Fund-vs-fund · NZ Fixed Interest
Fisher Funds New Zealand Fixed Income Trust vs Kernel March 2029 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.
Why these two differ
The most material difference here is data availability: the Kernel March 2029 NZ Bond Fund's latest Quarterly Fund Update is not reflected in our current snapshot, meaning its fee, risk indicator, fund size, five-year return, and portfolio holdings are all absent. Any comparison of those metrics is therefore one-sided, and readers should treat this summary accordingly.
On the Fisher Funds side, the Fisher Funds New Zealand Fixed Income Trust carries an annual fund charge of 0.97%, a risk indicator of 3 out of 7, and a five-year return of 0.68% per annum as at its latest QFU. The fund holds approximately NZD 77 million in assets and allocates just 0.07% to growth assets, consistent with its income-oriented mandate. Its five largest disclosed positions are all New Zealand government or local government bonds, with the NZ Government Bond maturing April 2033 (3.50% coupon) representing the largest single holding at 7.46%.
Kernel's fund name signals a defined maturity target of March 2029, which structurally distinguishes it from Fisher Funds' open-ended approach — though without Kernel's QFU data, fee levels, risk rating, and portfolio composition cannot be verified or compared. Both funds sit in the NZ Fixed Interest category.
Verify all figures, including fees, returns, and risk indicators, against each fund's current Product Disclosure Statement 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
- 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. |
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 assetsFull Fisher Funds Fisher Funds New Zealand Fixed Income Trust profile →
Kernel
Kernel March 2029 NZ Bond Fund
Strategy summary not yet ingested.
Full Kernel Kernel March 2029 NZ Bond 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 Fixed Income Trust and the Kernel March 2029 NZ Bond Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
