Fund-vs-fund · Other
First Sentier Global Listed Infrastructure Fund vs Kernel Global Infrastructure Fund
Both are Other 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 cost. Kernel Global Infrastructure Fund discloses an annual fund charge of 0.25%, while First Sentier Global Listed Infrastructure Fund charges 1.03% — a gap of 0.78 percentage points that compounds meaningfully over time on any given investment balance. Both funds sit at risk indicator 5 on the FMA's 1–7 scale and carry an identical growth asset allocation of 98.31%, so their risk profile and asset-class positioning are essentially equivalent at this level of disclosure.
On performance history, First Sentier discloses a five-year return of 3.26% per annum; Kernel's five-year return is not available in this snapshot, likely because the fund has not yet reached a five-year track record. Investors requiring a longer return history will find it only on the First Sentier side at this time.
Fund size differs substantially: Kernel's fund stands at approximately NZD 510 million versus First Sentier's NZD 129 million, though neither figure alone signals quality or liquidity guarantees.
Portfolio construction shows some divergence. Kernel's top holdings tilt toward energy infrastructure and global utilities (Enbridge, Williams Companies, National Grid), while First Sentier's disclosed top positions lean toward US regulated utilities and rail (Duke Energy, American Electric Power, Union Pacific), with cash at BNZ appearing as its second-largest disclosed position at 5.28%.
Neither fund is listed as a KiwiSaver scheme account offering in this data snapshot. Always verify current fees, returns, and holdings against the source PDS 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 Global Infrastructure Fund charges 0.78% lower in annual fund charges (0.25% vs 1.03%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Kernel Global Infrastructure Fund is roughly 4.0× the size of the other fund.
Where each fund sits in its cohort
Percentile rank vs all 8 other funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
First Sentier
1.03%
Lower half of cohort
Kernel
0.25%
Lowest 6% of cohort
5-year return p.a.
Past performance — not a predictor
First Sentier
3.26%
Lower half over 5 years
Kernel
—
—
Fund size
Larger = more stable, lower close-risk
First Sentier
NZ$129m
Upper half by size
Kernel
NZ$510m
Largest 6% in cohort
| Metric | First Sentier | Kernel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.03% | 0.25% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | 3.26% | — | Higher is better (past not future) |
| Fund size | NZ$129m | NZ$510m | 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 | 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
1
of each fund's top 10
First Sentier weight in shared
4.1%
of First Sentier Global Listed Infrastructure Fund top 10 is shared
Kernel weight in shared
3.3%
of Kernel Global Infrastructure Fund top 10 is shared
| Holding | First Sentier | Kernel |
|---|---|---|
| ON Oneok Inc US | 4.09% | 3.25% |
"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
First Sentier
First Sentier Global Listed Infrastructure Fund
The Fund invests in the shares of infrastructure companies from around the world. The infrastructure sector includes operating assets from the transport, utilities, energy and communications sectors. The strategy is based on active, bottom-up security selection which seeks to identify mispricing. The Fund seeks to minimise risk through on-the-ground research, focus on quality, and sensible portfolio construction. The Fund takes into account ESG considerations in relation to selection, retention and realisation of investments. Currency exposure will be hedged backFull First Sentier First Sentier Global Listed Infrastructure Fund profile →
Kernel
Kernel Global Infrastructure Fund
The Kernel Global Infrastructure Fund invests in globally listed pure-play infrastructure companies and is designed to track the Dow Jones Brookfield Global Infrastructure Index (NZD)Full Kernel Kernel Global Infrastructure Fund profile →
Common questions
What's the difference between the First Sentier Global Listed Infrastructure Fund and the Kernel Global Infrastructure Fund?
Which fund has lower fees, First Sentier Global Listed Infrastructure Fund or Kernel Global Infrastructure Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
