Fund-vs-fund · International Equities
Kernel World ex-US FundvsStewart Investors Worldwide Leaders Fund
Kernel World ex-US Fund (fund size NZ$9.3 million, annual fund charge 0.25%) and Stewart Investors Worldwide Leaders Fund (fund size NZ$12.3 million, annual fund charge 0.61%) are both international equities managed funds, as shown on Sorted Smart Investor on 22 May 2026; Stewart Investors Worldwide Leaders Fund's 1-year return after fees and tax was 10.27% for the year to 31 March 2026, per its quarterly fund update filed on FMA Disclose.
How much do these two overlap?
They hold 4 of the same securities. If you held both, roughly 0.5% 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 World | Stewart Investors | Min weight |
|---|---|---|---|
| DEUTSCHE POST AG | 0.21% | 1.26% | 0.21% |
| Alcon | 0.17% | 3.85% | 0.17% |
| TECHTRONIC INDUSTRIES CO | 0.08% | 2.68% | 0.08% |
| KNORR BREMSE AG | 0.03% | 2.71% | 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 investment approach and resulting portfolio construction. The Kernel World ex-US Fund is a passive, index-tracking vehicle holding a broadly diversified slice of international equities outside the United States, with its top five holdings each weighted below 2.3% — consistent with broad market-cap index exposure across European and global names such as ASML Holdings, AstraZeneca, and Roche. The Stewart Investors Worldwide Leaders Fund, by contrast, is an actively managed, high-conviction portfolio: its top holding, Samsung Electronics, sits at 7.17%, and the top five positions together account for roughly 28% of the fund — a concentration level that reflects deliberate stock selection rather than index replication.
This structural difference directly drives the fee gap. Kernel charges 0.25% per annum; Stewart Investors charges 0.61% — more than double. Both funds carry a risk indicator of 5 out of 7 and hold growth assets at approximately 98%, so those dimensions are closely matched. Fund size differs modestly: Kernel at NZD 9.25 million versus Stewart Investors at NZD 12.34 million, both relatively small. Neither fund discloses a five-year return figure in this snapshot, so historical performance cannot be compared here. Stewart Investors' top five also includes a 4.67% cash-at-bank position, which may reflect tactical liquidity management absent from Kernel's disclosed holdings.
Always verify current fees, holdings, and returns against each fund's 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 World ex-US Fund charges 0.36% lower in annual fund charges (0.25% vs 0.61%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Stewart Investors Worldwide Leaders Fund 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
Stewart Investors
0.61%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Kernel
—
—
Stewart Investors
—
—
Fund size
Larger = more stable, lower close-risk
Kernel
NZ$9m
Smallest 5% in cohort
Stewart Investors
NZ$12m
Smallest 9% in cohort
| Metric | Kernel | Stewart Investors | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.25% | 0.61% | 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$9m | NZ$12m | 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 | 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 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 →
Stewart Investors
Stewart Investors Worldwide Leaders Fund
Aims to achieve its investment objective by investing in a diversified portfolio of equity or equity-related securities of larger capitalisation companies which are listed in, traded, or dealt on any of the regulated markets worldwide. The Fund does not hedge currency risk.Full Stewart Investors Stewart Investors Worldwide Leaders Fund profile →
Common questions
What's the difference between the Kernel World ex-US Fund and the Stewart Investors Worldwide Leaders Fund?
Which fund has lower fees, Kernel World ex-US Fund or Stewart Investors Worldwide Leaders 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?
