Fund-vs-fund · Australasian Equities
Fisher Funds New Zealand Growth FundvsKernel NZ 20 Fund
Fisher Funds New Zealand Growth Fund (fund size NZ$160.6 million, annual fund charge 1.42%) and Kernel NZ 20 Fund (fund size NZ$2.2 million, annual fund charge 0.25%) are both Australasian equities managed funds, as shown on Sorted Smart Investor on 22 May 2026; for the year to 31 March 2026 their 1-year returns after fees and tax were −9.64% and 3.01%, per their quarterly fund updates filed on FMA Disclose.
Where you can buy these
Platform availability confirmed within the last 180 days. This is a statement of availability, not a recommendation — ManagedFundsNZ is not a Financial Advice Provider. Check the current PDS before investing.
Fisher Funds New Zealand Growth Fund
Kernel NZ 20 Fund
No platform availability confirmed. Usually means it is bought directly from the manager — check their site.
What's different at a glance
- Kernel NZ 20 Fund charges 1.17% lower in annual fund charges (0.25% vs 1.42%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Fisher Funds New Zealand Growth Fund is roughly 72.0× the size of the other fund.
Where each fund sits in its cohort
Percentile rank vs all 57 australasian equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Fisher Funds
1.42%
Highest 6% of cohort
Kernel
0.25%
Lowest 11% of cohort
5-year return p.a.
Past performance — not a predictor
Fisher Funds
1.47%
Upper half over 5 years
Kernel
—
—
Fund size
Larger = more stable, lower close-risk
Fisher Funds
NZ$161m
Upper half by size
Kernel
NZ$2m
Smallest 4% in cohort
| Metric | Fisher Funds | Kernel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.42% | 0.25% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | 1.47% | — | Higher is better (past not future) |
| Fund size | NZ$161m | 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 | 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
8
of each fund's top 10
Fisher Funds weight in shared
67.0%
of Fisher Funds New Zealand Growth Fund top 10 is shared
Kernel weight in shared
70.5%
of Kernel NZ 20 Fund top 10 is shared
| Holding | Fisher Funds | Kernel |
|---|---|---|
 Fisher & Paykel Healthcare Corp LtdNZ | 18.39% | 14.87% |
 Infratil LimitedNZ | 14.65% | 11.02% |
 Auckland International Airport LimitedNZ | 7.50% | 12.79% |
 The A2 Milk Company LimitedNZ | 5.12% | 7.93% |
 Mainfreight LimitedNZ | 7.84% | 4.52% |
 EBOS Group LimitedNZ | 5.72% | 4.32% |
 Meridian Energy LimitedNZ | 3.92% | 6.77% |
 Contact Energy LimitedNZ | 3.91% | 8.33% |
"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
Fisher Funds
Fisher Funds New Zealand Growth Fund
The fund focuses on growth of your investment over the long term by investing in quality New Zealand companies which can consistently produce increasing earningsFull Fisher Funds Fisher Funds New Zealand Growth Fund profile →
Kernel
Kernel NZ 20 Fund
The fund is passively managed and invests in financial products listed on the NZX and is designed to track the S&P/NZX 20 Index.Full Kernel Kernel NZ 20 Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Fisher Funds
LiveLast verified 2026-05-08
Kernel
Common questions
What's the difference between the Fisher Funds New Zealand Growth Fund and the Kernel NZ 20 Fund?
Which fund has lower fees, Fisher Funds New Zealand Growth Fund or Kernel NZ 20 Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
