Fund-vs-fund · Other
Kernel Global Infrastructure FundvsRussell Investments Global Listed Infrastructure Fund
Kernel Global Infrastructure Fund (fund size NZ$509.7 million, annual fund charge 0.25%) and Russell Investments Global Listed Infrastructure Fund (fund size NZ$167.6 million, annual fund charge 1.08%) are both 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 16.25% and 17.19%, per their quarterly fund updates filed on FMA Disclose.
How much do these two overlap?
They hold 5 of the same securities. If you held both, roughly 0.4% 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 | Russell Investments | Min weight |
|---|---|---|---|
| ATMOS ENERGY CORP | 1.75% | 0.17% | 0.17% |
| Vinci | 4.40% | 0.10% | 0.10% |
| ITALGAS | 0.42% | 0.10% | 0.10% |
| south bow | 0.41% | 0.04% | 0.04% |
| TERNA SPA | 0.95% | 0.03% | 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.
Where you can buy these
Platform availability confirmed within the last 180 days. This is a statement of availability, not a recommendation — ManagedFundsNZ is not a Financial Advice Provider. Check the current PDS before investing.
Kernel Global Infrastructure Fund
No platform availability confirmed. Usually means it is bought directly from the manager — check their site.
Russell Investments Global Listed Infrastructure Fund
Why these two differ
The most material difference between these two funds is cost. Kernel Global Infrastructure Fund charges an annual fund charge of 0.25%, while Russell Investments Global Listed Infrastructure Fund charges 1.08% — a gap of 0.83 percentage points that compounds significantly over time on any given balance. On a NZD 100,000 investment, that difference equates to roughly NZD 830 per year before any performance variation is considered.
Both funds carry a risk indicator of 5 (on a scale of 1 to 7) and hold an identical 98.31% in growth assets, placing them in comparable risk territory. Fund size differs notably: Kernel's fund holds approximately NZD 510 million versus Russell's NZD 168 million, though fund size alone does not determine investor outcomes.
Portfolio construction diverges despite the shared infrastructure mandate. Kernel's largest position is Enbridge Inc (7.00%), with further weight in Williams Companies, National Grid, American Tower, and Vinci — a mix of pipelines, utilities, towers, and construction. Russell's top holdings include NextEra Energy, Transurban, Aena, Cheniere Energy, and Targa Resources, reflecting a tilt toward renewables-adjacent utilities, toll roads, and airports. Neither fund discloses a five-year return figure in the current snapshot, so historical performance comparison is not possible here.
Russell's PDS references sustainable global shares funds in its document title, which may indicate an ESG or sustainability overlay, though the nature and extent of any such screen should be verified in the source document.
Verify all figures 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
- Kernel Global Infrastructure Fund charges 0.83% lower in annual fund charges (0.25% vs 1.08%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Kernel Global Infrastructure Fund is roughly 3.0× the size of the other fund.
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
0.25%
Lowest 6% of cohort
Russell Investments
1.08%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Kernel
—
—
Russell Investments
—
—
Fund size
Larger = more stable, lower close-risk
Kernel
NZ$510m
Largest 6% in cohort
Russell Investments
NZ$168m
Upper half by size
| Metric | Kernel | Russell Investments | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.25% | 1.08% | 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$510m | NZ$168m | 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 | 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 Fund
The Kernel Global Infrastructure Fund invests in globally listed pure-play infrastructure companies and is designed to track the Dow Jones Brookfield Global Infrastructure Index (NZD)Full Kernel Kernel Global Infrastructure Fund profile →
Russell Investments
Russell Investments Global Listed Infrastructure Fund
The Fund invests predominantly in infrastructure and infrastructure related securities that are listed, or expected to be listed, within the next six months, on stock exchanges in developed and emerging markets. The Fund employs certain investment exclusions, please refer to the SIPO for further details. The Fund also seeks to invest in corporations which follow good governance practices. Foreign currency exposures are largely hedged back to New Zealand dollars. Derivatives may be used to obtain or reduce exposure to securities and markets, implement investment stFull Russell Investments Russell Investments Global Listed Infrastructure Fund profile →
Common questions
What's the difference between the Kernel Global Infrastructure Fund and the Russell Investments Global Listed Infrastructure Fund?
Which fund has lower fees, Kernel Global Infrastructure Fund or Russell Investments Global Listed Infrastructure Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
