Fund-vs-fund · International Equities
Evidential Sustainable Targeted Factor Fund vs Kernel S&P Global 100 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.
Why these two differ
The most material structural difference between these two funds is their investment approach, which directly shapes concentration, holdings, and cost. The Kernel S&P Global 100 Fund tracks the S&P Global 100 index, giving investors cap-weighted exposure to 100 of the world's largest multinationals; its top five holdings — Nvidia (12.46%), Apple (10.95%), Microsoft (8.08%), Amazon (5.98%), and Alphabet Class A (4.92%) — together account for over 42% of the portfolio, reflecting the index's heavy tilt toward large-cap US technology. The Evidential Sustainable Targeted Factor Fund pursues a factor-based, sustainability-screened strategy; its top five holdings each sit below 0.70%, indicating far broader diversification across individual names, with no single stock dominating.
This structural difference is also reflected in fees. Kernel discloses an annual fund charge of 0.25%, while Evidential discloses 0.62% — a 37 basis-point spread that compounds materially over time. Both funds carry a risk indicator of 5 (on the FMA's 1–7 scale) and hold near-identical growth asset allocations of 98.31%. Fund sizes are similarly close: Evidential at approximately NZD 772.98 million and Kernel at approximately NZD 778.30 million. Five-year return data is not available in the current snapshot for either fund, so historical performance comparison is not possible here. Neither fund is listed as a KiwiSaver scheme account option in this dataset.
Verify all figures against each fund's current PDS 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 S&P Global 100 Fund charges 0.37% lower in annual fund charges (0.25% vs 0.62%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Evidential Sustainable Targeted Factor Fund applies responsible-investment / ESG screening. The other fund does not.
Where each fund sits in its cohort
Percentile rank vs all 82 international equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Evidential
0.62%
Upper half of cohort
Kernel
0.25%
Lowest 16% of cohort
5-year return p.a.
Past performance — not a predictor
Evidential
—
—
Kernel
—
—
Fund size
Larger = more stable, lower close-risk
Evidential
NZ$773m
Largest 9% in cohort
Kernel
NZ$778m
Largest 8% in cohort
| Metric | Evidential | Kernel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.62% | 0.25% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | — | — | Higher is better (past not future) |
| Fund size | NZ$773m | NZ$778m | 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 | — | Unhedged | Hedged smooths NZD/foreign FX moves at a small cost. |
| Responsible investment screening | Yes | 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
Evidential
Evidential Sustainable Targeted Factor Fund
The fund invests in a diversified portfolio of small and medium capitalisation companies associated with global developed markets (excluding Australia and New Zealand), with an emphasis on companies that are expected to have higher returns. The fund also takes into account certain environmental and social considerations. The fund’s currency position is unhedged.Full Evidential Evidential Sustainable Targeted Factor Fund profile →
Kernel
Kernel S&P Global 100 Fund
The Kernel S&P Global 100 Fund invests in globally listed multi-national, blue chip companies and is designed to track the S&P Global 100 ex Controversial Weapons Index (NZD)Full Kernel Kernel S&P Global 100 Fund profile →
Common questions
What's the difference between the Evidential Sustainable Targeted Factor Fund and the Kernel S&P Global 100 Fund?
Which fund has lower fees, Evidential Sustainable Targeted Factor Fund or Kernel S&P Global 100 Fund?
Are both funds PIE-taxed in NZ?
Does either fund apply responsible-investment screening?
Where can I read the official documents for these funds?
