Fund-vs-fund · International Equities
Kernel S&P Global 100 Fund vs Russell Investments Hedged Sustainable Global Shares Fund
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 resulting concentration. The Kernel S&P Global 100 Fund tracks the S&P Global 100 index — a rules-based benchmark of roughly 100 large multinational companies — producing heavily concentrated top-holding weights: Nvidia at 12.46%, Apple at 10.95%, and Microsoft at 8.08%. The Russell Investments Hedged Sustainable Global Shares Fund applies an active or screened sustainable strategy across a broader global universe, with the same three names appearing at significantly lower weights (4.62%, 4.26%, and 3.30% respectively), and notably includes an S&P 500 E-Mini futures position (3.16%) among its top five, reflecting active use of derivatives. The "Hedged" label in Russell's fund name also signals currency hedging back to NZD, a structural feature absent from Kernel's disclosed name and not confirmed in the data snapshot provided here.
On fees, Kernel discloses a 0.25% annual fund charge versus Russell's 0.33% — a difference of 8 basis points on otherwise near-identical fund sizes (approximately NZD 778 million and NZD 768 million respectively) and identical risk indicators (both score 5 of 7) and growth asset allocations (both 98.31%). Five-year return data is not available for either fund in this snapshot, so return comparisons cannot be made. Both funds sit outside KiwiSaver scheme account structures based on the data provided.
Always verify fees, returns, holdings, and hedging policy against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
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 Fund charges 0.08% lower in annual fund charges (0.25% vs 0.33%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Russell Investments Hedged Sustainable Global Shares Fund hedges its foreign-currency exposure to NZD; Kernel S&P Global 100 Fund is unhedged. NZD weakness boosts unhedged returns and reduces hedged returns (the inverse on NZD strength).
- Russell Investments Hedged Sustainable Global Shares Fund applies responsible-investment / ESG screening. The other fund does not.
Where each fund sits in its cohort
Percentile rank vs all 82 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 16% of cohort
Russell Investments
0.33%
Lowest 22% of cohort
5-year return p.a.
Past performance — not a predictor
Kernel
—
—
Russell Investments
—
—
Fund size
Larger = more stable, lower close-risk
Kernel
NZ$778m
Largest 8% in cohort
Russell Investments
NZ$744m
Largest 10% in cohort
| Metric | Kernel | Russell Investments | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.25% | 0.33% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | — | — | Higher is better (past not future) |
| Fund size | NZ$778m | NZ$744m | 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 | Unhedged | Hedged to NZD | 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 | InvestNow | 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
3
of each fund's top 10
Kernel weight in shared
25.0%
of Kernel S&P Global 100 Fund top 10 is shared
Russell Investments weight in shared
9.2%
of Russell Investments Hedged Sustainable Global Shares Fund top 10 is shared
| Holding | Kernel | Russell Investments |
|---|---|---|
 Apple Inc US | 10.95% | 4.16% |
 Microsoft US | 8.08% | 2.86% |
 Amazon.Com Inc US | 5.98% | 2.20% |
"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 S&P Global 100 Fund
The Kernel S&P Global 100 Fund invests in globally listed multi-national, blue chip companies and is designed to track the S&P Global 100 ex Controversial Weapons Index (NZD)Full Kernel Kernel S&P Global 100 Fund profile →
Russell Investments
Russell Investments Hedged Sustainable Global Shares Fund
The Fund invests predominantly in a broad range of international shares listed on stock exchanges in developed and emerging international markets. The Fund targets a lower carbon exposure, and higher Climate Solutions Revenue, compared to the Benchmark. The Fund also employs certain investment exclusions, please refer to the SIPO for further details. Derivatives may be used to obtain or reduce exposure to securities and markets, to implement investment strategies and to manage risk. Foreign currency exposures are largely hedged back to New Zealand dollars.Full Russell Investments Russell Investments Hedged Sustainable Global Shares Fund profile →
Common questions
What's the difference between the Kernel S&P Global 100 Fund and the Russell Investments Hedged Sustainable Global Shares Fund?
Which fund has lower fees, Kernel S&P Global 100 Fund or Russell Investments Hedged Sustainable Global Shares Fund?
Are both funds PIE-taxed in NZ?
Does either fund apply responsible-investment screening?
Where can I read the official documents for these funds?
