Fund-vs-fund · Australasian Equities
BetaShares Australia 200 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 index universe: the Kernel Australia 100 Fund tracks the largest 100 Australian securities, while the BetaShares Australia 200 Fund tracks the largest 200, meaning BetaShares holds exposure to a broader slice of the Australian market including smaller large-cap and mid-cap names that Kernel excludes by design. This difference in breadth is the primary driver of any divergence in returns and concentration risk over time, even though both funds currently share identical growth asset allocations of 98.31% and the same risk indicator of 5 out of 7.
On fees, BetaShares discloses an annual fund charge of 0.23% versus Kernel's 0.25% — a two basis point difference that is narrow but persistent over a long holding period. Fund sizes are closely matched: Kernel at approximately NZD 53.4 million and BetaShares at approximately NZD 54.2 million. Both funds show identical top-five holdings by name — Commonwealth Bank, BHP, Westpac, NAB, and ANZ — though Kernel's weights are marginally higher for each, reflecting the tighter 100-stock universe concentrating more weight in the largest names. Neither fund discloses a five-year return figure in the current snapshot, so return history cannot be compared from this data alone. Five-year returns are null for both funds, which may reflect insufficient track record rather than missing disclosure.
Verify all figures against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on this comparison.
Cached comparison generated 2026-05-21 from each fund's latest FMA Disclose QFU. Regenerated when the underlying facts change.
What's different at a glance
- Annual fund charges are within 0.05% of each other (0.23% vs 0.25%).
- 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
BetaShares
0.23%
Lowest 6% of cohort
Kernel
0.25%
Lowest 10% of cohort
5-year return p.a.
Past performance — not a predictor
BetaShares
—
—
Kernel
—
—
Fund size
Larger = more stable, lower close-risk
BetaShares
NZ$54m
Lower half by size
Kernel
NZ$53m
Lower half by size
| Metric | BetaShares | Kernel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.23% | 0.25% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | — | — | Higher is better (past not future) |
| Fund size | NZ$54m | 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 | InvestNow · 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
BetaShares weight in shared
11.4%
of BetaShares Australia 200 Fund top 10 is shared
Kernel weight in shared
12.2%
of Kernel Australia 100 Fund top 10 is shared
| Holding | BetaShares | Kernel |
|---|---|---|
| WE Wesfarmers AU | 3.22% | 3.50% |
 Macquarie Group AU | 2.97% | 3.03% |
 CSL AU | 2.66% | 2.89% |
| WE Woodside Energy Group AU | 2.59% | 2.82% |
"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
BetaShares
BetaShares Australia 200 Fund
The fund aims to provide an investment return that tracks the performance of the Solactive Australia 200 Index, before taking into account fees and expenses.Full BetaShares BetaShares Australia 200 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 BetaShares Australia 200 Fund and the Kernel Australia 100 Fund?
Which fund has lower fees, BetaShares Australia 200 Fund or Kernel Australia 100 Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
