Fund-vs-fund · International Equities
Kernel S&P Global 100 FundvsSchroder Sustainable Global Core PIE Fund (Hedged)
Kernel S&P Global 100 Fund (fund size NZ$778.3 million, annual fund charge 0.25%) and Schroder Sustainable Global Core PIE Fund (Hedged) (fund size NZ$732.2 million, annual fund charge 0.39%) are both international equities managed funds, as shown on Sorted Smart Investor on 22 May 2026; for the year to 31 March 2026 their 1-year returns after fees and tax were 24.28% and 17.17%, per their quarterly fund updates filed on FMA Disclose.
How much do these two overlap?
They hold 3 of the same securities. If you held both, roughly 0.1% of your money would be in the same companies — so the diversification you get from holding the pair is smaller than holding two funds suggests.
| Shared holding | Kernel S&P | Schroder Sustainable | Min weight |
|---|---|---|---|
| NIKE Inc | 0.19% | 0.06% | 0.06% |
| Kimberly-Clark | 0.09% | 0.04% | 0.04% |
| Aon PLC | 0.20% | 0.03% | 0.03% |
Min weight is the smaller of the two weightings — if you hold both funds, that is the floor of your exposure to that position. Direct holdings only: anything either fund holds through an underlying fund or ETF is not counted, so the real overlap can only be higher. From each fund's FMA Disclose full portfolio filing.
Why these two differ
The most material structural difference between these two funds is their index construction and currency approach. The Kernel S&P Global 100 Fund tracks the S&P Global 100, a concentrated index of 100 large-cap multinationals, and holds currency exposure unhedged. The Schroder Sustainable Global Core PIE Fund (Hedged) applies a sustainability screen to its global equity universe and hedges currency back to the New Zealand dollar, meaning exchange-rate movements between foreign currencies and the NZD are substantially neutralised for Schroder investors but not for Kernel investors.
This difference in construction is visible in the top-holdings weightings. Kernel's largest position, Nvidia, sits at 12.46% of the fund; Schroder's equivalent Nvidia holding is 5.41%. Apple is 10.95% in Kernel versus 4.72% in Schroder. Kernel's heavier concentration in individual names reflects the narrower 100-stock index, whereas Schroder's broader, screened universe produces more distributed weights.
On fees, Kernel discloses a 0.25% annual fund charge against Schroder's 0.39%. Both carry a risk indicator of 5 (out of 7) and an identical growth-asset allocation of 98.31%. Fund sizes are comparable: NZD 778.3 million (Kernel) and NZD 732.2 million (Schroder). Neither fund discloses a five-year return figure in the current quarterly fund update snapshot, so no performance comparison is possible at this time.
Both funds sit outside KiwiSaver, so contributions do not qualify for KiwiSaver scheme account member tax credits. Verify all figures against each fund's current PDS and latest quarterly fund update on FMA Disclose before relying on any of this information.
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 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 84 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
Schroders
0.39%
Lowest 25% 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 | Direct | Platforms accepting retail subscriptions. |
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?
