Fund-vs-fund · Cash
Clarity Enhanced Cash PIE vs Kernel Cash Plus Fund
Both are Cash 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 portfolio construction. The Kernel Cash Plus Fund holds a diversified spread of named individual instruments — bank deposits, floating-rate notes, commercial paper, and tax-trader positions — with its largest single holding (Bank of China Deposit) at 14.95% of the portfolio. The Clarity Enhanced Cash PIE, by contrast, concentrates 78.4% of its assets in a single underlying vehicle, the Amova W/S NZ Cash Fund, making it effectively a fund-of-funds wrapper for most of its exposure, with the remainder split across first-mortgage securities, bank deposits, and cash at bank.
Scale differs significantly: Clarity's fund sits at approximately NZD 125.2 million versus Kernel's NZD 13.3 million. Both carry a risk indicator of 1 (the lowest point on the FMA's seven-point scale) and sit in the Cash category. Annual fund charges are nearly identical — Kernel at 0.25% and Clarity at 0.26%. Growth asset allocations are both minimal, at 0.31% and 0.07% respectively, consistent with their cash categorisation. Neither fund discloses a five-year return figure in this snapshot, so historical performance comparison is not possible here. Both funds' PDSs are linked on FMA Disclose and neither is a KiwiSaver scheme account product based on the available data, though Kernel's PDS URL references a KiwiSaver document — readers should confirm the applicable offer.
Verify all figures against the source PDS and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
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
- Annual fund charges are within 0.05% of each other (0.26% vs 0.25%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Clarity Enhanced Cash PIE is roughly 9.4× the size of the other fund.
Where each fund sits in its cohort
Percentile rank vs all 5 cash funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Clarity
0.26%
Lower half of cohort
Kernel
0.25%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Clarity
—
—
Kernel
—
—
Fund size
Larger = more stable, lower close-risk
Clarity
NZ$125m
Largest 10% in cohort
Kernel
NZ$13m
Upper half by size
| Metric | Clarity | Kernel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.26% | 0.25% | Lower is better |
| Risk indicator (1–7) | 1 | 1 | Higher = more volatility |
| 5-year return p.a. | — | — | Higher is better (past not future) |
| Fund size | NZ$125m | NZ$13m | 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. |
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 Enhanced Cash PIE
The Fund will invest, either directly or through other managed funds, in a well- diversified portfolio of cash and cash equivalents and New Zealand fixed interest securities, including an allocation to yield enhancing assets such as mortgage-backed securities and credit funds. The Fund aims to provide investors with regular income in excess of bank deposits whilst preserving capital value.Full Clarity Clarity Enhanced Cash PIE profile →
Kernel
Kernel Cash Plus Fund
The fund is is designed to invest in short-term New Zealand interest-bearing assets and other cash and cash equivalent investments.Full Kernel Kernel Cash Plus Fund profile →
Common questions
What's the difference between the Clarity Enhanced Cash PIE and the Kernel Cash Plus Fund?
Which fund has lower fees, Clarity Enhanced Cash PIE or Kernel Cash Plus Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
