Fund-vs-fund · Diversified
AMP Balanced Managed FundvsKernel Balanced Fund
AMP Balanced Managed Fund (fund size NZ$44.6 million, annual fund charge 0.81%) and Kernel Balanced Fund (fund size NZ$44.8 million, annual fund charge 0.25%) are both diversified managed funds, as shown on Sorted Smart Investor on 22 May 2026; for the year to 31 March 2026 their 1-year returns after fees and tax were 8.23% and 10.51%, per their quarterly fund updates filed on FMA Disclose.
How much do these two overlap?
They hold 347 of the same securities. If you held both, roughly 26.0% of your money would be in the same companies — so the diversification you get from holding the pair is smaller than holding two funds suggests.
| Shared holding | AMP Balanced | Kernel Balanced | Min weight |
|---|---|---|---|
| Fisher & Paykel Healthcare | 2.01% | 1.76% | 1.76% |
| Nvidia | 1.67% | 2.69% | 1.67% |
| Apple | 1.47% | 2.36% | 1.47% |
| Auckland International Airport | 1.27% | 1.54% | 1.27% |
| Alphabet | 1.18% | 1.91% | 1.18% |
| Infratil | 1.06% | 1.30% | 1.06% |
| Microsoft | 1.00% | 1.74% | 1.00% |
| Contact Energy | 0.83% | 0.98% | 0.83% |
| Amazon.com | 0.82% | 1.29% | 0.82% |
| a2 Milk | 0.78% | 0.93% | 0.78% |
Min weight is the smaller of the two weightings — if you hold both funds, that is the floor of your exposure to that position. Direct holdings only: anything either fund holds through an underlying fund or ETF is not counted, so the real overlap can only be higher. From each fund's FMA Disclose full portfolio filing.
Why these two differ
The most material structural difference between these two funds is cost. The Kernel Balanced Fund discloses an annual fund charge of 0.25%, compared with 0.81% for the AMP Balanced Managed Fund — a gap of 56 basis points that compounds meaningfully over time on any given balance.
Beyond fees, the funds share more similarities than differences. Both carry a risk indicator of 4 on the standard 1–7 scale, sit in the Diversified category, and hold nearly identical growth asset allocations (Kernel at 53.72%, AMP at 53.15%). Fund sizes are also close: AMP at approximately NZD 44.6 million and Kernel at approximately NZD 44.8 million as at each fund's latest Quarterly Fund Update snapshot.
Portfolio construction differs more noticeably. Kernel's top holdings are dominated by broad market ETFs — the iShares Core US Aggregate Bond ETF at 8.93% and SPDR Portfolio Emerging Markets ETF at 3.49% — reflecting a passive, index-aggregating approach. AMP's top holdings are individual securities and inflation-linked bonds, with no single position above 2.01%, suggesting a more actively selected or blended approach. Both funds hold Nvidia exposure, though at different weights.
Five-year return data is absent for both funds in this snapshot, so historical performance cannot be compared here.
Neither fund discloses KiwiSaver scheme account eligibility distinctions within the data provided; the Kernel PDS URL references a KiwiSaver scheme, so investors should confirm which structure applies to them.
Always verify fees, returns, and holdings against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before making any investment decision.
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 Balanced Fund charges 0.56% lower in annual fund charges (0.25% vs 0.81%).
- 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 68 diversified funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
AMP
0.81%
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$45m
Lower half by size
Kernel
NZ$45m
Lower half by size
| Metric | AMP | Kernel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.81% | 0.25% | Lower is better |
| Risk indicator (1–7) | 4 | 4 | Higher = more volatility |
| 5-year return p.a. | — | — | Higher is better (past not future) |
| Fund size | NZ$45m | NZ$45m | Larger = more stable, lower close-risk |
| Growth / income split | 53% / 47% | 54% / 46% | 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. |
What each fund says it does
AMP
AMP Balanced Managed Fund
The fund has a well-diversified portfolio that has a balance of risk through holding growth assets and an allocation to lower-risk income assets. The fund aims to achieve medium returns, in exchange there will be some movements up and down in the value of your investments.Full AMP AMP Balanced Managed Fund profile →
Kernel
Kernel Balanced Fund
The fund is designed to provide investors with a diversified exposure to both income and growth assets by investing in domestic and global listed financial products.Full Kernel Kernel Balanced Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Common questions
What's the difference between the AMP Balanced Managed Fund and the Kernel Balanced Fund?
Which fund has lower fees, AMP Balanced Managed Fund or Kernel Balanced Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
