Fund-vs-fund · International Equities
Kernel S&P Global 100 Fund vs Te Ahumairangi Global Equity 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. The Kernel S&P Global 100 Fund is an index-tracking vehicle that passively replicates the S&P Global 100, resulting in heavy concentration in the world's largest companies — Nvidia alone accounts for 12.46% of the portfolio, with Apple at 10.95% and Microsoft at 8.08%. Te Ahumairangi Global Equity Fund is actively managed, with its largest position (Microsoft) at just 4.36% and a notably different mix that includes Verizon Communications and Everest Group, names absent from Kernel's disclosed top holdings entirely.
This structural choice flows directly into cost. Kernel charges an annual fund charge of 0.25%, compared with Te Ahumairangi's 0.62% — a 37 basis-point gap that compounds over time. In exchange for the higher fee, Te Ahumairangi's active manager is exercising stock selection discretion rather than tracking a rules-based index.
Both funds carry identical growth asset allocations (98.31%) and both are classified as retail managed funds, not KiwiSaver scheme accounts. Their risk indicators diverge: Te Ahumairangi sits at 4 (out of 7), while Kernel registers at 5, indicating the index fund's concentrated mega-cap exposure translates to a higher stated volatility band. Fund sizes are comparable — Te Ahumairangi at NZD 889.3 million, Kernel at NZD 778.3 million. Neither fund discloses a five-year return figure in the data sourced for this snapshot.
Verify all figures against each fund's current PDS 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 0.37% lower in annual fund charges (0.25% vs 0.62%).
- 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
Te Ahumairangi
0.62%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Kernel
—
—
Te Ahumairangi
—
—
Fund size
Larger = more stable, lower close-risk
Kernel
NZ$778m
Largest 8% in cohort
Te Ahumairangi
NZ$889m
Largest 7% in cohort
| Metric | Kernel | Te Ahumairangi | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.25% | 0.62% | Lower is better |
| Risk indicator (1–7) | 5 | 4 | Higher = more volatility |
| 5-year return p.a. | — | — | Higher is better (past not future) |
| Fund size | NZ$778m | NZ$889m | 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 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.
Matching holdings
2
of each fund's top 10
Kernel weight in shared
19.0%
of Kernel S&P Global 100 Fund top 10 is shared
Te Ahumairangi weight in shared
6.6%
of Te Ahumairangi Global Equity Fund top 10 is shared
| Holding | Kernel | Te Ahumairangi |
|---|---|---|
 Microsoft US | 8.08% | 4.36% |
 Apple Inc US | 10.95% | 2.26% |
"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 →
Te Ahumairangi
Te Ahumairangi Global Equity Fund
The fund invests in global equities across various listed equity markets and will typically maintain a small weight (0 to 5%) in cash to maintain liquidity / flexibility but will occasionally hold a higher cash weighting if the investment manager considers this appropriate. The fund may use leverage of up to 5% of the aggregate value of its investments, but only for the purposes of providing short-term liquidity. The fund may use forward foreign exchange contracts to tilt the foreign exchange exposures of the portfolio but will typically have over 90% net unhedgedFull Te Ahumairangi Te Ahumairangi Global Equity Fund profile →
Common questions
What's the difference between the Kernel S&P Global 100 Fund and the Te Ahumairangi Global Equity Fund?
Which fund has lower fees, Kernel S&P Global 100 Fund or Te Ahumairangi Global Equity Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
