Fund-vs-fund · Australasian Equities
Kernel NZ 20 FundvsKernel NZ Small & Mid Cap Opportunities Fund
Kernel NZ 20 Fund (fund size NZ$2.2 million, annual fund charge 0.25%) and Kernel NZ Small & Mid Cap Opportunities Fund (fund size NZ$863,061, annual fund charge 0.25%) are both Australasian equities 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 3.01% and 11.94%, per their quarterly fund updates filed on FMA Disclose.
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%.
- Kernel NZ 20 Fund is roughly 2.6× the size of the other fund.
Where each fund sits in its cohort
Percentile rank vs all 57 australasian equities 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 11% of cohort
Kernel
0.25%
Lowest 11% of cohort
5-year return p.a.
Past performance — not a predictor
Kernel
—
—
Kernel
—
—
Fund size
Larger = more stable, lower close-risk
Kernel
NZ$2m
Smallest 4% in cohort
Kernel
NZ$863k
Smallest 1% in cohort
| Metric | Kernel | Kernel | 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$2m | NZ$863k | 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.
What each fund says it does
Kernel
Kernel NZ 20 Fund
The fund is passively managed and invests in financial products listed on the NZX and is designed to track the S&P/NZX 20 Index.Full Kernel Kernel NZ 20 Fund profile →
Kernel
Kernel NZ Small & Mid Cap Opportunities Fund
The fund is passively managed and invests in NZX listed financial products whose normal free-float market capitalisation is between $75 million and $1.25 billion and who are outside of the S&P/NZX 20 IndexFull Kernel Kernel NZ Small & Mid Cap Opportunities Fund profile →
Common questions
What's the difference between the Kernel NZ 20 Fund and the Kernel NZ Small & Mid Cap Opportunities Fund?
Which fund has lower fees, Kernel NZ 20 Fund or Kernel NZ Small & Mid Cap Opportunities Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
