Fund-vs-fund · NZ Fixed Interest
ANZ Investments OneAnswer New Zealand Fixed Interest FundvsKernel NZ Bond Fund
ANZ Investments OneAnswer New Zealand Fixed Interest Fund (fund size NZ$11.1 million, annual fund charge 0.46%) and Kernel NZ Bond Fund (fund size NZ$640,691, annual fund charge 0.40%) are both New Zealand fixed interest managed funds, as shown on Sorted Smart Investor on 22 May 2026; Kernel NZ Bond Fund's 1-year return after fees and tax was 3.51% for the year to 31 March 2026, per its quarterly fund update filed on FMA Disclose.
Where you can buy these
Platform availability confirmed within the last 180 days. This is a statement of availability, not a recommendation — ManagedFundsNZ is not a Financial Advice Provider. Check the current PDS before investing.
ANZ Investments OneAnswer New Zealand Fixed Interest Fund
Kernel NZ Bond Fund
No platform availability confirmed. Usually means it is bought directly from the manager — check their site.
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?
