Fund-vs-fund · Diversified
Kernel Balanced Fund vs Mint Diversified Income 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.
Why these two differ
The most material structural difference between these two diversified funds is their asset allocation. The Kernel Balanced Fund holds 53.72% in growth assets, placing it firmly in balanced territory and earning a risk indicator of 4 out of 7. The Mint Diversified Income Fund holds just 23.37% in growth assets, reflecting a more defensive, income-oriented mandate, with a lower risk indicator of 3. Investors should be clear which posture they are seeking before comparing further.
Fee structures diverge sharply. Kernel charges an annual fund charge of 0.25%, while Mint charges 1.01% — a difference of 76 basis points that compounds materially over time, though fee comparisons should account for the differing risk profiles and strategies.
On performance, Mint discloses a five-year annualised return of 1.35%. Kernel's five-year return is not available in our snapshot, likely reflecting the fund's shorter track record; investors should check the latest Quarterly Fund Update on FMA Disclose for current figures.
Portfolio construction also differs. Mint's largest disclosed holding is an internal feeder fund (Mint Australasian Equity Fund at 15% weight), with direct bonds and cash making up the remainder of disclosed positions. Kernel's top holdings are index-tracking ETFs and direct securities — including a US aggregate bond ETF at 8.93% and emerging markets exposure — suggesting a passive, globally diversified approach. Both funds are of similar size, at approximately $41 million and $45 million respectively.
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 Balanced Fund charges 0.76% lower in annual fund charges (0.25% vs 1.01%).
- 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 67 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
1.01%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Kernel
—
—
Mint
1.35%
Bottom 13% over 5 years
Fund size
Larger = more stable, lower close-risk
Kernel
NZ$45m
Lower half by size
Mint
NZ$41m
Lower half by size
| Metric | Kernel | Mint | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.25% | 1.01% | Lower is better |
| Risk indicator (1–7) | 4 | 3 | Higher = more volatility |
| 5-year return p.a. | — | 1.35% | Higher is better (past not future) |
| Fund size | NZ$45m | NZ$41m | Larger = more stable, lower close-risk |
| Growth / income split | 54% / 46% | 23% / 77% | 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. |
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.
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 Income Fund
The Fund has a broad mandate which permits investments into New Zealand and international equities (including listed property if held), but will also hold cash and fixed-interest securities. The objective of the Fund is to deliver a total return (through a combination of income and capital growth) in excess of the Consumers Price Index (CPI) by 3% 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 that make up the Fund's Strategic Asset Allocation.Full Mint Mint Diversified Income 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 Income Fund?
Which fund has lower fees, Kernel Balanced Fund or Mint Diversified Income Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
