Fund-vs-fund · International Equities
Foundation Series Global ESG Fund vs Kernel S&P Global Dividend Aristocrats 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 underlying investment approach. The Foundation Series Global ESG Fund holds just two assets — Vanguard ESG US Stock ETF (66.7%) and Vanguard ESG INTL Stock ETF (33.3%) — giving investors broad, market-cap-weighted global equity exposure filtered through an ESG screen, via a fund-of-ETFs structure. The Kernel S&P Global Dividend Aristocrats Fund, by contrast, tracks the S&P Global Dividend Aristocrats index, a rules-based index selecting companies with long records of dividend growth; its top five individual holdings each represent roughly 1.9–2.3% of the portfolio, indicating far greater stock-level diversification and a deliberate income tilt rather than a broad-market or ESG mandate.
Fee structures differ meaningfully: Foundation Series discloses an annual fund charge of 0.10%, while Kernel discloses 0.25%. Both carry a risk indicator of 5 (on the standard 1–7 scale) and hold growth assets at approximately 98% of the portfolio, so risk profile and asset-class exposure are closely matched. Fund sizes are similarly small — NZD 5.97 million and NZD 5.27 million respectively — which may carry liquidity and operational-scale considerations investors should weigh. Neither fund discloses a five-year return figure in this snapshot, so historical performance cannot be compared here.
Readers should verify all figures, including fees, returns, and holdings, 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
- Foundation Series Global ESG Fund charges 0.15% lower in annual fund charges (0.10% vs 0.25%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Foundation Series Global ESG Fund applies responsible-investment / ESG screening. The other fund does not.
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
0.25%
Lowest 15% 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$5m
Smallest 3% in cohort
| Metric | Foundation Series | Kernel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.10% | 0.25% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | — | — | Higher is better (past not future) |
| Fund size | NZ$6m | NZ$5m | 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 | 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.
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 Dividend Aristocrats Fund
The Kernel S&P Global Dividend Aristocrats Fund invests in globally listed multi-national, blue chip companies and is designed to track the S&P Global Dividend Aristocrats Quality Income DM ex KR Index (NZD)Full Kernel Kernel S&P Global Dividend Aristocrats 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 Dividend Aristocrats Fund?
Which fund has lower fees, Foundation Series Global ESG Fund or Kernel S&P Global Dividend Aristocrats Fund?
Are both funds PIE-taxed in NZ?
Does either fund apply responsible-investment screening?
Where can I read the official documents for these funds?
