Fund-vs-fund · Other
Kernel Global Infrastructure (NZD Hedged) Fund vs Mercer Global Listed Infrastructure Fund
Both are Other 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 data availability: Kernel's Global Infrastructure (NZD Hedged) Fund discloses no fee, risk indicator, fund size, five-year return, or portfolio holdings in this snapshot, making a quantitative side-by-side comparison impossible on most dimensions. Mercer's Global Listed Infrastructure Fund, by contrast, provides a reasonably complete disclosure picture.
On the Mercer side, the annual fund charge is 1.34%, and the fund carries a risk indicator of 5 out of 7, placing it in the medium-to-higher risk band. Its five-year return to the latest QFU stands at 8.36% per annum, and it holds approximately NZD 83.75 million in assets. Growth assets make up 98.31% of the portfolio, signalling an almost entirely growth-oriented allocation consistent with listed infrastructure equity exposure. The five largest disclosed holdings are Nextera Energy Inc (5.21%), Essential Utilities (4.70%), Sempra Energy (4.67%), Enbridge Inc (4.55%), and American Electric Power Company Inc (4.46%), all US-listed utilities and energy infrastructure companies.
Both funds sit in the "Other" category on FMA Disclose. The Kernel fund's NZD-hedged structure signals active currency management relative to its global infrastructure benchmark, but because fee, size, risk indicator, and return data are absent from our snapshot, investors cannot assess cost or historical performance comparisons at this time.
Always verify all details 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
- 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 8 other funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Kernel
—
—
Mercer
1.34%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Kernel
—
—
Mercer
8.36%
Top 25% over 5 years
Fund size
Larger = more stable, lower close-risk
Kernel
—
—
Mercer
NZ$84m
Lower half by size
| Metric | Kernel | Mercer | Lower / higher is |
|---|---|---|---|
| Annual fund charge | — | 1.34% | Lower is better |
| Risk indicator (1–7) | — | 5 | Higher = more volatility |
| 5-year return p.a. | — | 8.36% | Higher is better (past not future) |
| Fund size | — | NZ$84m | Larger = more stable, lower close-risk |
| Growth / income split | — | 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 to NZD | — | 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. |
What each fund says it does
Kernel
Kernel Global Infrastructure (NZD Hedged) Fund
Strategy summary not yet ingested.
Full Kernel Kernel Global Infrastructure (NZD Hedged) Fund profile →Mercer
Mercer Global Listed Infrastructure Fund
The fund invests in infrastructure securities in both developed and emerging markets across a range of sectors. This provides access to a range of infrastructure sectors across geographic regions, with active portfolio management that seeks to target excess returns and predictable, stable cash flows. Environmental, Social and Governance characteristics are integrated into the investment process. The fund aims to provide total returns (income and capital growth) after costs and before tax, above the FTSE Developed Core Infrastructure 50/50 Index (100% hedged to theFull Mercer Mercer Global Listed Infrastructure Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Kernel
Common questions
What's the difference between the Kernel Global Infrastructure (NZD Hedged) Fund and the Mercer Global Listed Infrastructure Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
