Fund-vs-fund · International Equities
Ellerston Global Mid Small Cap Fund vs Kernel S&P Global Clean Energy 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.
What's different at a glance
- Ellerston Global Mid Small Cap Fund charges 0.20% lower in annual fund charges (0.25% vs 0.45%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Kernel S&P Global Clean Energy Fund applies responsible-investment / ESG screening. The other fund does not.
- Kernel S&P Global Clean Energy Fund is roughly 2.6× the size of the other fund.
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
Ellerston
0.25%
Lowest 16% of cohort
Kernel
0.45%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Ellerston
—
—
Kernel
—
—
Fund size
Larger = more stable, lower close-risk
Ellerston
NZ$863k
Smallest 1% in cohort
Kernel
NZ$2m
Smallest 2% in cohort
| Metric | Ellerston | Kernel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.25% | 0.45% | Lower is better |
| Risk indicator (1–7) | 5 | 6 | Higher = more volatility |
| 5-year return p.a. | — | — | Higher is better (past not future) |
| Fund size | NZ$863k | NZ$2m | 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 smooths NZD/foreign FX moves at a small cost. |
| Responsible investment screening | No | Yes | 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.
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
Ellerston
Ellerston Global Mid Small Cap Fund
The fund is passively managed and invests in NZX listed financial products whose normal free-float market capitalisation is between $75 million and $1.25 billion and who are outside of the S&P/NZX 20 IndexFull Ellerston Ellerston Global Mid Small Cap Fund profile →
Kernel
Kernel S&P Global Clean Energy Fund
The Kernel S&P Global Clean Energy Fund tracks the�S&P Developed Ex-Korea Clean Energy Index.�This fund invests in companies from developed markets with significant or total clean Energy exposure and low carbon-to-revenue footprints according to independent Assessors TrucostFull Kernel Kernel S&P Global Clean Energy Fund profile →
Common questions
What's the difference between the Ellerston Global Mid Small Cap Fund and the Kernel S&P Global Clean Energy Fund?
Both are international equities funds available to NZ retail investors. Ellerston Global Mid Small Cap Fund charges 0.20% lower in annual fund charges (0.25% vs 0.45%).
Which fund has lower fees, Ellerston Global Mid Small Cap Fund or Kernel S&P Global Clean Energy Fund?
Ellerston Global Mid Small Cap Fund has the lower annual fund charge (0.25% p.a. vs 0.45% 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%.
Does either fund apply responsible-investment screening?
Yes — Kernel S&P Global Clean Energy Fund applies responsible-investment / ESG screening. Ellerston Global Mid Small Cap Fund does not. Specific exclusions and engagement policies are documented in each fund's Statement of Investment Policy and Objectives (SIPO).
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.