Fund-vs-fund · Diversified
Kernel Balanced FundvsMint Diversified Growth Fund
Both are Diversified 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.
How much do these two overlap?
They hold 61 of the same securities. If you held both, roughly 17.5% of your money would be in the same companies — so the diversification you get from holding the pair is smaller than holding two funds suggests.
| Shared holding | Kernel Balanced | Mint Diversified | Min weight |
|---|---|---|---|
| Nvidia | 2.69% | 2.22% | 2.22% |
| Fisher & Paykel Healthcare | 1.76% | 2.47% | 1.76% |
| Microsoft | 1.74% | 1.92% | 1.74% |
| Infratil | 1.30% | 1.76% | 1.30% |
| Amazon.com | 1.29% | 1.88% | 1.29% |
| Auckland International Airport | 1.54% | 1.19% | 1.19% |
| Apple | 2.36% | 1.07% | 1.07% |
| Broadcom | 0.93% | 1.50% | 0.93% |
| Contact Energy | 0.98% | 0.84% | 0.84% |
| Meridian Energy | 0.80% | 1.06% | 0.80% |
Min weight is the smaller of the two weightings — if you hold both funds, that is the floor of your exposure to that position. Direct holdings only: anything either fund holds through an underlying fund or ETF is not counted, so the real overlap can only be higher. From each fund's FMA Disclose full portfolio filing.
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.
Kernel Balanced Fund
No platform availability confirmed. Usually means it is bought directly from the manager — check their site.
Mint Diversified Growth Fund
What's different at a glance
- Kernel Balanced Fund charges 0.96% lower in annual fund charges (0.25% vs 1.21%).
- 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 68 diversified funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Kernel
0.25%
Lowest 6% of cohort
Mint
1.21%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Kernel
—
—
Mint
2.43%
Lower half over 5 years
Fund size
Larger = more stable, lower close-risk
Kernel
NZ$45m
Lower half by size
Mint
NZ$46m
Lower half by size
| Metric | Kernel | Mint | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.25% | 1.21% | Lower is better |
| Risk indicator (1–7) | 4 | 5 | Higher = more volatility |
| 5-year return p.a. | — | 2.43% | Higher is better (past not future) |
| Fund size | NZ$45m | NZ$46m | Larger = more stable, lower close-risk |
| Growth / income split | 54% / 46% | 78% / 22% | 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. |
What each fund says it does
Kernel
Kernel Balanced Fund
The fund is designed to provide investors with a diversified exposure to both income and growth assets by investing in domestic and global listed financial products.Full Kernel Kernel Balanced Fund profile →
Mint
Mint Diversified Growth Fund
The Fund invests across a range of asset types which includes New Zealand and international equities (including listed property if held), but will also hold cash and fixed interest. The objective of the Fund is to deliver returns in excess of the Consumers Price Index (CPI) by 4.5% per annum, before fees, over the medium to long term. The relevant market index for the Fund is a composite index derived from the underlying asset classes of the Fund.Full Mint Mint Diversified Growth Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Kernel
Mint
LiveLast verified 2026-05-08
Common questions
What's the difference between the Kernel Balanced Fund and the Mint Diversified Growth Fund?
Which fund has lower fees, Kernel Balanced Fund or Mint Diversified Growth Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
