# Kernel NZ Bond 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:** New Zealand Fixed Interest
- **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 NZ Bond Fund is a nz fixed interest 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:** 0.40% p.a. (from the latest Quarterly Fund Update)
- **Risk indicator:** 3/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk)
- **Fund size (AUM):** NZ$640,690.6
- **Asset mix:** 0% growth assets · 100% income assets
- **Fund started:** 29 July 2024
- **Minimum initial investment:** NZ$1

## Top 10 holdings

1. NZGS 4.25% 15/05/2034 — 17.51%
2. NZGS 5.00% 15/05/2054 — 7.39%
3. NZGS 4.50% 15/05/2030 — 6.49%
4. NZGS 4.25% 15/05/2036 — 6.39%
5. NZ LGFA 4.50% 14/05/2032 — 5.04%
6. NZGS 3.00% 20/09/2030 — 4.89%
7. Dunedin City Treasury 5.55% 15/11/2028 — 4.75%
8. Wellington Intl Airport 3.32% 24/09/2031 — 3.47%
9. Watercare Services Ltd 3.847% 30 Sep 2030 — 3.24%
10. Kiwi Property Group 2.85% 19/07/2028 — 2.41%

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%20NZ%20Bond%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/FND49790/
- **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

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- **Structured data (JSON):** https://managedfunds.nz/funds/kernel/nz-bond/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

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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.