Fund-vs-fund · Diversified
Booster Shielded Growth FundvsKernel Conservative Fund
Booster Shielded Growth Fund (fund size NZ$14.6 million, annual fund charge 1.41%) and Kernel Conservative Fund (fund size NZ$14.0 million, annual fund charge 0.25%) are both diversified managed funds, as shown on Sorted Smart Investor on 22 May 2026; Booster Shielded Growth Fund's 1-year return after fees and tax was 7.57% for the year to 31 March 2026, per its quarterly fund update filed on FMA Disclose.
How much do these two overlap?
They hold 267 of the same securities. If you held both, roughly 17.2% 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 | Booster Shielded | Kernel Conservative | Min weight |
|---|---|---|---|
| Nvidia | 2.70% | 1.19% | 1.19% |
| Apple | 2.17% | 1.05% | 1.05% |
| Fisher & Paykel Healthcare | 2.89% | 0.87% | 0.87% |
| Alphabet | 2.26% | 0.85% | 0.85% |
| Auckland International Airport | 1.78% | 0.79% | 0.79% |
| Microsoft | 1.90% | 0.77% | 0.77% |
| Infratil | 1.53% | 0.65% | 0.65% |
| Amazon.com | 1.53% | 0.57% | 0.57% |
| Contact Energy | 1.12% | 0.49% | 0.49% |
| a2 Milk | 1.10% | 0.47% | 0.47% |
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 difference between these two funds is their asset allocation, which shapes everything else: the Booster Shielded Growth Fund holds 98.37% in growth assets, making it a growth fund in practice despite its "Diversified" category label, while the Kernel Conservative Fund holds just 23.37% in growth assets, positioning it at the defensive end of the diversified spectrum. This structural contrast is reflected in their risk indicators — Booster sits at 4 (moderate) and Kernel at 3 (low to moderate) on the standard 1–7 scale.
Fee structures diverge sharply. Booster discloses an annual fund charge of 1.41%, compared with Kernel's 0.25% — a difference of 1.16 percentage points annually that compounds over time. On five-year returns, Booster records 5.13% per annum; Kernel's five-year return is not available in this snapshot, likely reflecting the fund's shorter operating history, so a direct return comparison cannot be made fairly here.
Holdings also reflect the allocation split clearly. Booster's top positions include Fisher & Paykel Healthcare, NVIDIA, and Apple — equity-heavy and growth-oriented, with an ESG screen evident through the Vanguard ESG US Stock ETF. Kernel's top holdings are dominated by NZ government bonds and a broad US bond ETF, consistent with its conservative mandate. Fund sizes are comparable: Booster at NZD 14.6 million and Kernel at NZD 14.0 million.
Always verify all figures against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on this summary.
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 Conservative Fund charges 1.16% lower in annual fund charges (0.25% vs 1.41%).
- 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 68 diversified funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Booster
1.41%
Highest 10% of cohort
Kernel
0.25%
Lowest 6% of cohort
5-year return p.a.
Past performance — not a predictor
Booster
5.13%
Top 19% over 5 years
Kernel
—
—
Fund size
Larger = more stable, lower close-risk
Booster
NZ$15m
Lower half by size
Kernel
NZ$14m
Lower half by size
| Metric | Booster | Kernel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.41% | 0.25% | Lower is better |
| Risk indicator (1–7) | 4 | 3 | Higher = more volatility |
| 5-year return p.a. | 5.13% | — | Higher is better (past not future) |
| Fund size | NZ$15m | NZ$14m | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 23% / 77% | 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
Booster
Booster Shielded Growth Fund
The Shielded Growth Fund is suited to investors who seek potentially relatively high returns over longer term periods (seven years plus), allowing for short to medium term ups and downs, whilst partially shielding the fund against some of the more significant short-term risks. We aim to achieve this by investing predominantly in growth assets, with little or no allocation to income assets.Full Booster Booster Shielded Growth Fund profile →
Kernel
Kernel Conservative Fund
The Kernel Conservative Fund's investment objective is to provide a return (before tax, fees and expenses) that closely matches the return of the index of the reference portfolio. Investment strategy. Designed as a 30% growth / 70% income option by investing mainly in several of the other Kernel fundsFull Kernel Kernel Conservative Fund profile →
Common questions
What's the difference between the Booster Shielded Growth Fund and the Kernel Conservative Fund?
Which fund has lower fees, Booster Shielded Growth Fund or Kernel Conservative Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
