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 NZ Fixed Interest funds is portfolio composition. The Kernel NZ Bond Fund carries 0.31% in growth assets, while the ANZ Investments OneAnswer New Zealand Fixed Interest Fund holds just 0.07% — meaning the Kernel fund has a meaningfully higher allocation outside income assets, which could affect return profile and volatility despite both funds sharing a Risk Indicator of 3 (on a scale of 1 to 7).
Fund size also diverges significantly: the ANZ fund holds approximately NZD 11.1 million under management versus the Kernel fund's NZD 641,000, making the ANZ fund roughly 17 times larger by assets in this snapshot. Larger fund size can affect liquidity management and operational scale, though neither factor is determinative on its own.
On fees, Kernel charges 0.40% per annum against ANZ's 0.46% — a 6 basis point difference that compounds over time. Both fees are drawn from fund assets and are reflected in the returns reported.
The ANZ fund discloses a five-year return of 0.63% per annum; Kernel's five-year return is not available in this snapshot, likely because the fund lacks sufficient history. Investors seeking a track record beyond a single market cycle will find only the ANZ fund provides one here.
Holdings in both funds are concentrated in New Zealand government bonds, with Kernel's largest single position (NZGS 4.25% 15/05/2034) at 17.51% versus ANZ's most concentrated holding at 5.93%, suggesting different approaches to position sizing within the same asset class.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on this comparison.
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 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 | 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?
