Fund-vs-fund · International Equities
Dimensional Global Sustainability PIE Fund vs Kernel S&P Global 100 (NZD Hedged) 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 construction methodology and resulting concentration. The Kernel S&P Global 100 (NZD Hedged) Fund tracks a narrow index of 100 large-cap global companies, producing heavily concentrated top-position weights — Nvidia at 12.49%, Apple at 10.98%, Microsoft at 8.10% — and applies full currency hedging back to NZD. The Dimensional Global Sustainability PIE Fund uses Dimensional's factor-based, sustainability-screened approach across a broader global equity universe, spreading exposure more thinly: its largest positions, Apple and Nvidia, each sit below 5%. This difference in breadth and active security selection versus passive index replication is a fundamental design distinction, not merely a portfolio quirk.
Currency treatment is a second key divergence: Kernel's fund is explicitly NZD-hedged, meaning foreign-currency fluctuations are largely neutralised at a cost embedded in fund operations, while Dimensional's fund does not disclose equivalent hedging in this snapshot, leaving investors exposed to currency movements.
On fees, Kernel discloses a 0.25% annual fund charge versus Dimensional's 0.40%. Both carry a risk indicator of 5 (out of 7) and hold near-identical growth asset allocations of 98.31%. Fund sizes are comparable — Dimensional at approximately NZD 221.7 million, Kernel at approximately NZD 229.9 million. Neither fund discloses a five-year return figure in this snapshot, so performance comparisons cannot be drawn from this data alone.
Always verify current fees, holdings, and returns against each fund's 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 (NZD Hedged) Fund charges 0.15% lower in annual fund charges (0.25% vs 0.40%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Dimensional Global Sustainability PIE 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
Dimensional
0.40%
Lower half of cohort
Kernel
0.25%
Lowest 15% of cohort
5-year return p.a.
Past performance — not a predictor
Dimensional
—
—
Kernel
—
—
Fund size
Larger = more stable, lower close-risk
Dimensional
NZ$222m
Upper half by size
Kernel
NZ$230m
Upper half by size
| Metric | Dimensional | Kernel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.40% | 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$222m | NZ$230m | 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 | — | Hedged to NZD | 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.
Matching holdings
3
of each fund's top 10
Dimensional weight in shared
8.4%
of Dimensional Global Sustainability PIE Fund top 10 is shared
Kernel weight in shared
25.1%
of Kernel S&P Global 100 (NZD Hedged) Fund top 10 is shared
| Holding | Dimensional | Kernel |
|---|---|---|
 Apple Inc US | 4.86% | 10.98% |
 Amazon Com Inc US | 1.92% | 6.00% |
 Microsoft Corp US | 1.65% | 8.10% |
"Min weight" = the smaller of the two weights — a conservative read of how much exposure you'd have to that position if you held both funds.
What each fund says it does
Dimensional
Dimensional Global Sustainability PIE Fund
The fund is expected to be fully invested. A portion of the portfolio may be allocated to cash and cash equivalents for liquidity purposes. The fund is not managed with the objective of achieving a particular return relative to a benchmark index. However, to compare the performance of the fund with a broad measure of market performance, reference may be made to the MSCI World ex Australia Index (net div.).Full Dimensional Dimensional Global Sustainability PIE Fund profile →
Kernel
Kernel S&P Global 100 (NZD Hedged) Fund
The Kernel S&P Global 100 (NZD Hedged) Fund invests in globally listed multi-national, blue chip companies and is designed to track the S&P Global 100 ex-Controversial Weapons (custom) (NZD Hedged) Index.Full Kernel Kernel S&P Global 100 (NZD Hedged) Fund profile →
Common questions
What's the difference between the Dimensional Global Sustainability PIE Fund and the Kernel S&P Global 100 (NZD Hedged) Fund?
Which fund has lower fees, Dimensional Global Sustainability PIE Fund or Kernel S&P Global 100 (NZD Hedged) 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?
