Fund-vs-fund · International Equities
Foundation Series US Dividend Equity FundvsKernel World ex-US Fund
Foundation Series US Dividend Equity Fund (fund size NZ$10.8 million, annual fund charge 0.06%) and Kernel World ex-US Fund (fund size NZ$9.3 million, annual fund charge 0.25%) are both international equities managed funds, as shown on Sorted Smart Investor on 22 May 2026; Foundation Series US Dividend Equity Fund's 1-year return after fees and tax was 11.65% for the year to 31 March 2026, per its quarterly fund update filed on FMA Disclose.
Where you can buy these
Platform availability confirmed within the last 180 days. This is a statement of availability, not a recommendation — ManagedFundsNZ is not a Financial Advice Provider. Check the current PDS before investing.
Foundation Series US Dividend Equity Fund
Kernel World ex-US Fund
No platform availability confirmed. Usually means it is bought directly from the manager — check their site.
Why these two differ
The most material structural difference between these two funds is their geographic mandate and portfolio construction approach. The Foundation Series US Dividend Equity Fund holds 99.75% of its assets in a single instrument — the Schwab U.S. Dividend Equity ETF — giving investors concentrated exposure to US dividend-paying equities through one underlying ETF wrapper. The Kernel World ex-US Fund, by contrast, holds a diversified basket of individual securities across non-US developed markets, with its five largest positions — ASML Holdings, AstraZeneca, Novartis, HSBC, and Roche — each individually weighted below 2.3%, suggesting broad multi-country spread that explicitly excludes the United States.
Fee structures differ meaningfully: Foundation Series discloses an annual fund charge of 0.06%, while Kernel discloses 0.25% — a difference of 0.19 percentage points that compounds over time. Both funds carry a risk indicator of 5 and allocate approximately 98% to growth assets, so their volatility profiles and asset-class positioning are broadly similar on those measures.
Fund size is comparable — Foundation Series at NZD 10.81 million versus Kernel at NZD 9.25 million — though both remain relatively small funds. Neither fund discloses a five-year return figure in this snapshot, so historical performance cannot be compared here.
Investors seeking dividend-oriented US equity exposure through a single low-cost ETF structure will find a different proposition from those seeking diversified non-US international equity exposure across individual holdings. Always verify all figures 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 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 84 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 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$11m
Smallest 7% in cohort
Kernel
NZ$9m
Smallest 5% 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 | 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 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 →
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?
