Fund-vs-fund · Cash
Kernel Cash Plus Fund vs Simplicity NZ Cash Fund
Both are Cash 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 risk indicator rating despite sharing the same "Cash" category classification. The Kernel Cash Plus Fund carries a risk indicator of 1 — the lowest on the FMA's seven-point scale — while the Simplicity NZ Cash Fund sits at risk indicator 2. This divergence is worth examining alongside each fund's composition: Simplicity holds 0.07% in growth assets versus Kernel's 0.31%, yet Simplicity receives the higher risk rating, likely reflecting the duration or credit profile of its fixed-income holdings rather than equity exposure alone.
On fees, Simplicity charges an annual fund charge of 0.12%, compared with Kernel's 0.25% — more than double. Fund size also differs substantially: Simplicity's fund holds approximately NZD 91.5 million in assets versus Kernel's roughly NZD 13.3 million, a nearly sevenfold difference that may carry implications for liquidity and operational scale.
Portfolio construction diverges in counterparty concentration. Simplicity's top holdings are dominated by New Zealand bank floating-rate notes and a Housing NZ bond. Kernel's largest single position is a Bank of China deposit at 14.95%, followed by a Kiwibank FRN; it also holds Auckland Council debt, SBS commercial paper, and a Tax Traders instrument — a notably different issuer mix. Neither fund discloses a five-year return figure in this snapshot, so historical performance comparison is not possible here.
Always verify current fees, holdings, and risk ratings against each fund's Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on any figures above.
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
- Simplicity NZ Cash Fund charges 0.13% lower in annual fund charges (0.12% vs 0.25%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Simplicity NZ Cash Fund is roughly 6.9× the size of the other fund.
Where each fund sits in its cohort
Percentile rank vs all 5 cash 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%
Lower half of cohort
Simplicity
0.12%
Lowest 10% of cohort
5-year return p.a.
Past performance — not a predictor
Kernel
—
—
Simplicity
—
—
Fund size
Larger = more stable, lower close-risk
Kernel
NZ$13m
Upper half by size
Simplicity
NZ$92m
Upper half by size
| Metric | Kernel | Simplicity | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.25% | 0.12% | Lower is better |
| Risk indicator (1–7) | 1 | 2 | Higher = more volatility |
| 5-year return p.a. | — | — | Higher is better (past not future) |
| Fund size | NZ$13m | NZ$92m | Larger = more stable, lower close-risk |
| Growth / income split | 0% / 100% | 0% / 100% | 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 Cash Plus Fund
The fund is is designed to invest in short-term New Zealand interest-bearing assets and other cash and cash equivalent investments.Full Kernel Kernel Cash Plus Fund profile →
Simplicity
Simplicity NZ Cash Fund
The NZ Cash Fund provides investors with exposure to debt securities.Full Simplicity Simplicity NZ Cash Fund profile →
Common questions
What's the difference between the Kernel Cash Plus Fund and the Simplicity NZ Cash Fund?
Which fund has lower fees, Kernel Cash Plus Fund or Simplicity NZ Cash Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
