Fund-vs-fund · Listed Property
Kernel NZ Commercial Property Fund vs Resolution Capital Global Property Securities PIE Fund
Both are Listed Property 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 is geographic scope. The Kernel NZ Commercial Property Fund invests exclusively in New Zealand-listed property trusts — its top five holdings (Goodman Property Trust, Kiwi Property Group, Precinct Properties, Property for Industry, and Vital Healthcare Property) together account for roughly 77% of the portfolio, reflecting a concentrated domestic index approach. The Resolution Capital Global Property Securities PIE Fund, by contrast, holds internationally listed real estate securities, with its largest disclosed positions being US-domiciled names such as Welltower, Equinix, and Simon Property Group, alongside a notable 8.18% cash position at BNZ.
Fee structures differ substantially. Kernel charges an annual fund charge of 0.25%, while Resolution Capital charges 1.05% — a four-times-higher annual cost that investors should weigh against the active, global mandate. Both funds carry near-identical growth asset allocations (98.31%), but Resolution Capital's risk indicator is rated 6 versus Kernel's 5, reflecting broader international market exposure and currency risk.
Fund size is comparable: Kernel sits at approximately NZD 140.3 million; Resolution Capital at approximately NZD 177.5 million. On five-year returns, Kernel discloses a 2.75% per annum figure; Resolution Capital's five-year return is not available in this snapshot, so a like-for-like performance comparison cannot be made here.
Neither fund operates as a KiwiSaver scheme account, so these are standalone managed fund investments.
Always verify fees, returns, and holdings against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on any figure here.
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
- Kernel NZ Commercial Property Fund charges 0.80% lower in annual fund charges (0.25% vs 1.05%).
- 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 15 listed property 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 3% of cohort
Resolution Capital
1.05%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Kernel
2.75%
Upper half over 5 years
Resolution Capital
—
—
Fund size
Larger = more stable, lower close-risk
Kernel
NZ$140m
Largest 17% in cohort
Resolution Capital
NZ$178m
Largest 3% in cohort
| Metric | Kernel | Resolution Capital | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.25% | 1.05% | Lower is better |
| Risk indicator (1–7) | 5 | 6 | Higher = more volatility |
| 5-year return p.a. | 2.75% | — | Higher is better (past not future) |
| Fund size | NZ$140m | NZ$178m | 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 | InvestNow · 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
1
of each fund's top 10
Kernel weight in shared
0.0%
of Kernel NZ Commercial Property Fund top 10 is shared
Resolution Capital weight in shared
8.2%
of Resolution Capital Global Property Securities PIE Fund top 10 is shared
| Holding | Kernel | Resolution Capital |
|---|---|---|
| $ Cash and Cash Equivalents NZ | 0.02% | 8.18% |
"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 Commercial Property Fund
The fund is passively managed and invests in financial products listed on the NZX.Full Kernel Kernel NZ Commercial Property Fund profile →
Resolution Capital
Resolution Capital Global Property Securities PIE Fund
The Fund primarily invests in listed property and property-related securities, including real estate investment trusts (REITs), that derive most of their returns from rental income. The Fund’s investments provide exposure to a range of underlying real estate from around the world including but not limited to office buildings, shopping centres, industrial warehouses, residential communities, data centres and towers, self-storage, hotels and healthcare facilities. The Fund may also have exposure to companies which undertake activities such as real estate developmentFull Resolution Capital Resolution Capital Global Property Securities PIE Fund profile →
Common questions
What's the difference between the Kernel NZ Commercial Property Fund and the Resolution Capital Global Property Securities PIE Fund?
Which fund has lower fees, Kernel NZ Commercial Property Fund or Resolution Capital Global Property Securities PIE Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
