Fund-vs-fund · International Equities
Foundation Series Global ESG Fund vs Kernel S&P Global Clean Energy Fund
Both are International Equities 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 investment approach. The Kernel S&P Global Clean Energy Fund targets a narrow thematic index of clean energy companies, holding roughly 30-plus individual equities with its top five positions — Nextracker Inc Class A (9.71%), Bloom Energy Corp (8.97%), First Solar Inc (5.85%), Iberdrola SA (5.50%), and GE Vernova Inc (4.71%) — together representing over a third of the portfolio. Concentration risk is therefore significant. The Foundation Series Global ESG Fund takes a structurally different route, holding just two underlying Vanguard ETFs — Vanguard ESG US Stock ETF (66.7%) and Vanguard ESG INTL Stock ETF (33.3%) — providing broad market exposure across hundreds of securities screened on ESG criteria rather than a single sector.
Fee and risk profiles diverge sharply. Kernel charges 0.45% per annum versus Foundation Series at 0.10%, a material difference on a compounding basis. Kernel carries a risk indicator of 6 (out of 7) against Foundation Series at 5, consistent with the thematic concentration embedded in the clean energy mandate. Both funds allocate approximately 98% to growth assets. Neither fund discloses a five-year return figure in the data sourced for this snapshot, so return history cannot be compared here. Fund size also differs: Kernel sits at approximately NZD 2.2 million versus Foundation Series at approximately NZD 6.0 million.
Verify all figures against each fund's current PDS 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
- Foundation Series Global ESG Fund charges 0.35% lower in annual fund charges (0.10% vs 0.45%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Foundation Series Global ESG Fund is roughly 2.7× the size of the other fund.
Where each fund sits in its cohort
Percentile rank vs all 81 international equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Foundation Series
0.10%
Lowest 7% of cohort
Kernel
0.45%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Foundation Series
—
—
Kernel
—
—
Fund size
Larger = more stable, lower close-risk
Foundation Series
NZ$6m
Smallest 4% in cohort
Kernel
NZ$2m
Smallest 1% in cohort
| Metric | Foundation Series | Kernel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.10% | 0.45% | Lower is better |
| Risk indicator (1–7) | 5 | 6 | Higher = more volatility |
| 5-year return p.a. | — | — | Higher is better (past not future) |
| Fund size | NZ$6m | NZ$2m | 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 | Yes | Yes | 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.
What each fund says it does
Foundation Series
Foundation Series Global ESG Fund
The Fund aims for high long-run returns by investing in ETFs that invests in shares of large, mid-sized and small companies listed on international stock markets. 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 Global ESG Fund profile →
Kernel
Kernel S&P Global Clean Energy Fund
The Kernel S&P Global Clean Energy Fund tracks the�S&P Developed Ex-Korea Clean Energy Index.�This fund invests in companies from developed markets with significant or total clean Energy exposure and low carbon-to-revenue footprints according to independent Assessors TrucostFull Kernel Kernel S&P Global Clean Energy Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Foundation Series
LiveLast verified 2026-05-08
Kernel
Common questions
What's the difference between the Foundation Series Global ESG Fund and the Kernel S&P Global Clean Energy Fund?
Which fund has lower fees, Foundation Series Global ESG Fund or Kernel S&P Global Clean Energy Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
