Fund-vs-fund · International Equities
Kernel S&P Global 100 Fund vs Schroder Sustainable Global Core PIE Fund (Hedged)
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 investment methodology and resulting concentration. The Kernel S&P Global 100 Fund tracks the S&P Global 100 Index, producing a highly concentrated portfolio where the top five holdings — Nvidia (12.46%), Apple (10.95%), Microsoft (8.08%), Amazon (5.98%), and Alphabet Class A (4.92%) — account for over 42% of the fund. The Schroder Sustainable Global Core PIE Fund (Hedged) applies a sustainability screen and a "core" diversification approach, spreading exposure more evenly: its top five positions — Nvidia (5.41%), Apple (4.72%), a cash-at-bank position at BNZ (4.64%), Microsoft (3.29%), and Amazon (2.54%) — sum to roughly 20%. This difference in concentration carries materially different single-stock risk profiles despite both funds carrying a risk indicator of 5 and identical growth-asset allocations of 98.31%.
The Schroders fund adds currency hedging back to NZD, which the Kernel fund does not disclose as a feature, meaning the two funds offer different foreign-exchange exposures. Annual fund charges differ: Kernel discloses 0.25% versus Schroders at 0.39%. Fund sizes are comparable — Kernel at NZD 778.3 million, Schroders at NZD 732.2 million. Five-year return data is absent from the QFU snapshot for both funds, so historical performance cannot be compared here. Neither fund is structured as a KiwiSaver scheme account.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on 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 0.14% lower in annual fund charges (0.25% vs 0.39%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Schroder Sustainable Global Core PIE Fund (Hedged) 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).
- Schroder Sustainable Global Core PIE Fund (Hedged) 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
Schroders
0.39%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Kernel
—
—
Schroders
—
—
Fund size
Larger = more stable, lower close-risk
Kernel
NZ$778m
Largest 8% in cohort
Schroders
NZ$732m
Largest 11% in cohort
| Metric | Kernel | Schroders | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.25% | 0.39% | 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$732m | 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 · 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.
Matching holdings
6
of each fund's top 10
Kernel weight in shared
38.2%
of Kernel S&P Global 100 Fund top 10 is shared
Schroders weight in shared
16.3%
of Schroder Sustainable Global Core PIE Fund (Hedged) top 10 is shared
| Holding | Kernel | Schroders |
|---|---|---|
 Apple Inc US | 10.95% | 4.72% |
 Microsoft US | 8.08% | 3.29% |
 Amazon.Com Inc US | 5.98% | 2.54% |
 Alphabet Inc Class A US | 4.92% | 2.13% |
 Broadcom Inc US | 4.31% | 1.85% |
| Alphabet Inc Class C US | 3.94% | 1.78% |
"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 →
Schroders
Schroder Sustainable Global Core PIE Fund (Hedged)
The fund aims to provide exposure to global listed equities and is an actively managed strategy designed to target outperformance relative to the benchmark index with limited risk relative to the index. This strategy provides the benefits of index-based investing from a risk and cost perspective with the advantage of relative performance upside potential.Full Schroders Schroder Sustainable Global Core PIE Fund (Hedged) profile →
Common questions
What's the difference between the Kernel S&P Global 100 Fund and the Schroder Sustainable Global Core PIE Fund (Hedged)?
Which fund has lower fees, Kernel S&P Global 100 Fund or Schroder Sustainable Global Core PIE Fund (Hedged)?
Are both funds PIE-taxed in NZ?
Does either fund apply responsible-investment screening?
Where can I read the official documents for these funds?
