Fund-vs-fund · Australasian Equities
ANZ Investments OneAnswer New Zealand Share Fund vs Kernel Australia 100 Fund
Both are Australasian Equities 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 their fee level. The ANZ Investments OneAnswer New Zealand Share Fund charges a 1.05% annual fund charge, while the Kernel Australia 100 Fund charges 0.25% — a gap of 0.80 percentage points annually that compounds meaningfully over time on similar-sized pools of capital.
Geographic mandate is the second major differentiator. Despite sharing the same Australasian Equities category and an identical growth asset allocation of 98.31%, the two funds invest in entirely different markets. The ANZ fund concentrates on New Zealand-listed equities, with Fisher and Paykel Healthcare (14.98%), Contact Energy (8.43%), and Infratil (8.20%) as its largest positions. The Kernel fund tracks Australian equities, led by Commonwealth Bank of Australia (11.87%), BHP Group (10.83%), and Westpac (5.71%) — giving it significant exposure to Australian banks and resources.
Both carry a risk indicator of 5 on the standard 1–7 scale. Fund sizes are comparable: ANZ at approximately $49.4 million and Kernel at approximately $53.4 million. The ANZ fund reports a five-year annualised return of 0.34%; the Kernel Australia 100 Fund's five-year return figure is not available in this snapshot, likely reflecting the fund's shorter operating history. Investors seeking a like-for-like return comparison should note this gap in the available data.
Verify all figures against each fund's current 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
- Kernel Australia 100 Fund charges 0.80% lower in annual fund charges (0.25% vs 1.05%).
- 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 58 australasian equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
ANZ Investments
1.05%
Upper half of cohort
Kernel
0.25%
Lowest 10% of cohort
5-year return p.a.
Past performance — not a predictor
ANZ Investments
0.34%
Bottom 21% over 5 years
Kernel
—
—
Fund size
Larger = more stable, lower close-risk
ANZ Investments
NZ$49m
Lower half by size
Kernel
NZ$53m
Lower half by size
| Metric | ANZ Investments | Kernel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.05% | 0.25% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | 0.34% | — | Higher is better (past not future) |
| Fund size | NZ$49m | NZ$53m | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 98% / 2% | 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 Share Fund
The New Zealand Share Fund invests mainly in New Zealand equities. Investments may include equities in companies that are listed or intend to list on the New Zealand stock exchange, and cash and cash equivalents.The New Zealand Share Fund aims to achieve a return (after the fund charge and before tax) that over the long-term outperforms the relevant market index.Full ANZ Investments ANZ Investments OneAnswer New Zealand Share Fund profile →
Kernel
Kernel Australia 100 Fund
The Kernel Australia 100 Fund�s investment objective is to provide a return (before tax, fees and expenses) that closely matches the return on the S&P/ASX 100 Index.Full Kernel Kernel Australia 100 Fund profile →
Common questions
What's the difference between the ANZ Investments OneAnswer New Zealand Share Fund and the Kernel Australia 100 Fund?
Which fund has lower fees, ANZ Investments OneAnswer New Zealand Share Fund or Kernel Australia 100 Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
