Fund-vs-fund · International Equities
Clarity Dividend Yield Fund vs Kernel S&P 500 (NZD Hedged) Fund
Both are International 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.
What's different at a glance
- Kernel S&P 500 (NZD Hedged) Fund charges 0.81% lower in annual fund charges (0.25% vs 1.06%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Clarity Dividend Yield Fund is roughly 3.8× the size of the other fund.
Where each fund sits in its cohort
Percentile rank vs all 81 international equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Clarity
1.06%
Upper half of cohort
Kernel
0.25%
Lowest 15% of cohort
5-year return p.a.
Past performance — not a predictor
Clarity
4.87%
Bottom 17% over 5 years
Kernel
—
—
Fund size
Larger = more stable, lower close-risk
Clarity
NZ$127m
Upper half by size
Kernel
NZ$33m
Lower half by size
| Metric | Clarity | Kernel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.06% | 0.25% | Lower is better |
| Risk indicator (1–7) | 4 | 6 | Higher = more volatility |
| 5-year return p.a. | 4.87% | — | Higher is better (past not future) |
| Fund size | NZ$127m | NZ$33m | 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 | 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
Clarity
Clarity Dividend Yield Fund
The Fund will provide actively managed exposure to dividend paying New Zealand and Australian equities. The Fund aims to generate higher dividend income than the benchmark over the medium to long term. It favours companies that we consider provide an attractive and sustainable dividend yield. We intend for the Fund to make quarterly income distributions.Full Clarity Clarity Dividend Yield Fund profile →
Kernel
Kernel S&P 500 (NZD Hedged) Fund
The Kernel S&P 500 (NZD Hedged) 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 Hedged IndexFull Kernel Kernel S&P 500 (NZD Hedged) Fund profile →
Common questions
What's the difference between the Clarity Dividend Yield Fund and the Kernel S&P 500 (NZD Hedged) Fund?
Which fund has lower fees, Clarity Dividend Yield Fund or Kernel S&P 500 (NZD Hedged) Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
