions
What's the difference between the AMP Aggressive Managed Fund and the Kernel Conservative Fund?
Which fund has lower fees, AMP Aggressive Managed Fund or Kernel Conservative Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
