Fund-vs-fund · Cash
Harbour Enhanced Cash FundvsKernel Cash Plus Fund
Both are Cash 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.
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.
Harbour Enhanced Cash Fund
Kernel Cash Plus Fund
No platform availability confirmed. Usually means it is bought directly from the manager — check their site.
What's different at a glance
- Annual fund charges are within 0.05% of each other (0.26% vs 0.25%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Harbour Enhanced Cash Fund is roughly 19.5× the size of the other fund.
Where each fund sits in its cohort
Percentile rank vs all 6 cash funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Harbour
0.26%
Lower half of cohort
Kernel
0.25%
Lowest 25% of cohort
5-year return p.a.
Past performance — not a predictor
Harbour
2.79%
Top 25% over 5 years
Kernel
—
—
Fund size
Larger = more stable, lower close-risk
Harbour
NZ$260m
Largest 8% in cohort
Kernel
NZ$13m
Lower half by size
| Metric | Harbour | Kernel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.26% | 0.25% | Lower is better |
| Risk indicator (1–7) | 2 | 1 | Higher = more volatility |
| 5-year return p.a. | 2.79% | — | Higher is better (past not future) |
| Fund size | NZ$260m | NZ$13m | Larger = more stable, lower close-risk |
| Growth / income split | 0% / 100% | 0% / 100% | 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 | 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
Harbour
Harbour Enhanced Cash Fund
The Harbour Enhanced Cash Fund is an actively managed portfolio that holds liquid money market securities, NZ Government Stock, corporate bonds and bank deposits, all denominated in New Zealand Dollars. The Fund is designed to earn a premium over 90 day bank bills, while aiming to avoid the volatility of traditional fixed interest funds. The maximum permitted duration of the Fund is 2 years. The Fund maintains a core holding of highly liquid securities in order to minimise transaction costs and facilitate investor cash flow requirements at short notice. The Fund aFull Harbour Harbour Enhanced Cash Fund profile →
Kernel
Kernel Cash Plus Fund
The fund is is designed to invest in short-term New Zealand interest-bearing assets and other cash and cash equivalent investments.Full Kernel Kernel Cash Plus Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Harbour
LiveLast verified 2026-05-08
Kernel
Common questions
What's the difference between the Harbour Enhanced Cash Fund and the Kernel Cash Plus Fund?
Which fund has lower fees, Harbour Enhanced Cash Fund or Kernel Cash Plus Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
