Fund-vs-fund · Australasian Equities

Harbour Long Short FundvsKernel NZ Small & Mid Cap Opportunities Fund

Harbour Long Short Fund (fund size NZ$5.3 million, annual fund charge 1.23%) and Kernel NZ Small & Mid Cap Opportunities Fund (fund size NZ$863,061, annual fund charge 0.25%) are both Australasian equities managed funds, as shown on Sorted Smart Investor on 22 May 2026; for the year to 31 March 2026 their 1-year returns after fees and tax were −0.25% and 11.94%, per their quarterly fund updates filed on FMA Disclose.

Harbour

Harbour Long Short Fund

PIE · capped at PIR (max 28%)

Kernel

Kernel NZ Small & Mid Cap Opportunities Fund

PIE · capped at PIR (max 28%)growth

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 Long Short Fund

Available on InvestNow→

Kernel NZ Small & Mid Cap Opportunities Fund

No platform availability confirmed. Usually means it is bought directly from the manager — check their site.

What's different at a glance

Kernel NZ Small & Mid Cap Opportunities Fund charges 0.98% lower in annual fund charges (0.25% vs 1.23%).
Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
Harbour Long Short Fund is roughly 6.1× the size of the other fund.

Where each fund sits in its cohort

Percentile rank vs all 57 australasian equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.

Annual fund charge

Lower is better

Harbour

1.23%

Highest 18% of cohort

Kernel

0.25%

Lowest 11% of cohort

5-year return p.a.

Past performance — not a predictor

Harbour

1.76%

Upper half over 5 years

Kernel

—

Fund size

Larger = more stable, lower close-risk

Harbour

NZ$5m

Smallest 6% in cohort

Kernel

NZ$863k

Smallest 1% in cohort

Metric	Harbour	Kernel	Lower / higher is
Annual fund charge	1.23%	0.25%	Lower is better
Risk indicator (1–7)	4	5	Higher = more volatility
5-year return p.a.	1.76%	—	Higher is better (past not future)
Fund size	NZ$5m	NZ$863k	Larger = more stable, lower close-risk
Growth / income split	23% / 77%	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 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.

Sources:Harbour on Sorted Kernel on Sorted

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.

0 overlapping top-10 holdings. The two funds disclose disjoint top-10 sets — useful diversification signal if you held both.

What each fund says it does

Harbour

Harbour Long Short Fund

The Fund is an actively managed, high conviction portfolio investing principally in long and short listed Australasian equities. The focus is on delivering positive returns through the market cycle by investing in long and short sold equity positions with no particular attention to an equity benchmark. The Fund is expected to have lower volatility than equity benchmarks. We can actively allocate investments between Australasian listed equities, fixed interest and cash. The Fund may also use derivatives to hedge currency and equity risk.

Full Harbour Harbour Long Short Fund profile →

Kernel

Kernel NZ Small & Mid Cap Opportunities Fund

The fund is passively managed and invests in NZX listed financial products whose normal free-float market capitalisation is between $75 million and $1.25 billion and who are outside of the S&P/NZX 20 Index

Full Kernel Kernel NZ Small & Mid Cap Opportunities Fund profile →

Documents

Crawled directly from each manager's website. How we record provenance →

Harbour

Live

Last verified 2026-05-08

Kernel

Not yet crawled. View fund page for FMA Disclose link.

Common questions

What's the difference between the Harbour Long Short Fund and the Kernel NZ Small & Mid Cap Opportunities Fund?

Both are australasian equities funds available to NZ retail investors. Kernel NZ Small & Mid Cap Opportunities Fund charges 0.98% lower in annual fund charges (0.25% vs 1.23%).

Which fund has lower fees, Harbour Long Short Fund or Kernel NZ Small & Mid Cap Opportunities Fund?

Kernel NZ Small & Mid Cap Opportunities Fund has the lower annual fund charge (0.25% p.a. vs 1.23% p.a.). Source: each fund's most recent Quarterly Fund Update on the FMA Disclose register.

Are both funds PIE-taxed in NZ?

Yes. Both are NZ Portfolio Investment Entities (PIEs). Investor tax on the fund's income is capped at the Prescribed Investor Rate (PIR), maximum 28%.

Where can I read the official documents for these funds?

Both funds publish their Product Disclosure Statement (PDS), Statement of Investment Policy (SIPO) and Quarterly Fund Update (QFU) on the FMA Disclose register at disclose-register.companiesoffice.govt.nz. Always read the current PDS before investing.

Not sure which fund is right for you?

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Important: This comparison is general information only — not personalised financial advice. Past performance is not a reliable indicator of future returns. The right fund for you depends on your personal circumstances. Read each fund's Product Disclosure Statement and consider speaking to a licensed financial adviser.