Kernel High Growth Fund
Kernel High Growth Fund is a diversified managed fund from Kernel with a fund size of NZ$529.7 million and an annual fund charge of 0.25%, as shown on Sorted Smart Investor on 22 May 2026; its 1-year return after fees and tax was 15.79% for the year to 31 March 2026, per its quarterly fund update filed on FMA Disclose.
Managed by KernelFund data last refreshed · holdings as filed to 31/03/2026
Kernel High Growth Fund is a diversified managed fund operated by Kernel; PIE-structured; FMA risk indicator 5/7. Headline terms: annual fund charge 0.25% · minimum investment NZ$1. Compared with 67 other same-category funds on this site, the 0.25% annual fund charge sits below the same-category median of 0.99%.
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 ourPIR guideandPIE tax basicsfor the full picture, or use thePIR calculatorto confirm your rate.
Annual fund charge
0.25%
vs peer avg 0.85%
Risk indicator
5/7
1 = lower risk · 7 = higher risk
5-year return p.a.
Less than 5 years of data
peer avg 5.65%
Fund size
NZ$529.7m
98% growth · 2% income
To invest in growth assets and achieve positive real returns over the long term while lessening volatility through diversification across sectors and geographies.
How Kernel High Growth Fund differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Top 3 holdings
- SPDR Portfolio Emerging Markets ETF (7.1%) · Nvidia Ord (5.1%) · Apple Inc (4.5%)
- Currency policy
- Funds with international exposure do not currently hedge unless they are designated NZD Hedged funds. NZD Hedged funds target 100% hedging back to NZD, with a permitted hedging range of 70% to 120% assessed weekly. The K…
Key facts
Fund start date
11 April 2022
Min. investment
NZ$1
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 | 1% | -5% | 10% |
| New Zealand fixed interest | 0% | 0% | 5% |
| International fixed interest | 0% | 0% | 5% |
| Australasian equities (NZ Large equities) | 18% | 10% | 50% |
| Australasian equities (NZ Medium equities) | 2% | 10% | 50% |
| Australasian equities (Australian equities) | 4% | 10% | 50% |
| International equities (Global equities) | 65% | 50% | 80% |
| International equities (Global Infrastructure) | 7.5% | 50% | 80% |
| Listed property (Global Real Estate) | 2.5% | 0% | 10% |
Responsible-investment approach
Five funds consider non-financial ESG factors: Kernel Global Property (NZD Hedged) Fund, Kernel S&P Global Clean Energy Fund, NZ 50 ESG Tilted Fund, Kernel Global ESG Fund, and Kernel Global ESG (NZD Hedged) Fund. These funds use S&P DJI ESG scoring methodologies, including exclusions, tilts, and climate-alignment screens. Kernel's ESG Policy sets out applicable index methodologies, exclusions, and minimum reporting publications for non-financial metrics.
Derivatives policy
Kernel Equity Funds (except NZD Hedged variants) do not currently use derivatives but may do so in future on a fund-by-fund basis. NZD Hedged funds and Fixed Interest funds may use derivatives (swaps, futures, options, FRAs, repos) primarily to hedge foreign currency exposure or manage cash flows; borrowing via derivatives is capped at 25% of fund value.
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 Limited manages both the KiwiSaver Plan and the underlying Kernel Funds scheme, meaning it acts as manager at two levels and decisions it makes about underlying funds directly affect KiwiSaver investors.
- Kernel acknowledges that restrictions it imposes on the underlying Kernel Funds—such as limiting withdrawals or switches—can flow through and constrain what KiwiSaver Plan investors are able to do with their money.
- Both Kernel and the Supervisor are indemnified from Plan assets for losses incurred in proper performance of their duties, meaning these claims rank ahead of investor claims against those same assets.
- Administration, custody, unit pricing, and fund accounting are provided by related parties Adminis NZ Limited and MUFG Pension & Market Services (NZ) Limited, with costs for these services borne by the Plan.
Generated 2026-05-28 from Kernel KiwiSaver Plan 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
Conflicts disclosed
3
In OMI
Conflicts of interest disclosed in OMI
- Each KiwiSaver Fund invests wholly in underlying funds within the Kernel Funds scheme (SCH12697), which is also managed by Kernel Wealth Limited, meaning Kernel acts as manager at both levels.
- Decisions Kernel makes in respect of the Kernel Funds (e.g. restricting withdrawals or switches for underlying funds) may affect investors' investments in the KiwiSaver Plan.
- Both Kernel and the Supervisor are indemnified out of Plan assets for losses and costs incurred in proper performance of their duties, taking priority over investor claims.
How this fund compares to peers
Mechanical comparison vs the 68 other diversified funds in our cohort. Source: FMA Disclose register via Sorted Smart Investor. Past performance is not a reliable indicator of future returns.
Kernel High Growth Fund: 0.25% per annum. Diversified median across 68 funds:0.99%. This fund is 0.74 percentage points below the category median.
Annual fund charge
0.25%
Category median: 0.99%
Cheaper than 94% of peers
Fund size
NZ$529.7m
Category median: NZ$45.7m
Top 15% 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
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.
Complete portfolio
This fund files 2,070 holdings with the FMA as at 31/03/2026. The largest 25 are shown.
Top 10 concentration: 33.1% of net assets.
Direct disclosed holdings only — a floor on exposure, not a total. Filings list wrappers and securities together, so a fund holding another fund shows no look-through here. Disclosed rows account for 99.2% of net assets. Percentages are of this fund's net assets and are safe to sum within this fund only.
| Holding | % of fund | |
|---|---|---|
| SPDR Portfolio Emerging Markets ETF | 7.13% | |
| Nvidia Ord | 5.07% | |
| Apple Inc | 4.45% | |
| Microsoft | 3.29% | |
| Fisher & Paykel Healthcare Corp Ltd | 2.67% | |
| Amazon.com Inc | 2.43% | |
| Auckland International Airport | 2.33% | |
| Alphabet Inc Class A | 2.00% | |
| Infratil Limited | 1.98% | |
| Broadcom Inc | 1.75% | |
| Alphabet Inc Class C | 1.60% | |
| Contact Energy Ltd | 1.50% | |
| The a2 Milk Company Ltd | 1.42% | |
| Redemptions | 1.38% | |
| Meridian Energy | 1.21% | |
| JPMorgan Chase & Co | 0.95% | |
| Eli Lilly ORD | 0.87% | |
| Exxon Mobil Corporation | 0.85% | |
| Mainfreight Limited | 0.81% | |
| EBOS | 0.78% | |
| ASML Holdings ORD | 0.77% | |
| Mercury NZ Limited | 0.74% | |
| BHP Group Ltd (AU register) | 0.71% | |
| Johnson & Johnson | 0.70% | |
| Chorus Ltd | 0.69% |
Every NZ managed fund must file its complete portfolio with the FMA each quarter. Where a line is itself a fund, trust or ETF, the securities inside it are not broken out here.
Top 10 holdings
As at the latest published quarterly fund update (via Sorted Smart Investor).
| Holding | % of fund |
|---|---|
SPSPDR Portfolio Emerging Markets ETF | 7.13% |
 Nvidia Ord | 5.07% |
 Apple Inc | 4.45% |
 Microsoft | 3.29% |
 Fisher & Paykel Healthcare Corp Ord | 2.68% |
 Amazon.Com Inc | 2.43% |
 Auckland International Airport | 2.33% |
 Alphabet Inc Class A | 2.00% |
 Infratil Limited | 1.98% |
 Broadcom Inc | 1.75% |
Documents
Every dated PDS, quarterly fund update and full-portfolio holdings file. Linked from the FMA Disclose register via Sorted Smart Investor.
- KERNEL HIGH GROWTH FUND (FND37625) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 0.41 KB
- Kernel Kiwi Saver PDS Equities August 2025.pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 399.30 KB
- High Growth FU KS Kiwi Saver Update Mar 2026.pdf The quarterly update published by the provider PDF, 230.01 KB
- Kernel Kiwi Saver PDS Diversified August 2025.pdf Additional product disclosure statement from the provider PDF, 415.69 KB
- ESG Policy March 2023.pdf ESG Policy PDF, 1.92 MB
- Kernel Kiwi Saver OMI August 2025.pdf Other Material Information PDF, 271.27 KB
- Kernel Kiwi Saver SIPO September 2025.pdf Statement of investment policy and objectives PDF, 482.21 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.
Kernel has 27 retail funds in our coverage across Diversified, Cash, NZ Fixed Interest, International FI, International Equities, Other, Listed Property and Australasian Equities strategies, with annual fund charges from 0.25% to 0.45% a year.
Based in Auckland.
Common questions
Questions people ask about Kernel High Growth Fund
Questions that recur in search results for this fund, answered from its filed PDS, Fund Update and FMA Disclose record. How the question set was captured is documented in our methodology. Not personal financial advice — for guidance specific to your situation, consult a licensed financial adviser.
How much is the Kernel fee?
Kernel High Growth Fund has an annual fund charge of 0.25% p.a., as disclosed in the latest Quarterly Fund Update. This is materially lower than the peer-cohort average fee of 0.85% p.a. for comparable funds. Check the current Product Disclosure Statement on the Kernel website for any additional costs.
What does high growth index mean?
A high-growth fund typically allocates most capital to growth assets (equities and growth-oriented investments) rather than income assets (bonds and cash). Kernel High Growth Fund holds approximately 98.37% growth assets and 1.63% income assets, placing it at the growth-focused end of the investment spectrum. Funds with higher growth-asset allocations carry higher risk and volatility, reflected in Kernel's risk indicator of 5/7 on the FMA standardised scale.
Are index funds good for growth?
Index funds can form part of a growth-oriented portfolio because they provide diversified exposure to market returns at typically low cost. Kernel High Growth Fund uses index-tracking strategies within a diversified global asset mix, with an annual fund charge of 0.25% p.a. Whether an index fund suits your investment goals depends on your personal circumstances; refer to the PDS and consider seeking financial advice.
Head-to-head
Compare Kernel High Growth Fund with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other Diversified funds
Same manager
Other funds by Kernel
- Kernel S&P Global 100 FundInternational Equities
- Kernel Global Infrastructure FundOther
- 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 High Growth Fund?
Kernel High Growth 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 High Growth Fund?
It is a diversified managed fund. The fund has a aggressive 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 High Growth Fund?
The annual fund charge for the Kernel High Growth 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 High Growth 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 High Growth Fund a PIE fund?
Yes. The Kernel High Growth 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 High Growth Fund?
Fund size (assets under management) is NZ$530 million as at the latest Quarterly Fund Update. Asset mix is approximately 98% growth assets and 2% income assets.
What does the Kernel High Growth Fund invest in?
The latest published top holdings are: SPDR Portfolio Emerging Markets ETF (7.13%), Nvidia Ord (5.07%), Apple Inc (4.45%). 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 High Growth Fund?
The Kernel High Growth Fund is available via Kernel directly. Always read the current Product Disclosure Statement before investing.
How much is the Kernel fee?
Kernel High Growth Fund has an annual fund charge of 0.25% p.a., as disclosed in the latest Quarterly Fund Update. This is materially lower than the peer-cohort average fee of 0.85% p.a. for comparable funds. Check the current Product Disclosure Statement on the Kernel website for any additional costs.
What does high growth index mean?
A high-growth fund typically allocates most capital to growth assets (equities and growth-oriented investments) rather than income assets (bonds and cash). Kernel High Growth Fund holds approximately 98.37% growth assets and 1.63% income assets, placing it at the growth-focused end of the investment spectrum. Funds with higher growth-asset allocations carry higher risk and volatility, reflected in Kernel's risk indicator of 5/7 on the FMA standardised scale.
Are index funds good for growth?
Index funds can form part of a growth-oriented portfolio because they provide diversified exposure to market returns at typically low cost. Kernel High Growth Fund uses index-tracking strategies within a diversified global asset mix, with an annual fund charge of 0.25% p.a. Whether an index fund suits your investment goals depends on your personal circumstances; refer to the PDS and consider seeking financial advice.