Fund-vs-fund · Australasian Equities
Kernel NZ 50 ESG Tilted FundvsSmart Australian Dividend ETF
Kernel NZ 50 ESG Tilted Fund (fund size NZ$1.5 million, annual fund charge 0.25%) is an Australasian equities managed fund and Smart Australian Dividend ETF (fund size NZ$52.3 million, annual fund charge 0.54%) is an Australasian equities ETF, as shown on Sorted Smart Investor on 22 May 2026; Kernel NZ 50 ESG Tilted Fund's 1-year return after fees and tax was 4.98% for the year to 31 March 2026, per its quarterly fund update filed on FMA Disclose.
How much do these two overlap?
They hold 1 of the same securities. If you held both, roughly 0.9% 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 NZ | Smart Australian | Min weight |
|---|---|---|---|
| Chorus | 3.27% | 0.88% | 0.88% |
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.
Where you can buy these
Platform availability confirmed within the last 180 days. This is a statement of availability, not a recommendation — ManagedFundsNZ is not a Financial Advice Provider. Check the current PDS before investing.
Kernel NZ 50 ESG Tilted Fund
No platform availability confirmed. Usually means it is bought directly from the manager — check their site.
Smart Australian Dividend ETF
What's different at a glance
- Kernel NZ 50 ESG Tilted Fund charges 0.29% lower in annual fund charges (0.25% vs 0.54%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Kernel NZ 50 ESG Tilted Fund applies responsible-investment / ESG screening. The other fund does not.
- Smart Australian Dividend ETF is roughly 35.6× 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
Smartshares
0.54%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Kernel
—
—
Smartshares
10.24%
Top 9% over 5 years
Fund size
Larger = more stable, lower close-risk
Kernel
NZ$1m
Smallest 3% in cohort
Smartshares
NZ$52m
Lower half by size
| Metric | Kernel | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.25% | 0.54% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | — | 10.24% | Higher is better (past not future) |
| Fund size | NZ$1m | NZ$52m | 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 | Yes | 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 NZ 50 ESG Tilted Fund
The Kernel NZ 50 ESG Tilted tracks the S&P/NZX 50 Portfolio ESG Tilted Index. Using the internationally acclaimed Corporate Sustainability Assessment from S&P Dow Jones, each company included in the S&P/NZX 50 Portfolio Index is given an ESG score and re-weighted accordinglyFull Kernel Kernel NZ 50 ESG Tilted Fund profile →
Smartshares
Smart Australian Dividend ETF
The Smart Australian Dividend ETF is designed to track the return (before tax, fees and other expenses) of the S&P/ASX Dividend Opportunities Index. The Index is comprised of 50 high yielding companies listed on the ASX and included in the S&P/ASX 300 Index.Full Smartshares Smart Australian Dividend ETF profile →
Common questions
What's the difference between the Kernel NZ 50 ESG Tilted Fund and the Smart Australian Dividend ETF?
Which fund has lower fees, Kernel NZ 50 ESG Tilted Fund or Smart Australian Dividend ETF?
Are both funds PIE-taxed in NZ?
Does either fund apply responsible-investment screening?
Where can I read the official documents for these funds?
