Fund-vs-fund · NZ Fixed Interest
ANZ Investments OneAnswer New Zealand Fixed Interest Fund vs Kernel March 2029 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 difference in this comparison is the availability of data. Kernel March 2029 NZ Bond Fund's latest Quarterly Fund Update is not reflected in our current snapshot — fee percentage, risk indicator, fund size, five-year return, and holdings are all absent from the data sourced. ANZ Investments OneAnswer New Zealand Fixed Interest Fund, by contrast, discloses a 0.46% annual fund charge, a risk indicator of 3 on the standard 1–7 scale, a fund size of approximately NZD 11.1 million, and a five-year return of 0.63% per annum. Its portfolio is concentrated in New Zealand government bonds, with the five largest disclosed positions ranging from roughly 4.0% to 5.9% of the fund, spanning maturities between 2032 and 2036. Growth assets sit at just 0.07%, consistent with a predominantly income-oriented fixed interest mandate.
Structurally, the Kernel fund's name references a target maturity date of March 2029, suggesting a defined-maturity or target-date bond fund design — a different structural approach from the ANZ fund, which appears to be an open-ended, ongoing fixed interest portfolio with no stated maturity. However, because no data for Kernel is available in this snapshot, that structural inference cannot be confirmed against disclosed figures.
Both funds sit in the NZ Fixed Interest category. Readers should verify all figures — including any updates to the Kernel March 2029 NZ Bond Fund's fees, risk indicator, and returns — against the source 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
- 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 2029 NZ Bond Fund
Strategy summary not yet ingested.
Full Kernel Kernel March 2029 NZ Bond Fund profile →Common questions
What's the difference between the ANZ Investments OneAnswer New Zealand Fixed Interest Fund and the Kernel March 2029 NZ Bond Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
