Fund-vs-fund · Listed Property
Fisher Funds Property & Infrastructure Fund vs Kernel NZ Commercial Property Fund
Both are Listed Property 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 their geographic and sectoral composition, which drives meaningfully different risk and return profiles despite an identical growth asset allocation of 98.31% on both sides. Fisher Funds Property & Infrastructure Fund holds a globally diversified portfolio spanning utilities, infrastructure, and real estate — with NextEra Energy (8.2%), CMS Energy (6.21%), and American Tower (5.46%) among its largest positions — whereas Kernel NZ Commercial Property Fund concentrates entirely in NZ-listed property trusts, with Goodman Property Trust (17.87%), Kiwi Property Group (17.39%), and Precinct Properties (17.02%) dominating its holdings. This geographic concentration is reflected in Kernel's higher risk indicator of 5, compared to Fisher Funds' 4 on the standard 1–7 scale.
Fee structures differ substantially. Fisher Funds charges an annual fund charge of 1.53%, while Kernel charges 0.25% — a 1.28 percentage point gap that compounds materially over time. Over the five years to their respective latest quarterly fund updates, Fisher Funds returned 4.56% per annum against Kernel's 2.75%, though these figures cover different market exposures and may not share identical measurement periods, so direct comparison requires care.
Fund sizes are broadly comparable: Fisher Funds at approximately NZD 153.7 million, Kernel at approximately NZD 140.3 million. Neither fund is a KiwiSaver scheme account product in this data snapshot.
Always verify these figures against each fund's current product disclosure statement and latest quarterly fund update on FMA Disclose before relying on them for any investment decision.
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 NZ Commercial Property Fund charges 1.28% lower in annual fund charges (0.25% vs 1.53%).
- 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 15 listed property funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Fisher Funds
1.53%
Highest 17% of cohort
Kernel
0.25%
Lowest 3% of cohort
5-year return p.a.
Past performance — not a predictor
Fisher Funds
4.56%
Top 4% over 5 years
Kernel
2.75%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Fisher Funds
NZ$154m
Largest 10% in cohort
Kernel
NZ$140m
Largest 17% in cohort
| Metric | Fisher Funds | Kernel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.53% | 0.25% | Lower is better |
| Risk indicator (1–7) | 4 | 5 | Higher = more volatility |
| 5-year return p.a. | 4.56% | 2.75% | Higher is better (past not future) |
| Fund size | NZ$154m | NZ$140m | 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
Fisher Funds weight in shared
3.7%
of Fisher Funds Property & Infrastructure Fund top 10 is shared
Kernel weight in shared
17.9%
of Kernel NZ Commercial Property Fund top 10 is shared
| Holding | Fisher Funds | Kernel |
|---|---|---|
| GP Goodman Property Trust NZ | 3.74% | 17.87% |
"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 Property & Infrastructure Fund
The fund focuses on growth of your investment over the long term by investing in New Zealand and international property and infrastructure assetsFull Fisher Funds Fisher Funds Property & Infrastructure Fund profile →
Kernel
Kernel NZ Commercial Property Fund
The fund is passively managed and invests in financial products listed on the NZX.Full Kernel Kernel NZ Commercial Property 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 Property & Infrastructure Fund and the Kernel NZ Commercial Property Fund?
Which fund has lower fees, Fisher Funds Property & Infrastructure Fund or Kernel NZ Commercial Property Fund?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
