Fund-vs-fund · Australasian Equities
Kernel NZ 20 Fund vs NZ Funds New Zealand and Australian Shares
Both are Australasian Equities 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.
What's different at a glance
- Kernel NZ 20 Fund charges 2.27% lower in annual fund charges (0.25% vs 2.52%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- NZ Funds New Zealand and Australian Shares is roughly 87.2× the size of the other fund.
Where each fund sits in its cohort
Percentile rank vs all 58 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 10% of cohort
NZ Funds
2.52%
Highest 3% of cohort
5-year return p.a.
Past performance — not a predictor
Kernel
—
—
NZ Funds
4.59%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Kernel
NZ$2m
Smallest 4% in cohort
NZ Funds
NZ$194m
Largest 20% in cohort
| Metric | Kernel | NZ Funds | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.25% | 2.52% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | — | 4.59% | Higher is better (past not future) |
| Fund size | NZ$2m | NZ$194m | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 78% / 22% | 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
3
of each fund's top 10
Kernel weight in shared
12.5%
of Kernel NZ 20 Fund top 10 is shared
NZ Funds weight in shared
16.8%
of NZ Funds New Zealand and Australian Shares top 10 is shared
| Holding | Kernel | NZ Funds |
|---|---|---|
 Mainfreight Limited NZ | 4.52% | 5.45% |
 Mercury NZ Limited NZ | 4.10% | 5.99% |
 Chorus Ltd NZ | 3.85% | 5.34% |
"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 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 →
NZ Funds
NZ Funds New Zealand and Australian Shares
The objective of the New Zealand and Australian Shares fund is to grow your investment over the long term by investing in growth assets and other authorised assets with active management. The fund is anticipated to mainly own and trade New Zealand and Australian shares over the minimum suggested timeframe.Full NZ Funds NZ Funds New Zealand and Australian Shares profile →
Common questions
What's the difference between the Kernel NZ 20 Fund and the NZ Funds New Zealand and Australian Shares?
Which fund has lower fees, Kernel NZ 20 Fund or NZ Funds New Zealand and Australian Shares?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
