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 structural difference between these two funds is fee level and scale. Kernel Cash Plus Fund charges 0.25% per annum against Summer New Zealand Cash's 0.62% — a 0.37 percentage point gap that is meaningful in a cash category where gross returns are modest. Kernel's fund also holds considerably more assets at approximately NZD 209 million compared with Summer's approximately NZD 4.9 million, a scale difference that may affect liquidity management and negotiating leverage on deposit rates, though neither fund's QFU quantifies that impact directly.
Both funds carry a risk indicator of 1 — the lowest point on the FMA's seven-point scale — and both sit in the Cash category. Growth asset allocations are minimal but not identical: Kernel discloses 0.07% in growth assets; Summer discloses 0.31%. Summer reports a five-year return of 2.41% per annum; Kernel's five-year return is not disclosed in this snapshot, likely reflecting the fund's shorter operating history.
Portfolio construction differs in concentration. Kernel's largest single holding — a Bank of China deposit — represents nearly 15% of the fund, while Summer's top holding, a New Zealand Government bond maturing May 2028, accounts for just over 5%, with positions spread more evenly across the top five. Both funds hold floating-rate notes from Kiwibank and exposure to Bank of China, suggesting some overlap in the underlying opportunity set.
Readers should verify all figures against the source PDS and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
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
- 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?
