Fund-vs-fund · International FI
ANZ Investments OneAnswer International Fixed Interest Fund vs Kernel US Bond Fund
Both are International FI 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 construction approach. The ANZ Investments OneAnswer International Fixed Interest Fund holds a diversified basket of individual bonds directly — US agency mortgage-backed securities, US Treasuries, and UK gilts among its top positions — giving investors underlying exposure across multiple sovereign and agency issuers. The Kernel US Bond Fund, by contrast, holds a single ETF (iShares Core US Aggregate Bond ETF) at effectively 100% of the portfolio, making it a fund-of-funds structure with concentrated exposure to the US investment-grade bond market only. This also means Kernel investors bear an additional layer of underlying ETF costs on top of the disclosed fund charge.
On fees, Kernel discloses a 0.30% annual fund charge versus ANZ's 0.49%, a 19-basis-point difference that compounds over time. Both funds carry a risk indicator of 4 and an identical growth-assets allocation of 0.31%, so their risk classifications are equivalent on those measures.
For performance context, ANZ discloses a five-year annualised return of 0.57%. Kernel's five-year return is not available in the current snapshot, likely reflecting the fund's shorter operating history. Fund size also differs markedly — ANZ's fund stands at approximately NZD 2.28 million versus Kernel's NZD 388,000 — though both are relatively small pools.
Both funds appear within KiwiSaver scheme account structures based on their PDS documentation. Readers should verify all figures, including current fee schedules and any currency hedging disclosures, against each fund's current PDS 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 US Bond Fund charges 0.19% lower in annual fund charges (0.30% vs 0.49%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- ANZ Investments OneAnswer International Fixed Interest Fund is roughly 5.9× the size of the other fund.
Where each fund sits in its cohort
Percentile rank vs all 31 international fi funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
ANZ Investments
0.49%
Lower half of cohort
Kernel
0.30%
Lowest 13% of cohort
5-year return p.a.
Past performance — not a predictor
ANZ Investments
0.57%
Upper half over 5 years
Kernel
—
—
Fund size
Larger = more stable, lower close-risk
ANZ Investments
NZ$2m
Smallest 11% in cohort
Kernel
NZ$388k
Smallest 2% in cohort
| Metric | ANZ Investments | Kernel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.49% | 0.30% | Lower is better |
| Risk indicator (1–7) | 4 | 4 | Higher = more volatility |
| 5-year return p.a. | 0.57% | — | Higher is better (past not future) |
| Fund size | NZ$2m | NZ$388k | Larger = more stable, lower close-risk |
| Growth / income split | 0% / 100% | 0% / 100% | 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
ANZ Investments
ANZ Investments OneAnswer International Fixed Interest Fund
The International Fixed Interest Fund invests mainly in international fixed interest assets. Investment may include fixed interest assets issued by governments or international companies, and cash and cash equivalents. The International Fixed Interest Fund aims to achieve a return (after the fund charge and before tax) that over the long-term is broadly in line with the relevant market index.Full ANZ Investments ANZ Investments OneAnswer International Fixed Interest Fund profile →
Kernel
Kernel US Bond Fund
The Kernel US Bond Fund�s investment objective is to provide a return (before tax, fees and expenses) that closely matches the return on the Bloomberg US Aggregate Bond Index Hedged NZDFull Kernel Kernel US Bond Fund profile →
Common questions
What's the difference between the ANZ Investments OneAnswer International Fixed Interest Fund and the Kernel US Bond Fund?
Which fund has lower fees, ANZ Investments OneAnswer International Fixed Interest Fund or Kernel US Bond Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
