Fund-vs-fund · International Equities
Kernel S&P Global Clean Energy FundvsKernel S&P Global Dividend Aristocrats Fund
Kernel S&P Global Clean Energy Fund (fund size NZ$2.2 million, annual fund charge 0.45%) and Kernel S&P Global Dividend Aristocrats Fund (fund size NZ$5.3 million, annual fund charge 0.25%) 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 85.34% and 13.80%, per their quarterly fund updates filed on FMA Disclose.
How much do these two overlap?
They hold 4 of the same securities. If you held both, roughly 3.6% 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 | Kernel S&P | Min weight |
|---|---|---|---|
| edison intl | 4.48% | 1.87% | 1.87% |
| energias de portugal | 2.83% | 1.20% | 1.20% |
| erg | 0.41% | 0.75% | 0.41% |
| Dividends Receivable | 0.11% | 0.42% | 0.11% |
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 Kernel funds is their thematic mandate and the concentration risk that flows from it. The Kernel S&P Global Clean Energy Fund tracks a narrow, sector-specific index focused on clean energy companies, with its top five holdings accounting for roughly 35% of the portfolio — Nextracker Inc Class A alone at 9.71%. The Kernel S&P Global Dividend Aristocrats Fund, by contrast, tracks a broad dividend-quality index with no single holding exceeding 2.29% (Verizon Communications Inc), suggesting substantially wider diversification across sectors and geographies.
This structural difference is reflected in the risk indicators: the Clean Energy Fund sits at a higher risk indicator of 6, while the Dividend Aristocrats Fund is rated 5 on the same 1–7 FMA scale. Both funds report identical growth asset allocations of 98.37%, so the risk gap stems from concentration and sector volatility rather than asset-class mix.
On fees, the Clean Energy Fund charges 0.45% per annum versus 0.25% for the Dividend Aristocrats Fund — a 20-basis-point premium. The Dividend Aristocrats Fund is also larger in size (NZD 5.27 million versus NZD 2.21 million). Five-year return data is unavailable for both funds in this snapshot, so no performance comparison is possible at this time. Both funds share the same PDS dated August 2025 and are offered under the same Kernel KiwiSaver scheme.
Verify all details against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on this summary.
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 Dividend Aristocrats Fund charges 0.20% lower in annual fund charges (0.25% vs 0.45%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Kernel S&P Global Clean Energy Fund applies responsible-investment / ESG screening. The other fund does not.
- Kernel S&P Global Dividend Aristocrats Fund is roughly 2.4× the size of the other fund.
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
0.45%
Lower half of cohort
Kernel
0.25%
Lowest 15% of cohort
5-year return p.a.
Past performance — not a predictor
Kernel
—
—
Kernel
—
—
Fund size
Larger = more stable, lower close-risk
Kernel
NZ$2m
Smallest 1% in cohort
Kernel
NZ$5m
Smallest 3% in cohort
| Metric | Kernel | Kernel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.45% | 0.25% | Lower is better |
| Risk indicator (1–7) | 6 | 5 | Higher = more volatility |
| 5-year return p.a. | — | — | Higher is better (past not future) |
| Fund size | NZ$2m | NZ$5m | 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 smooths NZD/foreign FX moves at a small cost. |
| Responsible investment screening | Yes | No | 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 Clean Energy Fund
The Kernel S&P Global Clean Energy Fund tracks the�S&P Developed Ex-Korea Clean Energy Index.�This fund invests in companies from developed markets with significant or total clean Energy exposure and low carbon-to-revenue footprints according to independent Assessors TrucostFull Kernel Kernel S&P Global Clean Energy Fund profile →
Kernel
Kernel S&P Global Dividend Aristocrats Fund
The Kernel S&P Global Dividend Aristocrats Fund invests in globally listed multi-national, blue chip companies and is designed to track the S&P Global Dividend Aristocrats Quality Income DM ex KR Index (NZD)Full Kernel Kernel S&P Global Dividend Aristocrats Fund profile →
Common questions
What's the difference between the Kernel S&P Global Clean Energy Fund and the Kernel S&P Global Dividend Aristocrats Fund?
Which fund has lower fees, Kernel S&P Global Clean Energy Fund or Kernel S&P Global Dividend Aristocrats 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?
