Fund-vs-fund · NZ Fixed Interest
ANZ Investments OneAnswer New Zealand Fixed Interest Fund vs Kernel March 2027 NZ Bond Fund
Both are NZ Fixed Interest 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 here is data availability: Kernel's March 2027 NZ Bond Fund disclosure data — including annual fund charges, risk indicator, fund size, five-year return, and top holdings — is entirely absent from this snapshot, making a balanced quantitative comparison impossible. Readers should treat what follows as a one-sided profile against a backdrop of unavailable data for Fund A.
On the ANZ Investments OneAnswer New Zealand Fixed Interest Fund, the latest Quarterly Fund Update discloses an annual fund charge of 0.46%, a risk indicator of 3 (on the standard 1–7 scale), a five-year annualised return of 0.63%, and a fund size of approximately NZD 11.1 million. Growth assets represent just 0.07% of the portfolio, consistent with a near-pure fixed interest mandate. The five largest disclosed holdings are all NZ Government bonds with maturities ranging from 2032 to 2036, collectively representing around 24.8% of the fund.
The Kernel fund's name implies a defined maturity target of March 2027, which would suggest a structurally different approach — closer to a target-date bond fund — compared with ANZ's open-ended mandate, but no QFU data is available in this snapshot to confirm strategy, fees, or composition. Both funds sit in the NZ Fixed Interest category.
Verify all figures against the source Product Disclosure Statement and the 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
- 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 14 nz fixed interest funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
ANZ Investments
0.46%
Lowest 18% of cohort
Kernel
—
—
5-year return p.a.
Past performance — not a predictor
ANZ Investments
0.63%
Bottom 12% over 5 years
Kernel
—
—
Fund size
Larger = more stable, lower close-risk
ANZ Investments
NZ$11m
Smallest 18% in cohort
Kernel
—
—
| Metric | ANZ Investments | Kernel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.46% | — | Lower is better |
| Risk indicator (1–7) | 3 | — | Higher = more volatility |
| 5-year return p.a. | 0.63% | — | Higher is better (past not future) |
| Fund size | NZ$11m | — | Larger = more stable, lower close-risk |
| Growth / income split | 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. |
What each fund says it does
ANZ Investments
ANZ Investments OneAnswer New Zealand Fixed Interest Fund
The New Zealand Fixed Interest Fund invests mainly in New Zealand fixed interest assets. Investments may include fixed interest assets in New Zealand dollars, or issued by New Zealand located or incorporated entities and hedged back to New Zealand dollars, and cash and cash equivalents.The New Zealand 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 New Zealand Fixed Interest Fund profile →
Kernel
Kernel March 2027 NZ Bond Fund
Strategy summary not yet ingested.
Full Kernel Kernel March 2027 NZ Bond Fund profile →Common questions
What's the difference between the ANZ Investments OneAnswer New Zealand Fixed Interest Fund and the Kernel March 2027 NZ Bond Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
