Fund-vs-fund · International FI
Daintree High Income PIE 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 0.60% lower in annual fund charges (0.30% vs 0.90%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
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
Daintree
0.90%
Highest 21% of cohort
Kernel
0.30%
Lowest 13% of cohort
5-year return p.a.
Past performance — not a predictor
Daintree
—
—
Kernel
—
—
Fund size
Larger = more stable, lower close-risk
Daintree
NZ$744k
Smallest 5% in cohort
Kernel
NZ$388k
Smallest 2% in cohort
| Metric | Daintree | Kernel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.90% | 0.30% | Lower is better |
| Risk indicator (1–7) | 3 | 4 | Higher = more volatility |
| 5-year return p.a. | — | — | Higher is better (past not future) |
| Fund size | NZ$744k | 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 | 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
Daintree
Daintree High Income PIE
The Fund invests into the Daintree High Income Trust (Underlying Fund) that has a diversified portfolio of international credit fixed income securities and cash, with an allocation to non-investment grade securities. This Underlying Fund applies a range of strategies that include duration and yield curve management, sector rotation and individual security selection. The aim of the Fund is to provide income over the medium term and a total return (after fees) that exceeds the Benchmark.Full Daintree Daintree High Income PIE 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 Daintree High Income PIE and the Kernel US Bond Fund?
Which fund has lower fees, Daintree High Income PIE or Kernel US Bond Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
