Fund-vs-fund · Diversified
ANZ Investments OneAnswer Conservative Balanced Fund vs Kernel High Growth 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 ANZ Investments OneAnswer Conservative Balanced Fund holds 23.37% in growth assets, positioning it toward the defensive end of the diversified spectrum, while the Kernel High Growth Fund sits at 98.37% growth assets — an almost fully equity-oriented portfolio despite both funds sharing the "Diversified" category label. This contrast is directly reflected in their risk indicators: ANZ's fund carries a 4 (out of 7) and Kernel's a 5, meaning Kernel investors accept meaningfully higher expected volatility in exchange for greater equity exposure.
Fees diverge sharply as well. ANZ discloses an annual fund charge of 0.75%; Kernel charges 0.25% — a 50-basis-point difference that compounds materially over time at comparable fund sizes. Both funds are similarly sized, each sitting just above NZD 529 million.
On returns, ANZ reports a five-year annualised return of 2.24%. Kernel's five-year return figure is not available in our snapshot, likely reflecting the fund's shorter operating history; readers should check the latest Quarterly Fund Update on FMA Disclose for the most current performance data. ANZ's top holdings span fixed income instruments (including FNMA mortgage-backed securities and NZ Government Stock) alongside equities, whereas Kernel's holdings are equity-only, led by broad emerging-market ETF exposure and large-cap technology stocks.
Always verify fund charges, returns, and asset allocation 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
- Kernel High Growth Fund charges 0.50% lower in annual fund charges (0.25% vs 0.75%).
- 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
ANZ Investments
0.75%
Lowest 25% of cohort
Kernel
0.25%
Lowest 6% of cohort
5-year return p.a.
Past performance — not a predictor
ANZ Investments
2.24%
Lower half over 5 years
Kernel
—
—
Fund size
Larger = more stable, lower close-risk
ANZ Investments
NZ$529m
Largest 16% in cohort
Kernel
NZ$530m
Largest 14% in cohort
| Metric | ANZ Investments | Kernel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.75% | 0.25% | Lower is better |
| Risk indicator (1–7) | 4 | 5 | Higher = more volatility |
| 5-year return p.a. | 2.24% | — | Higher is better (past not future) |
| Fund size | NZ$529m | NZ$530m | Larger = more stable, lower close-risk |
| Growth / income split | 23% / 77% | 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 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.
Matching holdings
1
of each fund's top 10
ANZ Investments weight in shared
0.8%
of ANZ Investments OneAnswer Conservative Balanced Fund top 10 is shared
Kernel weight in shared
4.5%
of Kernel High Growth Fund top 10 is shared
| Holding | ANZ Investments | Kernel |
|---|---|---|
 Apple Inc US | 0.84% | 4.45% |
"Min weight" = the smaller of the two weights — a conservative read of how much exposure you'd have to that position if you held both funds.
What each fund says it does
ANZ Investments
ANZ Investments OneAnswer Conservative Balanced Fund
The Conservative Balanced Fund invests mainly in income assets (cash and cash equivalents and fixed interest), with some exposure to growth assets (equities, listed property and listed infrastructure). The fund may also invest in alternative assets.The Conservative Balanced Fund aims to achieve (after the fund charge and before tax) over the long term low to moderate returns, allowing for small to moderate ups and downs in value.Full ANZ Investments ANZ Investments OneAnswer Conservative Balanced Fund profile →
Kernel
Kernel High Growth Fund
A diversified fund comprising several of the Kernel Funds, targeting high growth and suitable for long-term investors comfortable accepting higher volatility.Full Kernel Kernel High Growth Fund profile →
Common questions
What's the difference between the ANZ Investments OneAnswer Conservative Balanced Fund and the Kernel High Growth Fund?
Which fund has lower fees, ANZ Investments OneAnswer Conservative Balanced Fund or Kernel High Growth Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
