Fund-vs-fund · International FI
Coolabah Global Floating-Rate High Yield PIE FundvsKernel US Bond Fund
Coolabah Global Floating-Rate High Yield PIE Fund (fund size NZ$22.7 million, annual fund charge 1.00%) and Kernel US Bond Fund (fund size NZ$388,340, annual fund charge 0.30%) are both international fixed interest managed funds, as shown on Sorted Smart Investor on 22 May 2026; for the year to 31 March 2026 their 1-year returns after fees and tax were 3.71% and 0.98%, per their quarterly fund updates filed on FMA Disclose.
What's different at a glance
- Kernel US Bond Fund charges 0.70% lower in annual fund charges (0.30% vs 1.00%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Coolabah Global Floating-Rate High Yield PIE Fund is roughly 58.5× the size of the other fund.
Where each fund sits in its cohort
Percentile rank vs all 31 international fi funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Coolabah
1.00%
Highest 15% of cohort
Kernel
0.30%
Lowest 13% of cohort
5-year return p.a.
Past performance — not a predictor
Coolabah
—
—
Kernel
—
—
Fund size
Larger = more stable, lower close-risk
Coolabah
NZ$23m
Smallest 18% in cohort
Kernel
NZ$388k
Smallest 2% in cohort
| Metric | Coolabah | Kernel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.00% | 0.30% | Lower is better |
| Risk indicator (1–7) | 2 | 4 | Higher = more volatility |
| 5-year return p.a. | — | — | Higher is better (past not future) |
| Fund size | NZ$23m | NZ$388k | 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
Coolabah
Coolabah Global Floating-Rate High Yield PIE Fund
The Fund focusses on generating higher income than other traditional fixed income investments by investing in a floating-rate portfolio of investment-grade bonds and hybrid securities predominately issued by global banks, insurers and governments and enhancing the yields (or interest-rate) through the use of gearing (or leverage). The fund currently invests in an underlying fund managed by Coolabah Capital Investments (Retail) Pty Limited (Investment Manager) and targets a position of being fully hedged back to New Zealand dollars.Full Coolabah Coolabah Global Floating-Rate High Yield PIE Fund profile →
Kernel
Kernel US Bond Fund
The Kernel US Bond Fund�s investment objective is to provide a return (before tax, fees and expenses) that closely matches the return on the Bloomberg US Aggregate Bond Index Hedged NZDFull Kernel Kernel US Bond Fund profile →
Common questions
What's the difference between the Coolabah Global Floating-Rate High Yield PIE Fund and the Kernel US Bond Fund?
Which fund has lower fees, Coolabah Global Floating-Rate High Yield PIE Fund or Kernel US Bond Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
