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: Simplicity NZ Cash Fund sits at 2 on the 1–7 scale, while Kernel Cash Plus Fund sits at 1, the lowest possible. This reflects a difference in the volatility and credit profile of their underlying holdings, not merely labelling. Both funds report identical growth asset allocations of 0.07%, so the divergence in risk rating stems from the income-side composition. Simplicity's portfolio leans heavily on floating-rate notes from New Zealand banks and Housing NZ bonds, whereas Kernel's largest single position is a Bank of China deposit at nearly 15%, alongside Kiwibank FRNs, Auckland Council paper, and short-dated commercial paper including an SBS Commercial Paper line and a Tax Traders instrument — counterparty types not present in Simplicity's disclosed top five.
On fees, Simplicity charges 0.12% per annum against Kernel's 0.25%, a meaningful difference in a low-return category where basis points matter. Kernel's fund is roughly twice the size at approximately NZD 209 million versus Simplicity's NZD 92 million. Neither fund discloses a five-year return figure in this snapshot, so no long-run performance comparison is possible from this data alone.
Both funds sit outside KiwiSaver scheme account structures and are standalone managed funds. Five-year return data is absent for both sides in the current quarterly fund update snapshot.
Verify all figures against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before making any investment decision.
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
- 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?
