Fund-vs-fund · Diversified
Kernel High Growth Fund vs Simplicity High Growth Investment Fund
Both are Diversified 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 lies in their portfolio construction, specifically how each achieves its nearly identical 98.31% growth asset allocation. Simplicity High Growth Investment Fund holds Simplicity Living Ltd Ordinary Shares as its largest disclosed position at 6.67% — a direct stake in a related-party New Zealand residential property company — giving the fund a concentrated domestic illiquid exposure not present in Kernel High Growth Fund. Kernel's largest position is the SPDR Portfolio Emerging Markets ETF at 7.13%, an externally managed, exchange-traded instrument providing broad emerging-market equity diversification. This distinction matters for investors weighing liquidity profile, geographic spread, and related-party exposure.
Beyond that, the two funds share a striking number of identical characteristics on paper: both carry a risk indicator of 5, both charge 0.25% in annual fund charges, and both sit in the Diversified category. Kernel High Growth Fund is the larger vehicle at approximately NZD 727 million versus Simplicity's approximately NZD 509 million. Five-year return figures are absent from the latest Quarterly Fund Update snapshot for both funds, so no historical performance comparison is possible from this data. The remaining disclosed top holdings — Nvidia, Apple, Microsoft, and Fisher & Paykel Healthcare — appear in both portfolios with broadly similar weightings, suggesting substantial overlap in the core global equity sleeve.
Neither fund is a KiwiSaver scheme account product based on the data provided. Always verify all figures against the 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
- 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 67 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 14% in cohort
Simplicity
NZ$509m
Largest 17% 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. |
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
6
of each fund's top 10
Kernel weight in shared
16.5%
of Kernel High Growth Fund top 10 is shared
Simplicity weight in shared
15.3%
of Simplicity High Growth Investment Fund top 10 is shared
| Holding | Kernel | Simplicity |
|---|---|---|
 Apple Inc US | 4.45% | 4.24% |
 Microsoft US | 3.29% | 3.18% |
 Amazon.Com Inc US | 2.43% | 2.33% |
 Alphabet Inc Class A US | 2.00% | 1.92% |
 Auckland International Airport NZ | 2.33% | 1.86% |
 Infratil Limited NZ | 1.98% | 1.74% |
"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 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?
