# Kernel Cash Plus Fund

> Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings.

- **Manager:** Kernel (Kernel Wealth Limited)
- **Asset class:** Cash and Cash Equivalents
- **Risk profile:** conservative
- **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%)
- **Confidence tier:** C (Sorted Smart Investor → FMA Disclose)
- **Last verified:** 2026-05-22

## Summary

The Kernel Cash Plus Fund is a cash managed fund run by Kernel. NZ index-investing specialist with a broad retail range covering NZ, Australian, US and global equity, infrastructure, ESG, fixed interest and cash strategies.

## Fund data

- **Annual fund charge:** 0.25% p.a. (from the latest Quarterly Fund Update)
- **Risk indicator:** 1/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk)
- **Fund size (AUM):** NZ$13 million
- **Asset mix:** 0% growth assets · 100% income assets
- **Fund started:** 7 November 2022
- **Minimum initial investment:** NZ$1

## Top 10 holdings

1. Bank of China Deposit — 14.95%
2. Kiwibank Ltd FRN 15/03/2028 — 9.57%
3. Auckland Council FRN 04/10/2027 — 5.14%
4. SBS Commercial Paper 3.5% 08/04/2026 — 2.86%
5. Tax Traders 2.934% 09 Apr 2026 — 2.62%
6. NZGT Tributum Ltd Commercial Paper 2.95% 28/04/2026 — 2.57%
7. NZGT Tributum Ltd Commercial Paper 2.99% 29/06/2026 — 2.56%
8. Transpower NZ Ltd FRN 31/07/2028 — 2.50%
9. MTFGI FRN 24/11/2026 — 2.40%
10. Kiwibank Ltd FRN 13/06/2028 — 2.40%

Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register.

## How to invest

Available via: Kernel directly. Read the current Product Disclosure Statement (PDS) before investing.

## Sources

- **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Kernel%20Cash%20Plus%20Fund
- **Product Disclosure Statement:** /disclose-document/mdocba0ccca38cbf5cb6e138d2800243396/Kernel-Kiwi-Saver-PDS-Equities-August-2025.pdf
- **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH13288/OFR13322/FND40600/
- **Manager website:** https://kernelwealth.co.nz

## Citations (authoritative primary sources)

- FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ)
- Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities
- Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html
- Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/

## This file

- **Canonical HTML:** https://managedfunds.nz/funds/kernel/cash-plus/
- **Markdown (this file):** https://managedfunds.nz/funds/kernel/cash-plus/markdown.md
- **Structured data (JSON):** https://managedfunds.nz/funds/kernel/cash-plus/data.json
- **First published:** 2026-05-08
- **Last refreshed:** 2026-05-22
- **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt

---

ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing.