PIE tax treatment — capped at your PIR (max 28%)
This fund is a Portfolio Investment Entity (PIE) under Subpart HM of the Income Tax Act 2007. Income is taxed at your Prescribed Investor Rate (10.5% / 17.5% / 28%), not your marginal income-tax rate. The fund manager calculates and pays the tax on your behalf — when your PIR is correct, you usually don't need to declare PIE income in your annual tax return. See our PIR guide and PIE tax basics for the full picture, or use the PIR calculator to confirm your rate.
Annual fund charge
0.25%
vs peer avg 0.89%
Risk indicator
3/7
1 = lower risk · 7 = higher risk
5-year return p.a.
Less than 5 years of data
peer avg 2.19%
Fund size
NZ$14.0m
23% growth · 77% income
The Kernel Conservative Fund's investment objective is to provide a return (before tax, fees and expenses) that closely matches the return of the index of the reference portfolio. Investment strategy. Designed as a 30% growth / 70% income option by investing mainly in several of the other Kernel funds
Key facts
Fund start date
13 August 2025
Min. investment
NZ$1
Tax structure
PIE
Capped at your PIR (max 28%)
How this fund compares to peers
Mechanical comparison vs the 67 other diversified funds in our cohort. Source: FMA Disclose register via Sorted Smart Investor. Past performance is not a reliable indicator of future returns.
Annual fund charge
0.25%
Category median: 0.99%
Cheaper than 94% of peers
Fund size
NZ$14.0m
Category median: NZ$57.5m
25th percentile by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$124
Compounded charge over 5 years (excl. returns)
$361 less than peer median
Mechanical scores only — no opinion or recommendation. Different funds suit different investor goals. ManagedFundsNZ is not a Financial Advice Provider. Read the current PDS and consider speaking to a licensed financial adviser.
Top 10 holdings
As at the latest published quarterly fund update (via Sorted Smart Investor).
| Holding | % of fund |
|---|---|
| IC IShares Core US Aggregate Bond ETF | 12.89% |
| N4 NZGS 4.25% 15/05/2034 | 7.80% |
| N5 NZGS 5.00% 15/05/2054 | 3.29% |
| N4 NZGS 4.50% 15/05/2030 | 2.95% |
| N4 NZGS 4.25% 15/05/2036 | 2.84% |
| BO Bank of China Deposit | 2.65% |
| N3 NZGS 3.00% 20/09/2030 | 2.31% |
| NL NZ LGFA 4.50% 14/05/2032 | 2.24% |
| DC Dunedin City Treasury 5.55% 15/11/2028 | 2.18% |
| WI Wellington Intl Airport 3.32% 24/09/2031 | 1.55% |
Documents
Every dated PDS, quarterly fund update and full-portfolio holdings file. Linked from the FMA Disclose register via Sorted Smart Investor.
- KERNEL CONSERVATIVE FUND (FND58858) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 0.45 KB
- Kernel Funds PDS Equities August 2025.pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 351.82 KB
- Conservative FU Fund Update Mar 2026.pdf The quarterly update published by the provider PDF, 600.53 KB
- Kernel Funds PDS Diversified August 2025.pdf Additional product disclosure statement from the provider PDF, 335.37 KB
- Kernel Funds OMI August 2025.pdf Other material information of relevance to investors PDF, 246.01 KB
- Kernel Funds SIPO September 2025.pdf Statement of investment policy and objectives PDF, 518.86 KB
About this category
Multi-asset funds that hold a mix of shares, bonds, cash and sometimes property in a single portfolio. The mix determines the risk profile — aggressive funds hold more shares, conservative funds hold more bonds and cash.
About Kernel
NZ index-investing specialist with a broad retail range covering NZ, Australian, US and global equity, infrastructure, ESG, fixed interest and cash strategies.
See all funds from Kernel →Head-to-head
Compare Kernel Conservative Fund with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other Diversified funds
AI & integrations
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Frequently asked questions
Mechanical Q&A grounded in the fund's PDS, SIPO, and latest QFU on the FMA Disclose register. Verify against the source before relying on any of this.
Who manages the Kernel Conservative Fund?
Kernel Conservative Fund is managed 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.
What asset class is the Kernel Conservative Fund?
It is a diversified managed fund. The fund has a conservative risk profile. Multi-asset funds that hold a mix of shares, bonds, cash and sometimes property in a single portfolio. The mix determines the risk profile — aggressive funds hold more shares, conservative funds hold more bonds and cash.
What are the fees for the Kernel Conservative Fund?
The annual fund charge for the Kernel Conservative Fund is 0.25% p.a., as reported in the latest Quarterly Fund Update sourced from the FMA Disclose register. Always check the current PDS for any additional fees.
What is the risk indicator for the Kernel Conservative Fund?
The risk indicator is 3/7 on the standardised FMA-mandated scale, where 1 is lower risk and 7 is higher risk. The risk indicator is calculated from the fund's price volatility over the past five years and is published in every Quarterly Fund Update.
Is the Kernel Conservative Fund a PIE fund?
Yes. The Kernel Conservative Fund is structured as a New Zealand Portfolio Investment Entity (PIE). Investor tax on the fund's income is capped at the investor's Prescribed Investor Rate (PIR), which has a maximum of 28%. Most NZ-resident retail investors with a taxable income at or below NZ$48,000 qualify for a lower PIR.
How big is the Kernel Conservative Fund?
Fund size (assets under management) is NZ$14 million as at the latest Quarterly Fund Update. Asset mix is approximately 23% growth assets and 77% income assets.
What does the Kernel Conservative Fund invest in?
The latest published top holdings are: IShares Core US Aggregate Bond ETF (12.89%), NZGS 4.25% 15/05/2034 (7.80%), NZGS 5.00% 15/05/2054 (3.29%). Holdings are disclosed in each Quarterly Fund Update; the full portfolio holdings file is also available via the FMA Disclose register.
How can I invest in the Kernel Conservative Fund?
The Kernel Conservative Fund is available via Kernel directly. Always read the current Product Disclosure Statement before investing.