Fund-vs-fund · Australasian Equities
Hyperion Australian Growth Companies PIE Fund vs Kernel Australia 100 Fund
Both are Australasian 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 their investment philosophy: the Hyperion Australian Growth Companies PIE Fund is an actively managed, high-conviction portfolio, while the Kernel Australia 100 Fund is a passive index-tracking vehicle, and this distinction drives most of the other contrasts between them.
That philosophical divide is most visible in fees. Hyperion charges an annual fund charge of 0.98%, nearly four times Kernel's 0.25%. On a fund of roughly NZ$54 million, that gap compounds meaningfully over time. Risk indicators also differ: Hyperion sits at 6 on the standard 1–7 scale, Kernel at 5, reflecting Hyperion's greater expected volatility consistent with concentrated active stock selection. Both funds allocate approximately 98.31% to growth assets, so the overall asset-class exposure is near-identical despite the contrasting construction methods.
Portfolio concentration tells the story clearly. Hyperion's five largest holdings span sectors — resources (BHP at 10.05%), healthcare (Fisher & Paykel at 9.30%), pharmaceuticals (Sigma at 8.89%), fintech (Block at 8.73%), and financial services (Macquarie at 7.59%) — reflecting deliberate stock picking. Kernel's top five are dominated by Australian banks, mirroring the large-cap composition of the index it tracks. Fund sizes are similar: NZ$54.7 million (Hyperion) versus NZ$53.4 million (Kernel). Neither fund discloses a five-year return figure in this snapshot, so return comparisons cannot be made from available data.
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.
Cached comparison generated 2026-05-21 from each fund's latest FMA Disclose QFU. Regenerated when the underlying facts change.
What's different at a glance
- Kernel Australia 100 Fund charges 0.73% lower in annual fund charges (0.25% vs 0.98%).
- 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 58 australasian equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Hyperion
0.98%
Lower half of cohort
Kernel
0.25%
Lowest 10% of cohort
5-year return p.a.
Past performance — not a predictor
Hyperion
—
—
Kernel
—
—
Fund size
Larger = more stable, lower close-risk
Hyperion
NZ$55m
Lower half by size
Kernel
NZ$53m
Lower half by size
| Metric | Hyperion | Kernel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.98% | 0.25% | Lower is better |
| Risk indicator (1–7) | 6 | 5 | Higher = more volatility |
| 5-year return p.a. | — | — | Higher is better (past not future) |
| Fund size | NZ$55m | NZ$53m | 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 smooths NZD/foreign FX moves at a small cost. |
| Responsible investment screening | No | No | Specific exclusions live in each fund's SIPO. |
| Available via | InvestNow · 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
1
of each fund's top 10
Hyperion weight in shared
7.6%
of Hyperion Australian Growth Companies PIE Fund top 10 is shared
Kernel weight in shared
3.0%
of Kernel Australia 100 Fund top 10 is shared
| Holding | Hyperion | Kernel |
|---|---|---|
 Macquarie Group Ltd AU | 7.59% | 3.03% |
"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
Hyperion
Hyperion Australian Growth Companies PIE Fund
The Fund invests primarily in growth-oriented Australian listed companies included in the S&P/ASX 300 Index at the time of initial investment and will also have some exposure to cash.Full Hyperion Hyperion Australian Growth Companies PIE Fund profile →
Kernel
Kernel Australia 100 Fund
The Kernel Australia 100 Fund�s investment objective is to provide a return (before tax, fees and expenses) that closely matches the return on the S&P/ASX 100 Index.Full Kernel Kernel Australia 100 Fund profile →
Common questions
What's the difference between the Hyperion Australian Growth Companies PIE Fund and the Kernel Australia 100 Fund?
Which fund has lower fees, Hyperion Australian Growth Companies PIE Fund or Kernel Australia 100 Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
