Fund-vs-fund · Diversified
Foundation Series Balanced Fund vs Kernel Balanced Fund
Both are Diversified 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.
What's different at a glance
- Kernel Balanced Fund charges 0.11% lower in annual fund charges (0.25% vs 0.36%).
- 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 67 diversified funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Foundation Series
0.36%
Lowest 14% of cohort
Kernel
0.25%
Lowest 6% of cohort
5-year return p.a.
Past performance — not a predictor
Foundation Series
4.77%
Top 25% over 5 years
Kernel
—
—
Fund size
Larger = more stable, lower close-risk
Foundation Series
NZ$46m
Lower half by size
Kernel
NZ$45m
Lower half by size
| Metric | Foundation Series | Kernel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.36% | 0.25% | Lower is better |
| Risk indicator (1–7) | 4 | 4 | Higher = more volatility |
| 5-year return p.a. | 4.77% | — | Higher is better (past not future) |
| Fund size | NZ$46m | NZ$45m | Larger = more stable, lower close-risk |
| Growth / income split | 53% / 47% | 54% / 46% | 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 | 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.
What each fund says it does
Foundation Series
Foundation Series Balanced Fund
Aims for mid-range long-run returns by investing in a diversified portfolio with a balance of income and growth assets. The Fund incorporates certain responsible investment considerations and is exposed to investment strategies that seek to limit exposure to companies involved in specific business practices.Full Foundation Series Foundation Series Balanced Fund profile →
Kernel
Kernel Balanced Fund
The fund is designed to provide investors with a diversified exposure to both income and growth assets by investing in domestic and global listed financial products.Full Kernel Kernel Balanced Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Common questions
What's the difference between the Foundation Series Balanced Fund and the Kernel Balanced Fund?
Which fund has lower fees, Foundation Series Balanced Fund or Kernel Balanced Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
