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 and resulting concentration profile. The Kernel S&P Global 100 Fund tracks the S&P Global 100 Index, holding 100 of the world's largest multinational companies; its top five positions — Nvidia (12.46%), Apple (10.95%), Microsoft (8.08%), Amazon (5.98%), and Alphabet Class A (4.92%) — collectively represent over 42% of the fund. The Evidential Sustainable Targeted Factor Fund applies a factor-based, sustainability-screened methodology that produces a markedly more dispersed portfolio: its largest disclosed holding, PayPal Holdings Inc, sits at just 0.68%, with the next four positions clustered between 0.46% and 0.49%. This contrast — mega-cap index concentration versus broad factor diversification — is the primary structural choice investors face between these two funds.
Fee structures differ materially as well. Kernel discloses an annual fund charge of 0.25%, while Evidential discloses 0.62% — a difference of 37 basis points annually. Both funds carry a risk indicator of 5 out of 7 and report near-identical growth asset allocations of 98.31%. Fund sizes are also closely matched at approximately NZD 778.3 million (Kernel) and NZD 773.0 million (Evidential). Neither fund discloses a five-year return figure in this snapshot, so historical performance comparisons are not possible from this data alone.
Always verify fees, holdings, and fund details against each fund's current Product Disclosure Statement 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
- 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 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
Evidential
0.62%
Upper half of cohort
Kernel
0.25%
Lowest 15% 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?
