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: Pie Global Growth Fund 2 is actively managed, while Kernel S&P Global 100 (NZD Hedged) Fund passively tracks the S&P Global 100 Index. This distinction drives a significant fee gap — Pie charges 1.61% per annum against Kernel's 0.25%, a difference of 1.36 percentage points annually. Both carry a risk indicator of 5 and an identical growth asset allocation of 98.31%, so the divergence lies in strategy and cost, not in broad risk classification or asset-class exposure.
Portfolio construction reflects each approach clearly. Pie's top five holdings include an emerging markets ETF, a small-cap dividend ETF, two cash call accounts, and a single stock (Millicom International Cellular), suggesting diversified, opportunistic positioning with meaningful cash management. Kernel's top five are concentrated large-cap US technology names — Nvidia at 12.49%, Apple at 10.98%, Microsoft at 8.10%, Amazon at 6.00%, and Alphabet at 4.94% — consistent with a market-cap-weighted global blue-chip index.
On performance, Pie discloses a five-year annualised return of 3.37%. Kernel's five-year return is not available in the current snapshot, likely reflecting the fund's shorter track record; investors should check the latest Quarterly Fund Update on FMA Disclose directly. Fund sizes are comparable: Pie at NZD 220.4 million, Kernel at NZD 229.9 million.
Verify all figures against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before making any investment decision.
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 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?
