Fund-vs-fund · Diversified
Booster Shielded Growth Fund vs Kernel Conservative Fund
Both are Diversified 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 asset allocation. The Booster Shielded Growth Fund holds 98.37% in growth assets, making it almost entirely equity-oriented despite its "shielded" branding, while the Kernel Conservative Fund sits at just 23.37% growth assets, with its top five holdings dominated by NZ government bonds and a broad US aggregate bond ETF. Both are classified as Diversified, but their actual risk profiles diverge sharply: Booster carries a risk indicator of 4, Kernel a lower indicator of 3.
Fee structure is the second major point of difference. Booster's annual fund charge is 1.41%, compared to Kernel's 0.25% — a gap of 1.16 percentage points that compounds materially over time. On five-year returns, Booster discloses 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 performance comparison cannot be made on that basis.
Fund size is broadly similar — Booster at approximately NZD 14.6 million and Kernel at approximately NZD 14.0 million. Booster's top holdings include Fisher & Paykel Healthcare, NVIDIA, and a Vanguard ESG US Stock ETF, signalling an SRI-screened equity tilt; Kernel's portfolio skews heavily toward fixed income. Both funds are available as KiwiSaver scheme accounts.
Always verify all figures against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
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
- 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 67 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 20% over 5 years
Kernel
—
—
Fund size
Larger = more stable, lower close-risk
Booster
NZ$15m
Lower half by size
Kernel
NZ$14m
Smallest 25% in cohort
| 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. |
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.
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?
