Fund-vs-fund · International Equities
Kernel Global ESG FundvsStewart Investors Worldwide Leaders Fund
Kernel Global ESG Fund (fund size NZ$13.4 million, annual fund charge 0.25%) and Stewart Investors Worldwide Leaders Fund (fund size NZ$12.3 million, annual fund charge 0.61%) are both international equities managed funds, as shown on Sorted Smart Investor on 22 May 2026; for the year to 31 March 2026 their 1-year returns after fees and tax were 14.23% and 10.27%, per their quarterly fund updates filed on FMA Disclose.
How much do these two overlap?
They hold 11 of the same securities. If you held both, roughly 1.0% of your money would be in the same companies — so the diversification you get from holding the pair is smaller than holding two funds suggests.
| Shared holding | Kernel Global | Stewart Investors | Min weight |
|---|---|---|---|
| Texas Instruments | 0.22% | 3.00% | 0.22% |
| Arista Networks | 0.14% | 2.65% | 0.14% |
| CINTAS CORP | 0.13% | 1.74% | 0.13% |
| DEUTSCHE POST AG | 0.13% | 1.26% | 0.13% |
| Synopsys | 0.09% | 2.59% | 0.09% |
| Fortinet | 0.09% | 3.95% | 0.09% |
| Old Dominion Freight Line | 0.08% | 1.22% | 0.08% |
| Wabtec | 0.07% | 1.77% | 0.07% |
| Roper Technologies | 0.04% | 1.73% | 0.04% |
| NVR INC | 0.03% | 2.06% | 0.03% |
Min weight is the smaller of the two weightings — if you hold both funds, that is the floor of your exposure to that position. Direct holdings only: anything either fund holds through an underlying fund or ETF is not counted, so the real overlap can only be higher. From each fund's FMA Disclose full portfolio filing.
Why these two differ
The most material structural difference between these two funds is the annual fund charge: the Kernel Global ESG Fund discloses a fee of 0.25% per annum, while the Stewart Investors Worldwide Leaders Fund charges 0.61% — a gap of 36 basis points that compounds meaningfully over time on any investment balance. Both funds sit in the International Equities category, carry a risk indicator of 5 out of 7, and allocate roughly 98% of assets to growth assets (98.37% and 98.31% respectively), so the headline risk and growth-income split is closely matched. Neither fund discloses a five-year return figure in the data available for this snapshot, meaning performance history cannot be compared here.
Where the funds diverge most visibly beyond fees is investment philosophy, reflected in their top holdings. Kernel's portfolio is dominated by large-cap US technology names — Nvidia, Microsoft, Apple, Alphabet, and Amazon together represent nearly 20% of the fund — consistent with a broad market-cap-weighted ESG index approach. Stewart Investors holds Samsung, Singapore Telecommunications, Watsco, Biomerieux, and a 4.67% cash position at BNZ as its top exposures, suggesting a more actively selected, geographically diversified, and quality-growth-oriented mandate. Fund sizes are similar: approximately NZD 13.4 million (Kernel) and NZD 12.3 million (Stewart Investors). Both are available as KiwiSaver scheme accounts. Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on this summary.
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 Global ESG Fund charges 0.36% lower in annual fund charges (0.25% vs 0.61%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
Where each fund sits in its cohort
Percentile rank vs all 84 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
0.25%
Lowest 15% of cohort
Stewart Investors
0.61%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Kernel
—
—
Stewart Investors
—
—
Fund size
Larger = more stable, lower close-risk
Kernel
NZ$13m
Smallest 11% in cohort
Stewart Investors
NZ$12m
Smallest 9% in cohort
| Metric | Kernel | Stewart Investors | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.25% | 0.61% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | — | — | Higher is better (past not future) |
| Fund size | NZ$13m | NZ$12m | 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 | Yes | Yes | Specific exclusions live in each fund's SIPO. |
| Available via | Direct | Direct | Platforms accepting retail subscriptions. |
What each fund says it does
Kernel
Kernel Global ESG Fund
The Kernel Global ESG Fund�s investment objective is to provide a return (before tax, fees and expenses) that closely matches the return on the S&P World Net Zero 2050 Paris-Aligned ESG ex non-pharma Animal Testing (PAB Ex AT) (NZD) IndexFull Kernel Kernel Global ESG Fund profile →
Stewart Investors
Stewart Investors Worldwide Leaders Fund
Aims to achieve its investment objective by investing in a diversified portfolio of equity or equity-related securities of larger capitalisation companies which are listed in, traded, or dealt on any of the regulated markets worldwide. The Fund does not hedge currency risk.Full Stewart Investors Stewart Investors Worldwide Leaders Fund profile →
Common questions
What's the difference between the Kernel Global ESG Fund and the Stewart Investors Worldwide Leaders Fund?
Which fund has lower fees, Kernel Global ESG Fund or Stewart Investors Worldwide Leaders Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
