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 investment approach and resulting concentration. The Kernel S&P Global 100 (NZD Hedged) Fund tracks the S&P Global 100 index — a narrow universe of roughly 100 large-cap multinationals — and applies currency hedging back to NZD, meaning its top five holdings (Nvidia 12.49%, Apple 10.98%, Microsoft 8.10%, Amazon 6.00%, Alphabet 4.94%) carry substantially higher individual weights. The Dimensional Global Sustainability PIE Fund uses Dimensional's factor-based, sustainability-screened methodology across a broader global equity universe, producing materially lower single-stock concentrations (Apple 4.86%, Nvidia 4.82%) and, as the name signals, an explicit sustainability screen that Kernel's index-tracking approach does not apply. Investors seeking to understand what that sustainability screen excludes should consult the Dimensional SIPO directly.
On fees, Kernel discloses a 0.25% annual fund charge versus Dimensional's 0.40%. Both funds sit at risk indicator 5 on the standardised 1–7 scale and hold near-identical growth asset allocations of 98.31%. Fund sizes are comparable — Dimensional at approximately NZ$221.7 million and Kernel at approximately NZ$229.9 million. Neither fund discloses a five-year return figure in this snapshot, so return comparison is not possible here. The NZD hedge in the Kernel fund introduces a structural currency-risk difference that the Dimensional fund, which does not disclose hedging status in this data, may not share.
Always verify fee rates, holdings, and fund details against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
Cached comparison generated 2026-05-21 from each fund's latest FMA Disclose QFU. Regenerated when the underlying facts change.
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 82 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 16% 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 | InvestNow | 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?
