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 directly diversified mix of bank deposits, floating-rate notes, commercial paper, and other short-dated instruments — with no single position above 15% — reflecting a granular, multi-issuer approach. The Clarity Enhanced Cash PIE, by contrast, allocates 78.4% of its portfolio to a single underlying vehicle, the Amova W/S NZ Cash Fund, making it effectively a fund-of-funds structure for the bulk of its assets. Investors taking on Clarity are therefore substantially exposed to the investment decisions, counterparty relationships, and fee arrangements of that underlying fund, a layer of intermediation absent from Kernel's approach.
On fees, the two funds are nearly identical: Kernel discloses a 0.25% annual fund charge versus Clarity's 0.26%. Both carry a risk indicator of 1 (the lowest on the FMA's 1–7 scale) and both report 0.07% in growth assets, placing them firmly in the income-asset-dominated cash category. Fund size differs — Kernel sits at approximately NZD 209 million against Clarity's NZD 125 million — though size alone does not determine suitability. Neither fund discloses a five-year return figure in this snapshot, so historical performance cannot be compared here. Neither fund is a KiwiSaver scheme account product based on the data provided.
Always verify current fees, returns, and portfolio composition against each fund's product disclosure statement and latest quarterly fund update on FMA Disclose before relying on any figures here.
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 (0.26% 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 | 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.
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?
