Fund-vs-fund · International Equities
Harbour T. Rowe Price Global Equity Fund (Hedged) vs Kernel S&P Global 100 (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
The most material structural difference between these two funds is investment approach and its direct consequence for cost. The Harbour T. Rowe Price Global Equity Fund (Hedged) is an actively managed strategy sub-advised by T. Rowe Price, carrying an annual fund charge of 1.24%. The Kernel S&P Global 100 (NZD Hedged) Fund is a passive index fund tracking the S&P Global 100, with an annual fund charge of 0.25% — a gap of 0.99 percentage points annually. Over time, that fee difference compounds materially against gross returns.
Both funds sit in the International Equities category, share an identical risk indicator of 5 (on a 1–7 scale), and hold an almost identical growth assets allocation of 98.31%. Fund sizes are comparable: Harbour at approximately NZD $221.3 million and Kernel at approximately NZD $229.9 million. Neither fund discloses a five-year return figure in our snapshot, so historical performance comparisons are not currently available here.
The active versus passive distinction is visible in portfolio concentration. Kernel's index mandate delivers heavier weights to the largest global mega-caps — NVIDIA at 12.49%, Apple at 10.98%, Microsoft at 8.10%. Harbour's active manager holds the same names but at lower individual weights (NVIDIA 5.93%, Apple 4.16%, Microsoft 2.99%), with US Dollar currency positions appearing as a disclosed holding, reflecting active positioning choices. Both funds apply NZD hedging.
Five-year return data is absent for both funds in this snapshot. Verify all figures against each fund's current PDS 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
- Kernel S&P Global 100 (NZD Hedged) Fund charges 0.99% lower in annual fund charges (0.25% vs 1.24%).
- 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
1.24%
Highest 19% of cohort
Kernel
0.25%
Lowest 15% of cohort
5-year return p.a.
Past performance — not a predictor
Harbour
—
—
Kernel
—
—
Fund size
Larger = more stable, lower close-risk
Harbour
NZ$221m
Upper half by size
Kernel
NZ$230m
Upper half by size
| Metric | Harbour | Kernel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.24% | 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$221m | NZ$230m | 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 | 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. |
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.
Matching holdings
4
of each fund's top 10
Harbour weight in shared
11.8%
of Harbour T. Rowe Price Global Equity Fund (Hedged) top 10 is shared
Kernel weight in shared
29.4%
of Kernel S&P Global 100 (NZD Hedged) Fund top 10 is shared
| Holding | Harbour | Kernel |
|---|---|---|
 Apple US | 4.16% | 10.98% |
 Microsoft US | 2.99% | 8.10% |
 Broadcom US | 2.44% | 4.33% |
 Amazon.Com US | 2.23% | 6.00% |
"Min weight" = the smaller of the two weights — a conservative read of how much exposure you'd have to that position if you held both funds.
What each fund says it does
Harbour
Harbour T. Rowe Price Global Equity Fund (Hedged)
The Fund s objective is to provide long-term capital appreciation by investing primarily in a portfolio of securities of companies which are traded, listed or due to be listed, on recognized exchanges and/or markets throughout the world. The portfolio may include investments in the securities of companies traded, listed or due to be listed, on recognized exchanges and/or markets of developing countries.Full Harbour Harbour T. Rowe Price Global Equity Fund (Hedged) profile →
Kernel
Kernel S&P Global 100 (NZD Hedged) Fund
The Kernel S&P Global 100 (NZD Hedged) Fund invests in globally listed multi-national, blue chip companies and is designed to track the S&P Global 100 ex-Controversial Weapons (custom) (NZD Hedged) Index.Full Kernel Kernel S&P Global 100 (NZD Hedged) 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 T. Rowe Price Global Equity Fund (Hedged) and the Kernel S&P Global 100 (NZD Hedged) Fund?
Which fund has lower fees, Harbour T. Rowe Price Global Equity Fund (Hedged) or Kernel S&P Global 100 (NZD Hedged) Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
