Kernel Global Infrastructure Fund
Managed by Kernel 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 0.91%
Risk indicator
5/7
1 = lower risk · 7 = higher risk
5-year return p.a.
Less than 5 years of data
peer avg 4.91%
Fund size
NZ$509.7m
98% growth · 2% income
The Kernel Global Infrastructure Fund invests in globally listed pure-play infrastructure companies and is designed to track the Dow Jones Brookfield Global Infrastructure Index (NZD)
Key facts
Fund start date
15 July 2020
Min. investment
NZ$1
Tax structure
PIE
Capped at your PIR (max 28%)
How this fund compares to peers
Mechanical comparison vs the 8 other other 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: 1.06%
Cheaper than 94% of peers
Fund size
NZ$509.7m
Category median: NZ$106.3m
Top 6% by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$124
Compounded charge over 5 years (excl. returns)
$397 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 |
|---|---|
| EN Enbridge Inc | 7.00% |
| TW The Williams Companies Inc | 5.08% |
| NG National Grid PLC Ord | 4.94% |
| AT American Tower Corp A | 4.62% |
| VO Vinci Ord | 4.40% |
| TE TC Energy Corporation | 3.86% |
| KM Kinder Morgan Inc | 3.75% |
| SE Sempra Energy | 3.62% |
| CE Cheniere Energy Inc | 3.49% |
| ON ONEOK Inc | 3.25% |
Documents
Every dated PDS, quarterly fund update and full-portfolio holdings file. Linked from the FMA Disclose register via Sorted Smart Investor.
- KERNEL GLOBAL INFRASTRUCTURE FUND (FND19301) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 0.29 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
- Infra FU Fund Update Mar 2026.pdf The quarterly update published by the provider PDF, 239.08 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
Funds that do not fit the standard asset-class categories — global listed infrastructure, digital-asset funds, peer-to-peer income funds.
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 Global Infrastructure Fund with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other Other funds
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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 Global Infrastructure Fund?
Kernel Global Infrastructure 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 Global Infrastructure Fund?
It is a other managed fund. The fund has a balanced risk profile. Funds that do not fit the standard asset-class categories — global listed infrastructure, digital-asset funds, peer-to-peer income funds.
What are the fees for the Kernel Global Infrastructure Fund?
The annual fund charge for the Kernel Global Infrastructure 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 Global Infrastructure Fund?
The risk indicator is 5/7 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 Global Infrastructure Fund a PIE fund?
Yes. The Kernel Global Infrastructure 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 Global Infrastructure Fund?
Fund size (assets under management) is NZ$510 million as at the latest Quarterly Fund Update. Asset mix is approximately 98% growth assets and 2% income assets.
What does the Kernel Global Infrastructure Fund invest in?
The latest published top holdings are: Enbridge Inc (7.00%), The Williams Companies Inc (5.08%), National Grid PLC Ord (4.94%). 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 Global Infrastructure Fund?
The Kernel Global Infrastructure Fund is available via Kernel directly. Always read the current Product Disclosure Statement before investing.