Fund-vs-fund · International Equities
Kernel Emerging Markets Fund vs Kernel S&P Global Clean Energy Fund
Both are International Equities 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.
What's different at a glance
- Annual fund charges are within 0.05% of each other (0.45% vs 0.45%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Kernel S&P Global Clean Energy Fund applies responsible-investment / ESG screening. The other fund does not.
- Kernel Emerging Markets Fund is roughly 2.0× the size of the other fund.
Where each fund sits in its cohort
Percentile rank vs all 82 international equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Kernel
0.45%
Lower half of cohort
Kernel
0.45%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Kernel
—
—
Kernel
—
—
Fund size
Larger = more stable, lower close-risk
Kernel
NZ$4m
Smallest 3% in cohort
Kernel
NZ$2m
Smallest 2% in cohort
| Metric | Kernel | Kernel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.45% | 0.45% | Lower is better |
| Risk indicator (1–7) | 5 | 6 | Higher = more volatility |
| 5-year return p.a. | — | — | Higher is better (past not future) |
| Fund size | NZ$4m | NZ$2m | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 98% / 2% | 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 | Yes | 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.
0 overlapping top-10 holdings. The two funds disclose disjoint top-10 sets — useful diversification signal if you held both.
What each fund says it does
Kernel
Kernel Emerging Markets Fund
The Kernel Emerging Markets Fund�s investment objective is to provide a return (before tax, fees and expenses) that closely matches the return on the S&P Emerging Markets BMI (NZD) IndexFull Kernel Kernel Emerging Markets Fund profile →
Kernel
Kernel S&P Global Clean Energy Fund
The Kernel S&P Global Clean Energy Fund tracks the�S&P Developed Ex-Korea Clean Energy Index.�This fund invests in companies from developed markets with significant or total clean Energy exposure and low carbon-to-revenue footprints according to independent Assessors TrucostFull Kernel Kernel S&P Global Clean Energy Fund profile →
Common questions
What's the difference between the Kernel Emerging Markets Fund and the Kernel S&P Global Clean Energy Fund?
Both are international equities funds available to NZ retail investors. Annual fund charges are within 0.05% of each other (0.45% vs 0.45%).
Which fund has lower fees, Kernel Emerging Markets Fund or Kernel S&P Global Clean Energy Fund?
Kernel S&P Global Clean Energy Fund has the lower annual fund charge (0.45% p.a. vs 0.45% p.a.). Source: each fund's most recent Quarterly Fund Update on the FMA Disclose register.
Are both funds PIE-taxed in NZ?
Yes. Both are NZ Portfolio Investment Entities (PIEs). Investor tax on the fund's income is capped at the Prescribed Investor Rate (PIR), maximum 28%.
Does either fund apply responsible-investment screening?
Yes — Kernel S&P Global Clean Energy Fund applies responsible-investment / ESG screening. Kernel Emerging Markets Fund does not. Specific exclusions and engagement policies are documented in each fund's Statement of Investment Policy and Objectives (SIPO).
Where can I read the official documents for these funds?
Both funds publish their Product Disclosure Statement (PDS), Statement of Investment Policy (SIPO) and Quarterly Fund Update (QFU) on the FMA Disclose register at disclose-register.companiesoffice.govt.nz. Always read the current PDS before investing.
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Important: This comparison is general information only — not personalised financial advice.
Past performance is not a reliable indicator of future returns. The right fund for you depends on your personal
circumstances. Read each fund's Product Disclosure Statement and consider speaking to a licensed financial adviser.