Fund-vs-fund · Listed Property
Kernel NZ Commercial Property FundvsSmart NZ Property ETF
Kernel NZ Commercial Property Fund (fund size NZ$140.3 million, annual fund charge 0.25%) is a listed property managed fund and Smart NZ Property ETF (fund size NZ$78.2 million, annual fund charge 0.54%) is a listed property ETF, as shown on Sorted Smart Investor on 22 May 2026; Kernel NZ Commercial Property Fund's 1-year return after fees and tax was 7.45% for the year to 31 March 2026, per its quarterly fund update filed on FMA Disclose.
How much do these two overlap?
They hold 6 of the same securities. If you held both, roughly 69.3% 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 NZ | Min weight |
|---|---|---|---|
| GOODMAN PROPERTY TRUST | 17.87% | 17.56% | 17.56% |
| Kiwi Property Group | 17.39% | 17.04% | 17.04% |
| Property for Industry | 13.13% | 12.86% | 12.86% |
| Argosy Property | 11.51% | 11.27% | 11.27% |
| Stride Property | 7.08% | 6.94% | 6.94% |
| Investore Property | 3.75% | 3.67% | 3.67% |
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 Commercial Property Fund
No platform availability confirmed. Usually means it is bought directly from the manager — check their site.
Smart NZ Property ETF
What's different at a glance
- Kernel NZ Commercial Property 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%.
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
Smartshares
0.54%
Lowest 13% of cohort
5-year return p.a.
Past performance — not a predictor
Kernel
2.75%
Upper half over 5 years
Smartshares
3.03%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Kernel
NZ$140m
Largest 17% in cohort
Smartshares
NZ$78m
Upper 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. | 2.75% | 3.03% | Higher is better (past not future) |
| Fund size | NZ$140m | NZ$78m | 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. |
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 →
Smartshares
Smart NZ Property ETF
The Smart NZ Property ETF is designed to track the return (before tax, fees and other expenses) of the S&P/NZX Real Estate Select Index. The Index is comprised of the largest and most liquid members of the S&P/NZX All Index classified under the GICS Real Estate Industry Group.Full Smartshares Smart NZ Property ETF profile →
Common questions
What's the difference between the Kernel NZ Commercial Property Fund and the Smart NZ Property ETF?
Which fund has lower fees, Kernel NZ Commercial Property Fund or Smart NZ Property ETF?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
