Fund-vs-fund · International FI
Kernel US Bond Fund vs Summer Global Fixed Interest
Both are International FI 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 how they access international fixed interest markets. The Kernel US Bond Fund holds a single ETF — the iShares Core US Aggregate Bond ETF — at effectively 100% of the portfolio, giving direct, transparent exposure to the broad US investment-grade bond market. The Summer Global Fixed Interest Fund routes 96.17% of its assets through the Hunter Global Fixed Interest Fund, a single underlying managed fund, meaning investors hold a fund-of-fund structure with global rather than purely US bond exposure. This distinction shapes currency risk, diversification scope, and the visibility of underlying holdings.
Fee levels differ meaningfully: Kernel charges 0.30% per annum in annual fund charges, while Summer charges 0.87% — nearly three times higher. Whether Summer's fund-of-fund layer introduces additional underlying costs is not disclosed in this snapshot. On risk, Summer carries a lower risk indicator of 3 versus Kernel's 4, despite both funds reporting identical growth asset allocations of 0.31%. The reason for this divergence is not explained in the available data.
Fund size also differs: Summer's fund holds approximately NZD 1.07 million in assets; Kernel's sits at roughly NZD 388,000. Summer discloses a five-year return of 0.2% per annum; Kernel's five-year return is not available in this snapshot, likely reflecting the fund's shorter operating history.
Always verify fees, returns, and portfolio details against each fund's current Product Disclosure Statement 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 US Bond Fund charges 0.57% lower in annual fund charges (0.30% vs 0.87%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Summer Global Fixed Interest is roughly 2.8× the size of the other fund.
Where each fund sits in its cohort
Percentile rank vs all 31 international fi funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Kernel
0.30%
Lowest 13% of cohort
Summer
0.87%
Highest 24% of cohort
5-year return p.a.
Past performance — not a predictor
Kernel
—
—
Summer
0.20%
Bottom 23% over 5 years
Fund size
Larger = more stable, lower close-risk
Kernel
NZ$388k
Smallest 2% in cohort
Summer
NZ$1m
Smallest 8% in cohort
| Metric | Kernel | Summer | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.30% | 0.87% | Lower is better |
| Risk indicator (1–7) | 4 | 3 | Higher = more volatility |
| 5-year return p.a. | — | 0.20% | Higher is better (past not future) |
| Fund size | NZ$388k | NZ$1m | Larger = more stable, lower close-risk |
| Growth / income split | 0% / 100% | 0% / 100% | 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 | 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.
What each fund says it does
Kernel
Kernel US Bond Fund
The Kernel US Bond Fund�s investment objective is to provide a return (before tax, fees and expenses) that closely matches the return on the Bloomberg US Aggregate Bond Index Hedged NZDFull Kernel Kernel US Bond Fund profile →
Summer
Summer Global Fixed Interest
The Summer Global Fixed Interest fund invests in international fixed interest assets. We aim to achieve long-term returns (before fees, taxes and other expenses) greater than the Bloomberg Global Aggregate Total Return Index (hedged to New Zealand dollars).Full Summer Summer Global Fixed Interest profile →
Common questions
What's the difference between the Kernel US Bond Fund and the Summer Global Fixed Interest?
Which fund has lower fees, Kernel US Bond Fund or Summer Global Fixed Interest?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
