Fund-vs-fund · International Equities
Foundation Series US Dividend Equity Fund vs Kernel World ex-US 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.
What's different at a glance
- Foundation Series US Dividend Equity Fund charges 0.19% lower in annual fund charges (0.06% 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 82 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
0.06%
Lowest 3% of cohort
Kernel
0.25%
Lowest 16% 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$11m
Smallest 8% in cohort
Kernel
NZ$9m
Smallest 7% in cohort
| Metric | Foundation Series | Kernel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.06% | 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$11m | NZ$9m | 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 | — | Unhedged | 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 US Dividend Equity Fund
The Fund aims for high long-run returns by investing in an ETF that invests in high dividend yielding shares issued by companies in the United States that have a record of consistently paying dividends.Full Foundation Series Foundation Series US Dividend Equity Fund profile →
Kernel
Kernel World ex-US Fund
The Kernel World ex-US Fund's investment objective is to provide a return (before tax, fees and expenses) that closely matches the return on the S&P World Ex-U.S., Controversial Weapons and Tobacco (NZD) Index.Full Kernel Kernel World ex-US 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 Dividend Equity Fund and the Kernel World ex-US Fund?
Which fund has lower fees, Foundation Series US Dividend Equity Fund or Kernel World ex-US Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
