# Kernel NZ Small & Mid Cap Opportunities 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:** Australasian Equities
- **Risk profile:** growth
- **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 Small & Mid Cap Opportunities Fund is a australasian equities 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)
- **Risk indicator:** 5/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk)
- **Fund size (AUM):** NZ$863,060.75
- **Asset mix:** 98% growth assets · 2% income assets
- **Fund started:** 11 April 2022
- **Minimum initial investment:** NZ$1

## Top 10 holdings

1. Channel Infrastructure NZ Ltd — 7.36%
2. Vital Healthcare Property — 6.44%
3. Heartland Group Holdings Limited — 6.29%
4. Skellerup Holdings Ltd — 6.28%
5. Argosy Property Ltd — 6.05%
6. Fonterra Shareholders' Fund — 5.43%
7. Scales Corporation Limited — 5.32%
8. Sky City Entertainment Group Limited — 4.76%
9. Gentrack Ltd (NZ Register) — 4.59%
10. Tower Limited — 3.92%

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%20Small%20%26%20Mid%20Cap%20Opportunities%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/FND37627/
- **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/

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- **First published:** 2026-05-08
- **Last refreshed:** 2026-05-22
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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.