Fund-vs-fund · International Equities
Harbour Epoch Global Quality Select Equity (Hedged) Fund vs Kernel World ex-US (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
Both funds sit within the International Equities category and apply NZD hedging to manage currency exposure, but their underlying investment philosophies represent the most material structural difference available from their names alone. The Kernel World ex-US (NZD Hedged) Fund signals a passive, index-tracking approach covering developed and emerging markets outside the United States — a deliberate geographic exclusion that concentrates exposure away from the world's largest equity market. The Harbour Epoch Global Quality Select Equity (Hedged) Fund, by contrast, is an actively managed strategy sub-advised by Epoch Investment Partners, targeting a concentrated selection of global companies screened for quality characteristics, with no explicit US exclusion implied by its mandate.
Beyond that structural distinction, the snapshot sourced for this comparison is silent on both sides across every quantitative field: annual fund charges, risk indicator, five-year returns, fund size, and growth-asset allocation are not present in the current data for either fund. Accordingly, no fee comparison, risk-band comparison, or return comparison can be made here without fabricating figures. Top holdings are similarly undisclosed in this snapshot for both funds.
Investors evaluating geographic scope, active versus passive management style, or cost differences will need to source those details directly. Always verify fees, risk indicators, returns, and portfolio composition against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose (disclose-register.companiesoffice.govt.nz) before relying on any information for investment decisions.
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
- 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
Harbour
—
—
Kernel
—
—
5-year return p.a.
Past performance — not a predictor
Harbour
—
—
Kernel
—
—
Fund size
Larger = more stable, lower close-risk
Harbour
—
—
Kernel
—
—
| Metric | Harbour | Kernel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | — | — | Lower is better |
| Risk indicator (1–7) | — | — | Higher = more volatility |
| 5-year return p.a. | — | — | Higher is better (past not future) |
| Fund size | — | — | Larger = more stable, lower close-risk |
| Growth / income split | — | — | 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 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. |
Common questions
What's the difference between the Harbour Epoch Global Quality Select Equity (Hedged) Fund and the Kernel World ex-US (NZD Hedged) Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
