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 geographic exposure. Fisher Funds Property & Infrastructure Fund holds a globally diversified portfolio — its top five positions include American Tower Corporation (7.45%), NextEra Energy (7.31%), Spanish airports operator AENA (5.69%), and CMS Energy (5.25%), with infrastructure stocks sitting alongside listed property. Kernel NZ Commercial Property Fund, by contrast, concentrates entirely in New Zealand-listed property trusts: Goodman Property Trust (17.87%), Kiwi Property Group (17.39%), Precinct Properties (17.02%), Property for Industry (13.13%), and Vital Healthcare Property (12.24%). This NZ-only, property-pure construction means Kernel carries a single-market concentration that Fisher Funds does not.
Both funds report identical growth asset allocations (98.31%), but their risk indicators diverge: Fisher Funds sits at 4 on the standard 1–7 scale, Kernel at 5, reflecting Kernel's narrower market exposure despite its lower fee structure. Kernel's annual fund charge of 0.25% is materially lower than Fisher Funds' 1.53%. On a five-year return basis (annualised, after fees), Fisher Funds returned 5.08% versus Kernel's 2.75%, though the differing benchmark universes — global infrastructure plus property versus NZ-only property — make direct performance comparison of limited analytical value. Fund sizes are broadly comparable: Fisher Funds at NZD 162.8 million, Kernel at NZD 140.3 million.
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.
Cached comparison generated 2026-05-21 from each fund's latest FMA Disclose QFU. Regenerated when the underlying facts change.
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 | InvestNow · 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
- Other Material Information165 kB · file fingerprint recorded
- Product Disclosure Statement246 kB · file fingerprint recorded
- Product Disclosure Statement143 kB · file fingerprint recorded
- Product Disclosure Statement666 kB · file fingerprint recorded
- Product Disclosure Statement595 kB · file fingerprint recorded
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?
