Fund-vs-fund · International Equities
AMP International Shares Managed FundvsKernel World ex-US Fund
AMP International Shares Managed Fund (fund size NZ$11.0 million, annual fund charge 0.79%) and Kernel World ex-US Fund (fund size NZ$9.3 million, annual fund charge 0.25%) are both international equities managed funds, as shown on Sorted Smart Investor on 22 May 2026; AMP International Shares Managed Fund's 1-year return after fees and tax was 14.32% for the year to 31 March 2026, per its quarterly fund update filed on FMA Disclose.
How much do these two overlap?
They hold 252 of the same securities. If you held both, roughly 16.9% 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 International | Kernel World | Min weight |
|---|---|---|---|
| ASML Holding | 0.75% | 2.25% | 0.75% |
| NOVARTIS AG | 0.66% | 1.29% | 0.66% |
| ROYAL BANK OF CANADA | 0.50% | 1.01% | 0.50% |
| SCHNEIDER ELECTRIC SE | 0.49% | 0.64% | 0.49% |
| ABB LTD | 0.44% | 0.55% | 0.44% |
| AGNICO EAGLE MINES | 0.34% | 0.46% | 0.34% |
| HSBC HOLDINGS PLC | 0.31% | 1.24% | 0.31% |
| SUMITOMO MITSUI FINANCIAL GROUP | 0.31% | 0.55% | 0.31% |
| Prosus | 0.34% | 0.27% | 0.27% |
| ESSILORLUXOTTICA | 0.26% | 0.30% | 0.26% |
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 fee level. The Kernel World ex-US Fund charges an annual fund charge of 0.25%, while the AMP International Shares Managed Fund charges 0.79% — a gap of 0.54 percentage points that compounds meaningfully over time on any invested balance. Both funds share an identical risk indicator of 5 out of 7 and near-identical growth asset allocations (98.37% and 98.31% respectively), so the fee differential is not offset by a materially different risk or asset-mix profile in this snapshot.
The second structural difference is geographic mandate. Kernel's fund explicitly excludes United States equities, with its top five holdings drawn entirely from European companies — ASML, AstraZeneca, Novartis, HSBC, and Roche. AMP's fund holds a globally diversified portfolio that is heavily weighted toward large-cap US technology names, with Nvidia (5.48%), Apple (4.84%), Microsoft (3.30%), Amazon (2.69%), and Alphabet Class C (2.10%) leading the portfolio. Investors seeking or avoiding US market exposure will find these mandates operate as near-complements rather than close substitutes.
Fund size is broadly comparable — Kernel at NZD 9.25 million and AMP at NZD 10.97 million. Five-year return data is not available for either fund in this snapshot, so no historical performance comparison can be drawn. Neither fund is a KiwiSaver scheme account based on the data provided here.
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 World ex-US Fund charges 0.54% lower in annual fund charges (0.25% vs 0.79%).
- 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 84 international equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
AMP
0.79%
Upper half of cohort
Kernel
0.25%
Lowest 15% of cohort
5-year return p.a.
Past performance — not a predictor
AMP
—
—
Kernel
—
—
Fund size
Larger = more stable, lower close-risk
AMP
NZ$11m
Smallest 8% in cohort
Kernel
NZ$9m
Smallest 5% in cohort
| Metric | AMP | Kernel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.79% | 0.25% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | — | — | Higher is better (past not future) |
| Fund size | NZ$11m | NZ$9m | 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 | — | Unhedged | 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 International Shares Managed Fund
This is a single sector fund with exposure to a diversified international equities portfolio. The fund aims to achieve long term capital growth through exposure to equities of companies listed on stock exchanges around the world.Full AMP AMP International Shares Managed Fund profile →
Kernel
Kernel World ex-US Fund
The Kernel World ex-US Fund's investment objective is to provide a return (before tax, fees and expenses) that closely matches the return on the S&P World Ex-U.S., Controversial Weapons and Tobacco (NZD) Index.Full Kernel Kernel World ex-US Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Common questions
What's the difference between the AMP International Shares Managed Fund and the Kernel World ex-US Fund?
Which fund has lower fees, AMP International Shares Managed Fund or Kernel World ex-US Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
