Fund-vs-fund · International Equities
Kernel S&P Global 100 (NZD Hedged) Fund vs Pie Global Growth Fund 2
Both are International 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.
Why these two differ
The most material structural difference between these two funds is their investment approach and cost. Kernel's S&P Global 100 (NZD Hedged) Fund is a passive, index-tracking vehicle benchmarked to 100 of the world's largest companies, with an annual fund charge of 0.25%. Pie Global Growth Fund 2 is actively managed by Pie Funds, carrying an annual fund charge of 1.61% — a gap of 1.36 percentage points that compounds significantly over time.
This difference in strategy is visible in the holdings. Kernel's top five positions are concentrated mega-cap US technology names — Nvidia (12.49%), Apple (10.98%), Microsoft (8.10%), Amazon (6.00%), and Alphabet (4.94%) — reflecting index composition. Pie's top holdings are more eclectic, spanning an emerging-markets small-cap ETF, cash call accounts in NZD and USD, Millicom International Cellular, and a broad emerging-markets ETF, signalling a more diversified, active stock-selection mandate.
Both funds sit at risk indicator 5 and hold an identical 98.31% in growth assets. Fund sizes are comparable: Pie at NZD 220.4 million, Kernel at NZD 229.9 million. Pie discloses a five-year return of 3.37% per annum; Kernel's five-year return figure is not available in our snapshot, likely reflecting the fund's shorter operating history. The Kernel fund also applies NZD currency hedging, which Pie's labelling does not explicitly indicate.
Always verify fees, returns, and portfolio data against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on any figures here.
Comparison generated 2026-07-05 from each fund's FMA Disclose QFU facts as at that date. If the underlying facts change, this narrative is withheld until it is regenerated — the tables on this page always reflect the current data.
What's different at a glance
- Kernel S&P Global 100 (NZD Hedged) Fund charges 1.36% lower in annual fund charges (0.25% vs 1.61%).
- 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 81 international 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 15% of cohort
Pie Funds
1.61%
Highest 9% of cohort
5-year return p.a.
Past performance — not a predictor
Kernel
—
—
Pie Funds
3.37%
Bottom 13% over 5 years
Fund size
Larger = more stable, lower close-risk
Kernel
NZ$230m
Upper half by size
Pie Funds
NZ$220m
Upper half by size
| Metric | Kernel | Pie Funds | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.25% | 1.61% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | — | 3.37% | Higher is better (past not future) |
| Fund size | NZ$230m | NZ$220m | 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 to NZD | — | 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 S&P Global 100 (NZD Hedged) Fund
The Kernel S&P Global 100 (NZD Hedged) Fund invests in globally listed multi-national, blue chip companies and is designed to track the S&P Global 100 ex-Controversial Weapons (custom) (NZD Hedged) Index.Full Kernel Kernel S&P Global 100 (NZD Hedged) Fund profile →
Pie Funds
Pie Global Growth Fund 2
The Pie Global Growth Fund seeks to provide investors with long term capital growth by investing predominantly in listed Smaller Companies globally. The fund may also invest in managed funds with similar characteristics to Pie Funds.Full Pie Funds Pie Global Growth Fund 2 profile →
Common questions
What's the difference between the Kernel S&P Global 100 (NZD Hedged) Fund and the Pie Global Growth Fund 2?
Which fund has lower fees, Kernel S&P Global 100 (NZD Hedged) Fund or Pie Global Growth Fund 2?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
