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.
Why these two differ
The most material structural difference between these two funds is their underlying exposure and concentration profile. The Kernel Emerging Markets Fund holds essentially a single position — the SPDR Portfolio Emerging Markets ETF at approximately 100% of assets — giving investors broad, diversified access to emerging market equities across many countries and sectors through one ETF wrapper. The Kernel S&P Global Clean Energy Fund, by contrast, holds individual securities concentrated in the clean energy sector, with its five largest disclosed positions (Nextracker, Bloom Energy, First Solar, Iberdrola, and GE Vernova) collectively accounting for around 34.7% of the fund, reflecting meaningfully higher single-stock and sector concentration.
This structural difference is reflected in the risk indicators: the Emerging Markets Fund sits at 5 on the standard 1–7 scale, while the Clean Energy Fund is rated 6, indicating higher expected volatility. Both funds are managed by Kernel, share the same annual fund charge of 0.45%, and carry an identical growth assets allocation of 98.37%. The Emerging Markets Fund is approximately twice the size at roughly NZD 4.4 million versus NZD 2.2 million for the Clean Energy Fund — both remain small funds by industry standards. Five-year return data is not available for either fund in this snapshot, so historical performance cannot be compared. Both funds are referenced under the same PDS document dated August 2025.
Always verify current fees, returns, and holdings against each fund's 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
- 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 81 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 2% in cohort
Kernel
NZ$2m
Smallest 1% 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.
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?
Which fund has lower fees, Kernel Emerging Markets Fund or Kernel S&P Global Clean Energy Fund?
Are both funds PIE-taxed in NZ?
Does either fund apply responsible-investment screening?
Where can I read the official documents for these funds?
