Fund-vs-fund · Australasian Equities
Kernel NZ Small & Mid Cap Opportunities Fund vs Mercer Responsible Trans-Tasman Shares Fund
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 Small & Mid Cap Opportunities Fund charges 0.81% lower in annual fund charges (0.25% vs 1.06%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Mercer Responsible Trans-Tasman Shares Fund applies responsible-investment / ESG screening. The other fund does not.
- Mercer Responsible Trans-Tasman Shares Fund is roughly 36.8× 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
Mercer
1.06%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Kernel
—
—
Mercer
0.01%
Bottom 1% over 5 years
Fund size
Larger = more stable, lower close-risk
Kernel
NZ$863k
Smallest 1% in cohort
Mercer
NZ$32m
Lower half by size
| Metric | Kernel | Mercer | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.25% | 1.06% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | — | 0.01% | Higher is better (past not future) |
| Fund size | NZ$863k | NZ$32m | 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 | Yes | 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.
0 overlapping top-10 holdings. The two funds disclose disjoint top-10 sets — useful diversification signal if you held both.
What each fund says it does
Kernel
Kernel NZ Small & Mid Cap Opportunities Fund
The fund is passively managed and invests in NZX listed financial products whose normal free-float market capitalisation is between $75 million and $1.25 billion and who are outside of the S&P/NZX 20 IndexFull Kernel Kernel NZ Small & Mid Cap Opportunities Fund profile →
Mercer
Mercer Responsible Trans-Tasman Shares Fund
The fund is a diversified portfolio of predominantly New Zealand shares across a range of industries and sectors. The portfolio may also invest in Australian shares. The fund is managed to include specific additional responsible exclusions criteria which aims to avoid investments in certain companies or activities, and is managed with reference to environmental, social and governance factors. This fund has additional exclusions applied as described in our Sustainable Investment Policy and has been certified by the Responsible Investment Association of AustralasiaFull Mercer Mercer Responsible Trans-Tasman Shares Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Kernel
Not yet crawled. View fund page for FMA Disclose link.
Common questions
What's the difference between the Kernel NZ Small & Mid Cap Opportunities Fund and the Mercer Responsible Trans-Tasman Shares Fund?
Both are australasian equities funds available to NZ retail investors. Kernel NZ Small & Mid Cap Opportunities Fund charges 0.81% lower in annual fund charges (0.25% vs 1.06%).
Which fund has lower fees, Kernel NZ Small & Mid Cap Opportunities Fund or Mercer Responsible Trans-Tasman Shares Fund?
Kernel NZ Small & Mid Cap Opportunities Fund has the lower annual fund charge (0.25% p.a. vs 1.06% p.a.). Source: each fund's most recent Quarterly Fund Update on the FMA Disclose register.
Are both funds PIE-taxed in NZ?
Yes. Both are NZ Portfolio Investment Entities (PIEs). Investor tax on the fund's income is capped at the Prescribed Investor Rate (PIR), maximum 28%.
Does either fund apply responsible-investment screening?
Yes — Mercer Responsible Trans-Tasman Shares Fund applies responsible-investment / ESG screening. Kernel NZ Small & Mid Cap Opportunities Fund does not. Specific exclusions and engagement policies are documented in each fund's Statement of Investment Policy and Objectives (SIPO).
Where can I read the official documents for these funds?
Both funds publish their Product Disclosure Statement (PDS), Statement of Investment Policy (SIPO) and Quarterly Fund Update (QFU) on the FMA Disclose register at disclose-register.companiesoffice.govt.nz. Always read the current PDS before investing.
Not sure which fund is right for you?
Find a financial adviser on FinanceAdvisers.co.nz
Browse NZ-licensed financial advice providers and search by speciality, location and review.
Important: This comparison is general information only — not personalised financial advice.
Past performance is not a reliable indicator of future returns. The right fund for you depends on your personal
circumstances. Read each fund's Product Disclosure Statement and consider speaking to a licensed financial adviser.