Fund-vs-fund · NZ Fixed Interest

Fisher Funds New Zealand Fixed Income Trust vs Kernel March 2027 NZ Bond Fund

Both are NZ Fixed Interest 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.

Fisher Funds

Fisher Funds New Zealand Fixed Income Trust

PIE · capped at PIR (max 28%)

Kernel

Kernel March 2027 NZ Bond Fund

PIE · capped at PIR (max 28%) conservative

What's different at a glance

Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.

Where each fund sits in its cohort

Percentile rank vs all 14 nz fixed interest funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.

Annual fund charge

Lower is better

Fisher Funds

0.97%

Highest 11% of cohort

Kernel

—

5-year return p.a.

Past performance — not a predictor

Fisher Funds

0.68%

Bottom 19% over 5 years

Kernel

—

Fund size

Larger = more stable, lower close-risk

Fisher Funds

NZ$77m

Lower half by size

Kernel

—

Metric	Fisher Funds	Kernel	Lower / higher is
Annual fund charge	0.97%	—	Lower is better
Risk indicator (1–7)	3	—	Higher = more volatility
5-year return p.a.	0.68%	—	Higher is better (past not future)
Fund size	NZ$77m	—	Larger = more stable, lower close-risk
Growth / income split	0% / 100%	—	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.

Sources: Fisher Funds on Sorted

What each fund says it does

Fisher Funds

Fisher Funds New Zealand Fixed Income Trust

The fund aims to provide stable returns over the long term by investing in New Zealand fixed interest assets

Full Fisher Funds Fisher Funds New Zealand Fixed Income Trust profile →

Kernel

Kernel March 2027 NZ Bond Fund

Strategy summary not yet ingested.

Full Kernel Kernel March 2027 NZ Bond Fund profile →

Documents

Crawled directly from each manager's website. How we record provenance →

Fisher Funds

Live

Last verified 2026-05-08

Other Material Information

165 kB · file fingerprint recorded
Product Disclosure Statement

246 kB · file fingerprint recorded
Product Disclosure Statement

143 kB · file fingerprint recorded
Product Disclosure Statement

666 kB · file fingerprint recorded
Product Disclosure Statement

595 kB · file fingerprint recorded

Kernel

Not yet crawled. View fund page for FMA Disclose link.

Common questions

What's the difference between the Fisher Funds New Zealand Fixed Income Trust and the Kernel March 2027 NZ Bond Fund?

Both are nz fixed interest funds available to NZ retail investors. Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.

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%.

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.

Not sure which fund is right for you?

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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.