Fund-vs-fund · NZ Fixed Interest
ANZ Investments OneAnswer New Zealand Fixed Interest Fund vs Kernel 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 between these two funds is scale: Kernel NZ Bond Fund holds approximately NZD 59.7 million in assets compared with ANZ Investments OneAnswer New Zealand Fixed Interest Fund's roughly NZD 11.1 million, making the Kernel fund more than five times larger. Both sit in the NZ Fixed Interest category and carry an identical risk indicator of 3 on the standard 1–7 scale, with growth assets each reported at 0.07%.
On fees, Kernel charges an annual fund charge of 0.40% versus ANZ Investments' 0.46%, a difference of six basis points. For five-year returns, ANZ Investments OneAnswer NZ Fixed Interest Fund reports 0.63% per annum; Kernel NZ Bond Fund's five-year return figure is not available in our current snapshot, likely reflecting the fund's shorter operating history, so a direct long-run performance comparison cannot be made at this time.
Portfolio concentration also differs. The ANZ fund's latest quarterly fund update discloses only its single largest holding — NZ Government Stock 15/05/2035 4.50% at 5.93% — while Kernel discloses five top holdings, the largest being NZGS 4.25% 15/05/2034 at 17.51%, suggesting a notably more concentrated position in that line relative to the ANZ fund's disclosed top weight. Both funds appear oriented toward NZ government and government-linked bonds, though the full breadth of each portfolio is not visible from top-holdings disclosure alone.
Readers should verify all figures, including current fees, holdings, and returns, against each fund's product disclosure statement and latest quarterly fund update on FMA Disclose before relying on any of this information.
Cached comparison generated 2026-05-21 from each fund's latest FMA Disclose QFU. Regenerated when the underlying facts change.
What's different at a glance
- Kernel NZ Bond Fund charges 0.06% lower in annual fund charges (0.40% vs 0.46%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- ANZ Investments OneAnswer New Zealand Fixed Interest Fund is roughly 17.4× the size of the other fund.
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
0.40%
Lowest 11% of cohort
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
NZ$641k
Smallest 4% in cohort
| Metric | ANZ Investments | Kernel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.46% | 0.40% | Lower is better |
| Risk indicator (1–7) | 3 | 3 | Higher = more volatility |
| 5-year return p.a. | 0.63% | — | Higher is better (past not future) |
| Fund size | NZ$11m | NZ$641k | 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 | InvestNow · 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 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 NZ Bond Fund
The Kernel NZ Bond Fund aims to equal or exceed the return (before fees and taxes) of the Bloomberg NZ Bond Composite 0+ Yr Index by investing mostly in New Zealand fixed interest-bearing assets.Full Kernel Kernel NZ Bond Fund profile →
Common questions
What's the difference between the ANZ Investments OneAnswer New Zealand Fixed Interest Fund and the Kernel NZ Bond Fund?
Which fund has lower fees, ANZ Investments OneAnswer New Zealand Fixed Interest Fund or Kernel NZ Bond Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
