Fund-vs-fund · International Equities
Foundation Series US 500 Fund vs Kernel S&P Global 100 (NZD Hedged) 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 index and, directly linked to that, their currency treatment. The Foundation Series US 500 Fund tracks the S&P 500 through a single holding — Vanguard's S&P 500 ETF, which accounts for 99.69% of assets — giving investors exposure to approximately 500 large US companies with returns denominated in unhedged US dollars. The Kernel S&P Global 100 (NZD Hedged) Fund tracks the S&P Global 100, a narrower index of around 100 multinational blue-chips drawn from multiple countries, and applies a New Zealand dollar hedge, meaning currency movements between the NZD and underlying foreign currencies are actively managed out of returns.
Cost separates the two funds sharply. The Foundation Series fund carries an annual fund charge of 0.03%, one of the lowest disclosed on FMA Disclose among retail NZ funds. Kernel's fund charges 0.25% annually — still competitive by broader market standards, but more than eight times the Foundation Series fee. Both funds report identical growth asset allocations of 98.31% and sit at the same risk indicator of 5 on the standardised 1–7 scale. Fund sizes are similar: approximately NZD 241 million and NZD 230 million respectively. Neither fund discloses a five-year return figure in the data available for this snapshot, so historical performance cannot be compared here. Five-year return data should be sought directly from each fund's latest Quarterly Fund Update on FMA Disclose.
Always verify all figures against the source 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 US 500 Fund charges 0.22% lower in annual fund charges (0.03% vs 0.25%).
- 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 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
0.03%
Lowest 1% 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$241m
Upper half by size
Kernel
NZ$230m
Upper half by size
| Metric | Foundation Series | Kernel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.03% | 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$241m | NZ$230m | 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 to NZD | 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.
What each fund says it does
Foundation Series
Foundation Series US 500 Fund
The fund aims for high long-run returns by investing in an Exchange-Traded Fund ('ETF') that invests in shares of the largest companies listed on stock markets in the United States.Full Foundation Series Foundation Series US 500 Fund profile →
Kernel
Kernel S&P Global 100 (NZD Hedged) Fund
The Kernel S&P Global 100 (NZD Hedged) Fund invests in globally listed multi-national, blue chip companies and is designed to track the S&P Global 100 ex-Controversial Weapons (custom) (NZD Hedged) Index.Full Kernel Kernel S&P Global 100 (NZD Hedged) 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 US 500 Fund and the Kernel S&P Global 100 (NZD Hedged) Fund?
Which fund has lower fees, Foundation Series US 500 Fund or Kernel S&P Global 100 (NZD Hedged) Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
