Fund-vs-fund · Australasian Equities
ANZ Investments OneAnswer New Zealand Share FundvsKernel NZ 50 ESG Tilted Fund
ANZ Investments OneAnswer New Zealand Share Fund (fund size NZ$49.4 million, annual fund charge 1.05%) and Kernel NZ 50 ESG Tilted Fund (fund size NZ$1.5 million, annual fund charge 0.25%) are both Australasian equities managed funds, as shown on Sorted Smart Investor on 22 May 2026; Kernel NZ 50 ESG Tilted Fund's 1-year return after fees and tax was 4.98% for the year to 31 March 2026, per its quarterly fund update filed on FMA Disclose.
How much do these two overlap?
They hold 21 of the same securities. If you held both, roughly 40.2% of your money would be in the same companies — so the diversification you get from holding the pair is smaller than holding two funds suggests.
| Shared holding | ANZ Investments | Kernel NZ | Min weight |
|---|---|---|---|
| Auckland International Airport | 7.41% | 7.95% | 7.41% |
| Contact Energy | 8.43% | 7.08% | 7.08% |
| Meridian Energy | 4.75% | 7.90% | 4.75% |
| a2 Milk | 4.25% | 4.48% | 4.25% |
| Mercury NZ | 2.77% | 2.76% | 2.76% |
| Summerset Group | 2.64% | 2.59% | 2.59% |
| Infratil | 8.20% | 2.21% | 2.21% |
| Chorus | 1.48% | 3.27% | 1.48% |
| Ebos | 5.27% | 1.27% | 1.27% |
| Mainfreight | 5.50% | 1.03% | 1.03% |
Min weight is the smaller of the two weightings — if you hold both funds, that is the floor of your exposure to that position. Direct holdings only: anything either fund holds through an underlying fund or ETF is not counted, so the real overlap can only be higher. From each fund's FMA Disclose full portfolio filing.
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 Share Fund
Kernel NZ 50 ESG Tilted 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 50 ESG Tilted 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%.
- Kernel NZ 50 ESG Tilted Fund applies responsible-investment / ESG screening. The other fund does not.
- ANZ Investments OneAnswer New Zealand Share Fund is roughly 33.6× the size of the other fund.
Where each fund sits in its cohort
Percentile rank vs all 57 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 11% of cohort
5-year return p.a.
Past performance — not a predictor
ANZ Investments
0.34%
Bottom 22% over 5 years
Kernel
—
—
Fund size
Larger = more stable, lower close-risk
ANZ Investments
NZ$49m
Lower half by size
Kernel
NZ$1m
Smallest 3% in cohort
| 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$1m | 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 | Yes | 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 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 NZ 50 ESG Tilted Fund
The Kernel NZ 50 ESG Tilted tracks the S&P/NZX 50 Portfolio ESG Tilted Index. Using the internationally acclaimed Corporate Sustainability Assessment from S&P Dow Jones, each company included in the S&P/NZX 50 Portfolio Index is given an ESG score and re-weighted accordinglyFull Kernel Kernel NZ 50 ESG Tilted Fund profile →
Common questions
What's the difference between the ANZ Investments OneAnswer New Zealand Share Fund and the Kernel NZ 50 ESG Tilted Fund?
Which fund has lower fees, ANZ Investments OneAnswer New Zealand Share Fund or Kernel NZ 50 ESG Tilted Fund?
Are both funds PIE-taxed in NZ?
Does either fund apply responsible-investment screening?
Where can I read the official documents for these funds?
