Fund-vs-fund · Cash
Kernel Cash Plus Fund vs Summer New Zealand Cash
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 difference between these two funds is the annual fund charge: Kernel Cash Plus Fund discloses a fee of 0.25% per annum, whereas Summer New Zealand Cash charges 0.62% — a gap of 0.37 percentage points that compounds directly against net returns in a low-yield category where basis points matter most. Both funds carry a risk indicator of 1 (the lowest on the FMA's seven-point scale) and report identical income-versus-growth asset splits of 99.69% income to 0.31% growth assets, placing them at the same point on the risk spectrum.
On five-year returns, Summer New Zealand Cash discloses 2.41% per annum; the Kernel Cash Plus Fund's five-year return figure is not available in this snapshot, likely reflecting the fund's shorter operating history. Fund size also differs materially: Kernel Cash Plus Fund holds approximately NZD 13.3 million under management versus Summer's approximately NZD 4.9 million, though neither figure alone is a performance indicator.
Portfolio construction is broadly similar — both hold Bank of China deposits or call accounts and Kiwibank floating-rate instruments among their largest positions — but Kernel's largest single holding, a Bank of China deposit at 14.95%, is notably more concentrated than Summer's largest position of 5.06% in NZ Government bonds, suggesting different approaches to counterparty and liquidity management within the same category.
Both funds sit within KiwiSaver scheme accounts and are governed by their respective scheme PIE structures. 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.
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 Cash Plus Fund charges 0.37% lower in annual fund charges (0.25% vs 0.62%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Kernel Cash Plus Fund is roughly 2.7× 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
Summer
0.62%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Kernel
—
—
Summer
2.41%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Kernel
NZ$13m
Upper half by size
Summer
NZ$5m
Lower half by size
| Metric | Kernel | Summer | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.25% | 0.62% | Lower is better |
| Risk indicator (1–7) | 1 | 1 | Higher = more volatility |
| 5-year return p.a. | — | 2.41% | Higher is better (past not future) |
| Fund size | NZ$13m | NZ$5m | 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.
Matching holdings
1
of each fund's top 10
Kernel weight in shared
2.4%
of Kernel Cash Plus Fund top 10 is shared
Summer weight in shared
4.2%
of Summer New Zealand Cash top 10 is shared
| Holding | Kernel | Summer |
|---|---|---|
 Kiwibank Ltd FRN 13/06/2028 NZ | 2.40% | 4.20% |
"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
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 →
Summer
Summer New Zealand Cash
The Summer New Zealand Cash fund invests in cash, cash equivalents and short-term New Zealand debt security assets. We aim to provide returns (before fees, taxes and other expenses) above the Official Cash Rate (OCR) over a rolling 12 month period.Full Summer Summer New Zealand Cash profile →
Common questions
What's the difference between the Kernel Cash Plus Fund and the Summer New Zealand Cash?
Which fund has lower fees, Kernel Cash Plus Fund or Summer New Zealand Cash?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
