Fund-vs-fund · International FI
Bentham Global Opportunities PIE FundvsKernel US Bond Fund
Both are International FI funds available to NZ retail investors. Numbers below are sourced from the FMA Disclose register via Sorted Smart Investor.
What's different at a glance
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Kernel US Bond Fund is roughly Infinity× the size of the other fund.
Where each fund sits in its cohort
Percentile rank vs all 31 international fi funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Bentham
—
—
Kernel
0.30%
Lowest 13% of cohort
5-year return p.a.
Past performance — not a predictor
Bentham
—
—
Kernel
—
—
Fund size
Larger = more stable, lower close-risk
Bentham
NZ$0
Smallest 0% in cohort
Kernel
NZ$388k
Smallest 2% in cohort
| Metric | Bentham | Kernel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | — | 0.30% | Lower is better |
| Risk indicator (1–7) | 4 | 4 | Higher = more volatility |
| 5-year return p.a. | — | — | Higher is better (past not future) |
| Fund size | NZ$0 | NZ$388k | 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. |
What each fund says it does
Bentham
Bentham Global Opportunities PIE Fund
The Fund provides exposure to an actively managed portfolio of fixed income and credit securities focusing on relative value. The Fund aims to outperform its composite benchmark (50% Bloomberg AusBond Composite Bond Index hedged to the New Zealand dollar, 50% Bloomberg AusBond Bank Bill Index, hedged to the New Zealand dollar) over rolling 3 year periods. The Fund targets a position of being fully hedged back to New Zealand dollars, however the underlying funds into which the Fund invests may take unhedged currency positions.Full Bentham Bentham Global Opportunities PIE Fund profile →
Kernel
Kernel US Bond Fund
The Kernel US Bond Fund�s investment objective is to provide a return (before tax, fees and expenses) that closely matches the return on the Bloomberg US Aggregate Bond Index Hedged NZDFull Kernel Kernel US Bond Fund profile →
Common questions
What's the difference between the Bentham Global Opportunities PIE Fund and the Kernel US Bond Fund?
Both are international fi funds available to NZ retail investors. Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
Are both funds PIE-taxed in NZ?
Yes. Both are NZ Portfolio Investment Entities (PIEs). Investor tax on the fund's income is capped at the Prescribed Investor Rate (PIR), maximum 28%.
Where can I read the official documents for these funds?
Both funds publish their Product Disclosure Statement (PDS), Statement of Investment Policy (SIPO) and Quarterly Fund Update (QFU) on the FMA Disclose register at disclose-register.companiesoffice.govt.nz. Always read the current PDS before investing.
Not sure which fund is right for you?
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Important: This comparison is general information only — not personalised financial advice. Past performance is not a reliable indicator of future returns. The right fund for you depends on your personal circumstances. Read each fund's Product Disclosure Statement and consider speaking to a licensed financial adviser.