Fund-vs-fund · International Equities
Kernel S&P Global Dividend Aristocrats FundvsKernel World ex-US Fund
Kernel S&P Global Dividend Aristocrats Fund (fund size NZ$5.3 million, annual fund charge 0.25%) and Kernel World ex-US Fund (fund size NZ$9.3 million, annual fund charge 0.25%) are both international equities managed funds, as shown on Sorted Smart Investor on 22 May 2026; Kernel S&P Global Dividend Aristocrats Fund's 1-year return after fees and tax was 13.80% for the year to 31 March 2026, per its quarterly fund update filed on FMA Disclose.
How much do these two overlap?
They hold 29 of the same securities. If you held both, roughly 4.5% 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 World | Min weight |
|---|---|---|---|
| Zurich Insurance Group AG | 0.80% | 0.48% | 0.48% |
| CANADIAN NATURAL RESOURCES LTD | 1.48% | 0.46% | 0.46% |
| Sanofi | 1.07% | 0.46% | 0.46% |
| Dividends Receivable | 0.42% | 0.52% | 0.42% |
| ENEL | 0.91% | 0.38% | 0.38% |
| bank of nova scotia halifax | 0.70% | 0.38% | 0.38% |
| NEW ZEALAND DOLLAR | 0.38% | 0.63% | 0.38% |
| Tc Energy Corp | 1.13% | 0.29% | 0.29% |
| SUN LIFE FINANCIAL INC | 0.74% | 0.16% | 0.16% |
| Pembina Pipeline | 1.35% | 0.12% | 0.12% |
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 investment universe and underlying strategy. The Kernel S&P Global Dividend Aristocrats Fund tracks dividend-focused companies with long records of sustained payouts — its top holdings include Verizon Communications (2.29%), Getty Realty (2.01%), and Pfizer (1.98%), reflecting a tilt toward telecommunications, real estate, and healthcare sectors with US exposure. The Kernel World ex-US Fund, by contrast, explicitly excludes US-listed equities, concentrating on developed and emerging markets outside the United States; its top holdings — ASML Holdings (2.25%), AstraZeneca (1.35%), and Novartis (1.29%) — skew toward European technology and pharmaceuticals. These different geographic and factor exposures mean the two funds behave differently in response to the same market events, despite sitting in the same International Equities category.
Where the data converges: both funds are managed by Kernel, carry an identical annual fund charge of 0.25%, share a risk indicator of 5 (on the standard 1–7 scale), and report an identical growth-assets allocation of 98.37%. Neither fund discloses a five-year return figure in this snapshot, so long-run performance cannot be compared here. Fund size differs — the World ex-US Fund reports NZD 9.25 million versus NZD 5.27 million for the Dividend Aristocrats Fund — though both are relatively small funds. Both funds share the same PDS dated August 2025, consistent with Kernel operating them under a single KiwiSaver scheme structure.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on this comparison.
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
- Annual fund charges are within 0.05% of each other (0.25% vs 0.25%).
- 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 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
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$5m
Smallest 3% in cohort
Kernel
NZ$9m
Smallest 5% in cohort
| Metric | Kernel | Kernel | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.25% | 0.25% | 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$5m | NZ$9m | 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. |
What each fund says it does
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 →
Kernel
Kernel World ex-US Fund
The Kernel World ex-US Fund's investment objective is to provide a return (before tax, fees and expenses) that closely matches the return on the S&P World Ex-U.S., Controversial Weapons and Tobacco (NZD) Index.Full Kernel Kernel World ex-US Fund profile →
Common questions
What's the difference between the Kernel S&P Global Dividend Aristocrats Fund and the Kernel World ex-US Fund?
Which fund has lower fees, Kernel S&P Global Dividend Aristocrats Fund or Kernel World ex-US Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
