Fund-vs-fund · International FI
Coolabah Global Floating-Rate High Yield PIE Fund vs Kernel US Bond Fund
Both are International FI 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.
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.
0 overlapping top-10 holdings. The two funds disclose disjoint top-10 sets — useful diversification signal if you held both.
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?
Both are international fi funds available to NZ retail investors. Kernel US Bond Fund charges 0.70% lower in annual fund charges (0.30% vs 1.00%).
Which fund has lower fees, Coolabah Global Floating-Rate High Yield PIE Fund or Kernel US Bond Fund?
Kernel US Bond Fund has the lower annual fund charge (0.30% p.a. vs 1.00% p.a.). Source: each fund's most recent Quarterly Fund Update on the FMA Disclose register.
Are both funds PIE-taxed in NZ?
Yes. Both are NZ Portfolio Investment Entities (PIEs). Investor tax on the fund's income is capped at the Prescribed Investor Rate (PIR), maximum 28%.
Where can I read the official documents for these funds?
Both funds publish their Product Disclosure Statement (PDS), Statement of Investment Policy (SIPO) and Quarterly Fund Update (QFU) on the FMA Disclose register at disclose-register.companiesoffice.govt.nz. Always read the current PDS before investing.
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Important: This comparison is general information only — not personalised financial advice.
Past performance is not a reliable indicator of future returns. The right fund for you depends on your personal
circumstances. Read each fund's Product Disclosure Statement and consider speaking to a licensed financial adviser.