Kernel Global Infrastructure Fund
Managed by Kernel Kernel Global Infrastructure Fund is a other managed fund operated by Kernel; PIE-structured; FMA risk indicator 5/7. Headline terms: annual fund charge 0.25% · minimum investment NZ$1 · distributions quarterly. Compared with 7 other same-category funds on this site, the 0.25% annual fund charge sits below the same-category median of 1.08%.
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
To provide a return (before tax, fees and expenses) that closely matches the return on the Dow Jones Brookfield Global Infrastructure (NZD) Index.
How Kernel Global Infrastructure Fund differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Benchmark
- Dow Jones Brookfield Global Infrastructure (NZD) Index
- Top 3 holdings
- Enbridge Inc (7.0%) · The Williams Companies Inc (5.1%) · National Grid PLC Ord (4.9%)
Key facts
Fund start date
15 July 2020
Min. investment
NZ$1
Subsequent: NZ$1
Distributions
Quarterly
Tax structure
PIE
Capped at your PIR (max 28%)
Investment policy
From the Statement of Investment Policy and Objectives (SIPO).
Strategic asset allocation ranges
| Asset class | Target | Min | Max |
|---|---|---|---|
| Cash and cash equivalents | 0% | -5% | 10% |
| Australasian equities | 0% | 0% | 30% |
| International equities | 100% | 70% | 105% |
Responsible-investment approach
Five funds incorporate non-financial ESG factors: Kernel Global Property (NZD Hedged), Kernel Global Clean Energy, NZ 50 ESG Tilted, Kernel Global ESG, and Kernel Global ESG (NZD Hedged). ESG considerations include environmental, social and governance conditions as independently observed, assessed and/or reported by listed companies, using S&P DJI index methodologies. Kernel's ESG Policy sets out applicable index methodologies, exclusions and minimum non-financial metric reporting.
Derivatives policy
Equity funds (except NZD Hedged variants and the High Growth Fund) do not currently use derivatives but may do so in future. The Diversified Funds, Fixed Interest Funds and all NZD Hedged funds may use derivatives to hedge foreign currency exposures; Fixed Interest Funds may also use interest rate futures or swaps as cash equivalents, and repos for cash-flow management. Borrowing is intended only for settlement purposes, capped at 25% of Fund Value unless otherwise agreed with the Supervisor.
Reading between the lines
Plain-English summary of the scheme's disclosed conflicts and performance-fee mechanics, drawn from the OMI and PDS. Factual restatement — no opinion.
- Kernel Wealth runs eight passively oriented funds spanning cash, NZ and US bonds, target-maturity bonds, and diversified growth/balanced/conservative strategies, with no performance fees disclosed.
- Annual fund charges range from 0.25% (most funds) to 0.40% (Kernel NZ Bond Fund), which are among the lower fee levels in the NZ retail managed-fund market.
- Risk indicators range from 1/7 (Kernel Cash Plus Fund) to 5/7 (Kernel High Growth Fund), reflecting the spectrum from cash-equivalent to growth-asset exposure across the fund range.
- No conflicts of interest, related-party transactions, or performance-fee mechanics were disclosed in the provided PDS information for any of the eight Kernel funds.
Generated 2026-05-29 from Kernel Funds OMI (dated 2025-08-06). The verbatim disclosures appear in full below — this summary is a navigation aid, not a substitute.
Scheme disclosures
From the Other Material Information (OMI) document. Scheme-level — applies to every fund in this scheme.
Trustee / Supervisor
Trustees Executors Limited
Auditor
EY
Custodian
Adminis NZ Limited
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
Read the full fee-vs-peers breakdown →
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 →Common questions
Questions people ask about Kernel Global Infrastructure Fund
Drawn from Google's "People also ask" panel and answered with reference to the fund's filed PDS, Fund Update and FMA Disclose data. Not personal financial advice — for guidance specific to your situation, consult an authorised financial adviser.
What happens if the Kernel goes bust?
Kernel Wealth is a licensed fund manager regulated by the Financial Markets Authority. Funds under management are held in trust and kept separate from the manager's own assets, meaning investor money is protected even if the manager becomes insolvent. For details on regulatory protections, see the FMA Disclose register at https://disclose-register.companiesholiday.govt.nz/.
Is kernel wealth trustworthy?
Kernel Wealth is authorised and supervised by the Financial Markets Authority under the Financial Markets Conduct Act 2013. You can verify the fund's registration, current PDS, and financial disclosures via the FMA Disclose register at https://disclose-register.companieshouse.govt.nz/. The Kernel Global Infrastructure Fund is a PIE with an annual fund charge of 0.25% p.a. as at the latest QFU.
How safe is kernel wealth?
The Kernel Global Infrastructure Fund has a risk indicator of 5 out of 7 on the FMA standardised scale, meaning it carries moderate-to-high risk typical of growth-focused infrastructure portfolios. Risk tolerance is personal; you should read the PDS and consider your own circumstances. Regulatory oversight and trustee protections apply; see https://kernelwealth.co.nz for the current PDS.
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
Same manager
Other funds by Kernel
- Kernel S&P Global 100 FundInternational Equities
- Kernel High Growth FundDiversified
- Kernel S&P Global 100 (NZD Hedged) FundInternational Equities
FMA risk band
Same risk band (5/7)
See every NZ retail managed fund with the same standardised FMA risk indicator. Useful for peer-checking volatility-comparable funds outside this category.
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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.
What happens if the Kernel goes bust?
Kernel Wealth is a licensed fund manager regulated by the Financial Markets Authority. Funds under management are held in trust and kept separate from the manager's own assets, meaning investor money is protected even if the manager becomes insolvent. For details on regulatory protections, see the FMA Disclose register at https://disclose-register.companiesholiday.govt.nz/.
Is kernel wealth trustworthy?
Kernel Wealth is authorised and supervised by the Financial Markets Authority under the Financial Markets Conduct Act 2013. You can verify the fund's registration, current PDS, and financial disclosures via the FMA Disclose register at https://disclose-register.companieshouse.govt.nz/. The Kernel Global Infrastructure Fund is a PIE with an annual fund charge of 0.25% p.a. as at the latest QFU.
How safe is kernel wealth?
The Kernel Global Infrastructure Fund has a risk indicator of 5 out of 7 on the FMA standardised scale, meaning it carries moderate-to-high risk typical of growth-focused infrastructure portfolios. Risk tolerance is personal; you should read the PDS and consider your own circumstances. Regulatory oversight and trustee protections apply; see https://kernelwealth.co.nz for the current PDS.