Fund-vs-fund · Diversified
Kernel High Growth FundvsSimplicity High Growth Investment Fund
Kernel High Growth Fund (fund size NZ$529.7 million, annual fund charge 0.25%) and Simplicity High Growth Investment Fund (fund size NZ$509.5 million, annual fund charge 0.25%) are both diversified 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 15.79% and 11.63%, per their quarterly fund updates filed on FMA Disclose.
How much do these two overlap?
They hold 511 of the same securities. If you held both, roughly 55.0% 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 High | Simplicity High | Min weight |
|---|---|---|---|
| Nvidia | 5.07% | 4.72% | 4.72% |
| Apple | 4.45% | 4.24% | 4.24% |
| Alphabet | 3.60% | 3.46% | 3.46% |
| Microsoft | 3.29% | 3.18% | 3.18% |
| Fisher & Paykel Healthcare | 2.68% | 3.16% | 2.68% |
| Amazon.com | 2.43% | 2.33% | 2.33% |
| Auckland International Airport | 2.33% | 1.86% | 1.86% |
| Infratil | 1.98% | 1.74% | 1.74% |
| Broadcom | 1.75% | 1.67% | 1.67% |
| Contact Energy | 1.50% | 1.31% | 1.31% |
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 lies in their largest holdings, which reveals a meaningful divergence in investment approach despite near-identical headline figures. Simplicity High Growth Investment Fund's largest position is Simplicity Living Ltd Ordinary Shares at 6.67% — a related-party, unlisted NZ residential property company — which introduces a concentration in a single illiquid domestic asset not present in the Kernel High Growth Fund. Kernel's largest position is the SPDR Portfolio Emerging Markets ETF at 7.13%, giving its top slot to a diversified basket of emerging-market equities via a listed ETF structure rather than a single illiquid holding.
Beyond that distinction, the two funds are structurally close. Both sit in the Diversified category with a risk indicator of 5 out of 7, both carry a 0.25% annual fund charge, and both allocate approximately 98.3% to growth assets. Fund sizes are comparable: Simplicity at NZD 509.5 million and Kernel at NZD 529.7 million. Overlapping holdings include NVIDIA, Apple, Microsoft, and Fisher & Paykel Healthcare, though weightings differ slightly. Neither fund discloses a five-year return figure in this snapshot, so historical performance comparison is not possible from this data alone.
The Kernel PDS URL references a KiwiSaver scheme document; investors should confirm whether they are considering a KiwiSaver scheme account or a standalone investment fund for each manager before proceeding.
Always verify all details against the source PDS 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
- Annual fund charges are within 0.05% of each other (0.25% vs 0.25%).
- 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 68 diversified 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
Simplicity
0.25%
Lowest 6% of cohort
5-year return p.a.
Past performance — not a predictor
Kernel
—
—
Simplicity
—
—
Fund size
Larger = more stable, lower close-risk
Kernel
NZ$530m
Largest 15% in cohort
Simplicity
NZ$509m
Largest 18% in cohort
| Metric | Kernel | Simplicity | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.25% | 0.25% | 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$530m | NZ$509m | 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 High Growth Fund
A diversified fund comprising several of the Kernel Funds, targeting high growth and suitable for long-term investors comfortable accepting higher volatility.Full Kernel Kernel High Growth Fund profile →
Simplicity
Simplicity High Growth Investment Fund
The High Growth Investment Fund provides investors with exposure to mostly growth assets (shares & property). There is a very limited exposure to income assets (cash).Full Simplicity Simplicity High Growth Investment Fund profile →
Common questions
What's the difference between the Kernel High Growth Fund and the Simplicity High Growth Investment Fund?
Which fund has lower fees, Kernel High Growth Fund or Simplicity High Growth Investment Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
