Fund-vs-fund · NZ Fixed Interest
Kernel NZ Bond Fund vs SBS Wealth New Zealand Bond Portfolio
Both are NZ Fixed Interest 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 Bond Fund charges 0.38% lower in annual fund charges (0.40% vs 0.78%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- SBS Wealth New Zealand Bond Portfolio is roughly 12.5× the size of the other fund.
Where each fund sits in its cohort
Percentile rank vs all 14 nz fixed interest funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Kernel
0.40%
Lowest 11% of cohort
SBS Wealth
0.78%
Highest 18% of cohort
5-year return p.a.
Past performance — not a predictor
Kernel
—
—
SBS Wealth
1.15%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Kernel
NZ$641k
Smallest 4% in cohort
SBS Wealth
NZ$8m
Smallest 11% in cohort
| Metric | Kernel | SBS Wealth | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.40% | 0.78% | Lower is better |
| Risk indicator (1–7) | 3 | 3 | Higher = more volatility |
| 5-year return p.a. | — | 1.15% | Higher is better (past not future) |
| Fund size | NZ$641k | NZ$8m | Larger = more stable, lower close-risk |
| Growth / income split | 0% / 100% | 0% / 100% | 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 Bond Fund
The Kernel NZ Bond Fund aims to equal or exceed the return (before fees and taxes) of the Bloomberg NZ Bond Composite 0+ Yr Index by investing mostly in New Zealand fixed interest-bearing assets.Full Kernel Kernel NZ Bond Fund profile →
SBS Wealth
SBS Wealth New Zealand Bond Portfolio
The Fund aims to provide investors with a core and lower risk exposure to New Zealand fixed interest debt securities and a gross return above the return of the Benchmark on a rolling three-year basis i.E. Before tax, fees, and other expenses.Full SBS Wealth SBS Wealth New Zealand Bond Portfolio profile →
Common questions
What's the difference between the Kernel NZ Bond Fund and the SBS Wealth New Zealand Bond Portfolio?
Which fund has lower fees, Kernel NZ Bond Fund or SBS Wealth New Zealand Bond Portfolio?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
