# Kernel NZ Commercial Property 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:** Listed Property
- **Risk profile:** balanced
- **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 Commercial Property Fund is a listed property 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:** 0.25% p.a. (from the latest Quarterly Fund Update)
- **5-year return (after charges, after tax at 28% PIR):** 2.75% p.a.
- **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk)
- **Fund size (AUM):** NZ$140 million
- **Asset mix:** 98% growth assets · 2% income assets
- **Fund started:** 28 August 2019
- **Minimum initial investment:** NZ$1

## Top 9 holdings

1. Goodman Property Trust — 17.87%
2. Kiwi Property Group Limited — 17.39%
3. Precinct Properties New Zealand Limited — 17.02%
4. Property for Industry Limited — 13.13%
5. Vital Healthcare Property — 12.24%
6. Argosy Property Ltd — 11.51%
7. Stride Property Limited — 7.08%
8. Investore Property Limited — 3.75%
9. Cash and Cash Equivalents — 0.02%

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%20Commercial%20Property%20Fund
- **Product Disclosure Statement:** /disclose-document/mdo42ca30bf6eb86ed72d0b97330b902616/Kernel-Funds-PDS-Equities-August-2025.pdf
- **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH12697/OFR12698/FND15843/
- **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

- **Canonical HTML:** https://managedfunds.nz/funds/kernel/nz-commercial-property/
- **Markdown (this file):** https://managedfunds.nz/funds/kernel/nz-commercial-property/markdown.md
- **Structured data (JSON):** https://managedfunds.nz/funds/kernel/nz-commercial-property/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

---

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.