Fund-vs-fund · International Equities
Aurellan Hedged Global Shares FundvsKernel S&P 500 (Unhedged) Fund
Aurellan Hedged Global Shares Fund (fund size NZ$27.3 million, annual fund charge 1.12%) and Kernel S&P 500 (Unhedged) Fund (fund size NZ$28.3 million, annual fund charge 0.25%) are both international equities managed funds, as shown on Sorted Smart Investor on 22 May 2026; Kernel S&P 500 (Unhedged) Fund's 1-year return after fees and tax was 15.10% for the year to 31 March 2026, per its quarterly fund update filed on FMA Disclose.
How much do these two overlap?
They hold 72 of the same securities. If you held both, roughly 28.6% 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 | Aurellan Hedged | Kernel S&P | Min weight |
|---|---|---|---|
| Alphabet | 4.08% | 5.40% | 4.08% |
| Nvidia | 2.35% | 7.60% | 2.35% |
| Meta Platforms | 3.07% | 2.24% | 2.24% |
| Apple | 2.01% | 6.68% | 2.01% |
| Amazon.com | 1.99% | 3.65% | 1.99% |
| Microsoft | 1.77% | 4.93% | 1.77% |
| Tesla | 1.69% | 1.87% | 1.69% |
| Broadcom | 1.05% | 2.63% | 1.05% |
| Visa | 0.92% | 0.91% | 0.91% |
| Netflix | 1.45% | 0.73% | 0.73% |
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.
Why these two differ
The most material structural difference between these two funds is currency treatment. The Kernel S&P 500 (Unhedged) Fund holds its US equity exposure without currency hedging, meaning returns to New Zealand investors move directly with NZD/USD fluctuations. The Aurellan Hedged Global Shares Fund, by contrast, applies currency hedging, seeking to insulate returns from exchange-rate movements — a decision that carries its own costs and basis risk but removes a significant source of short-term volatility.
Fee levels diverge sharply: Kernel charges an annual fund charge of 0.25%, while Aurellan's is 1.12% — a 0.87 percentage-point gap that compounds materially over time on equivalent balances. Both funds sit in the International Equities category with near-identical growth asset allocations (98.37% and 98.31% respectively) and similar fund sizes (approximately NZD 28.3 million and NZD 27.3 million).
Risk indicators differ by one band: Kernel carries a risk indicator of 6 and Aurellan a 5, likely reflecting the additional currency volatility retained in the unhedged structure. Portfolio concentration also differs — Kernel's top holding, Nvidia, represents 7.6% of the fund versus 2.35% in Aurellan, suggesting Kernel tracks a market-cap-weighted index with higher mega-cap concentration, while Aurellan appears more evenly distributed. Five-year return data is absent for both funds in this snapshot, so no performance comparison is possible. Neither fund is a KiwiSaver scheme account product based on available data, though readers should confirm this against each fund's PDS.
Verify all figures against each fund's current PDS 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 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 84 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 15% 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
Smallest 24% in cohort
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. |
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?
