Fund-vs-fund · Other
Kernel Global Infrastructure Fund vs Russell Investments 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 structural 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 meaningfully over time regardless of which fund performs better in any given period.
Both funds sit at risk indicator 5 on the standard 1–7 scale and carry an identical growth assets allocation of 98.31%, making their risk profiles and asset-class positioning essentially equivalent on those measures. Fund size diverges notably: Kernel's fund holds approximately NZD 509.7 million versus Russell's NZD 153.4 million, reflecting a difference in scale that may affect liquidity and operational costs. Neither fund discloses a five-year return figure in this snapshot, so historical performance comparison is not possible here.
Portfolio construction differs in character. Kernel's five largest disclosed holdings are all listed infrastructure equities — Enbridge, Williams Companies, National Grid, American Tower, and Vinci. Russell's top-five includes cash at bank (BNZ) at 7.38% as its largest single line, followed by infrastructure equities including NextEra Energy, Transurban, Aena, and Sempra, suggesting a meaningfully different liquidity management approach. The two funds share no holdings in common across their disclosed top fives, pointing to distinct index or manager selection methodologies.
Both are categorised as "Other" managed funds, not KiwiSaver scheme accounts. Readers should verify all figures against the source PDS and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
Cached comparison generated 2026-05-21 from each fund's latest FMA Disclose QFU. Regenerated when the underlying facts change.
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 | InvestNow | 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.
Matching holdings
2
of each fund's top 10
Kernel weight in shared
6.7%
of Kernel Global Infrastructure Fund top 10 is shared
Russell Investments weight in shared
6.1%
of Russell Investments Global Listed Infrastructure Fund top 10 is shared
| Holding | Kernel | Russell Investments |
|---|---|---|
| CE Cheniere Energy Inc US | 3.49% | 3.13% |
| ON ONEOK Inc US | 3.25% | 2.93% |
"Min weight" = the smaller of the two weights — a conservative read of how much exposure you'd have to that position if you held both funds.
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?
