Fund-vs-fund · International Equities
Aurellan Hedged Global Shares Fund vs Kernel S&P 500 (Unhedged) Fund
Both are International 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.
What's different at a glance
- Kernel S&P 500 (Unhedged) Fund charges 0.87% lower in annual fund charges (0.25% vs 1.12%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Aurellan Hedged Global Shares Fund hedges its foreign-currency exposure to NZD; Kernel S&P 500 (Unhedged) Fund is unhedged. NZD weakness boosts unhedged returns and reduces hedged returns (the inverse on NZD strength).
Where each fund sits in its cohort
Percentile rank vs all 82 international equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Aurellan
1.12%
Upper half of cohort
Kernel
0.25%
Lowest 16% of cohort
5-year return p.a.
Past performance — not a predictor
Aurellan
—
—
Kernel
—
—
Fund size
Larger = more stable, lower close-risk
Aurellan
NZ$27m
Lower half by size
Kernel
NZ$28m
Lower half by size
| Metric | Aurellan | Kernel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.12% | 0.25% | Lower is better |
| Risk indicator (1–7) | 5 | 6 | Higher = more volatility |
| 5-year return p.a. | — | — | Higher is better (past not future) |
| Fund size | NZ$27m | NZ$28m | 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 to NZD | Unhedged | 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.
Matching holdings
4
of each fund's top 10
Aurellan weight in shared
8.8%
of Aurellan Hedged Global Shares Fund top 10 is shared
Kernel weight in shared
17.5%
of Kernel S&P 500 (Unhedged) Fund top 10 is shared
| Holding | Aurellan | Kernel |
|---|---|---|
 Meta Platforms Inc US | 3.07% | 2.24% |
 Apple Inc US | 2.01% | 6.68% |
 Amazon Com Inc US | 1.99% | 3.65% |
 Microsoft Corp US | 1.77% | 4.93% |
"Min weight" = the smaller of the two weights — a conservative read of how much exposure you'd have to that position if you held both funds.
What each fund says it does
Aurellan
Aurellan Hedged Global Shares Fund
The Fund aims to provide exposure to a diversified portfolio of global shares managed using a manager-of-managers approach. The Fund mitigates currency risk by hedging most major foreign currency exposures to New Zealand dollars.Full Aurellan Aurellan Hedged Global Shares Fund profile →
Kernel
Kernel S&P 500 (Unhedged) Fund
The Kernel S&P 500 (Unhedged) Fund�s investment objective is to provide a return (before tax, fees and expenses) that closely matches the return on the S&P 500 (NZD) IndexFull Kernel Kernel S&P 500 (Unhedged) Fund profile →
Common questions
What's the difference between the Aurellan Hedged Global Shares Fund and the Kernel S&P 500 (Unhedged) Fund?
Which fund has lower fees, Aurellan Hedged Global Shares Fund or Kernel S&P 500 (Unhedged) Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
