Fund-vs-fund · Other
Kernel Global Infrastructure Fund vs Squirrel Monthly Income 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 their underlying asset class and the risk that flows from it. The Kernel Global Infrastructure Fund allocates 98.31% to growth assets — listed global infrastructure equities such as Enbridge Inc (7%), National Grid PLC (4.94%), and American Tower Corp (4.62%) — and carries a risk indicator of 5 out of 7. The Squirrel Monthly Income Fund, by contrast, holds 78.34% in growth assets but its top disclosed positions are secured residential construction loans across New Zealand regions and a 14.75% cash and cash equivalents holding, reflecting a private credit rather than listed-equity strategy; its risk indicator is 2 out of 7, reflecting materially lower expected volatility.
Fee structures diverge sharply. Kernel discloses an annual fund charge of 0.25%, while Squirrel discloses 2.14% — a gap of nearly 1.9 percentage points that would compound significantly over time depending on gross returns. Neither fund discloses a five-year return figure in this snapshot, so relative performance history cannot be assessed here.
On scale, Kernel's fund is approximately NZD 509.7 million versus Squirrel's NZD 178.0 million. Both sit in the FMA Disclose "Other" category, meaning standard growth/income classifications do not directly apply to either. Neither is a KiwiSaver scheme account product based on the data provided.
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.
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 1.89% lower in annual fund charges (0.25% vs 2.14%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Kernel Global Infrastructure Fund is roughly 2.4× 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
Squirrel
2.14%
Highest 19% of cohort
5-year return p.a.
Past performance — not a predictor
Kernel
—
—
Squirrel
—
—
Fund size
Larger = more stable, lower close-risk
Kernel
NZ$510m
Largest 6% in cohort
Squirrel
NZ$210m
Largest 19% in cohort
| Metric | Kernel | Squirrel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.25% | 2.14% | Lower is better |
| Risk indicator (1–7) | 5 | 2 | Higher = more volatility |
| 5-year return p.a. | — | — | Higher is better (past not future) |
| Fund size | NZ$510m | NZ$210m | 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 · 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 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 →
Squirrel
Squirrel Monthly Income Fund
The Fund is designed to provide investors with a regular income return generated through exposure to a diversified portfolio of loans secured against registered first mortgages on residential property across New Zealand. Loan exposure is obtained by investing in the Squirrel Wholesale Investment Funds scheme ("Squirrel Wholesale Funds"), whose funds obtain their loan exposure through investing via the Squirrel peer-to-peer ("P2P") platform operated by Squirrel Money Limited ("Squirrel"). Assets of the Squirrel Wholesale Funds may include exposure to fractional andFull Squirrel Squirrel Monthly Income Fund profile →
Common questions
What's the difference between the Kernel Global Infrastructure Fund and the Squirrel Monthly Income Fund?
Which fund has lower fees, Kernel Global Infrastructure Fund or Squirrel Monthly Income Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
