Factual snapshot
Kernel — review
Mechanical, source-cited snapshot of Kernel's NZ retail managed-fund range. We don't rate or recommend — see a licensed financial adviser for personalised advice.
- Funds tracked
- 27
- Median annual fee
- 0.25%
- Median FMA risk
- 5/7
- Tracked NZ retail AUM
- $2.41 billion
Universe median 0.84%
Standardised 1–7 scale
Sum of fund sizes (21/27 on file)
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.
- Legal name
- Kernel Wealth Limited
- Headquarters
- Auckland
Fee position vs peers
Per-asset-class median annual fund charge for Kernel vs the peer median across all other NZ managers in our coverage. Source: Sorted Smart Investor (FMA Disclose Quarterly Fund Updates).
| Asset class | Kernel funds | Kernel median fee | Peer median (n) | Position |
|---|---|---|---|---|
| International Equities | 11 | 0.25% | 0.76% (72) | priced 51 bps below the peer median (0.76%) |
| Australasian Equities | 4 | 0.25% | 1.05% (54) | priced 80 bps below the peer median (1.05%) |
| Diversified | 3 | 0.25% | 1.00% (64) | priced 75 bps below the peer median (1.00%) |
| NZ Fixed Interest | 3 | 0.40% | 0.65% (13) | priced 25 bps below the peer median (0.65%) |
| Listed Property | 2 | 0.25% | 1.04% (14) | priced 79 bps below the peer median (1.04%) |
| Other | 2 | 0.25% | 1.08% (7) | priced 83 bps below the peer median (1.08%) |
| International FI | 1 | 0.30% | 0.71% (30) | priced 41 bps below the peer median (0.71%) |
| Cash | 1 | 0.25% | 0.44% (4) | priced 19 bps below the peer median (0.44%) |
Fee is the headline ongoing cost; strategy mix, hedging, performance fees and net return after fees also matter when comparing options.
Risk profile mix
Distribution of Kernel's 21 funds across the FMA's standardised 1–7 risk indicator. The indicator is calculated from each fund's past five years of unit-price volatility and published on every Quarterly Fund Update.
Kernel's funds
- Kernel Conservative FundDiversifiedPIE · capped at PIR (max 28%) conservative0.25% fee 3/7 risk
- Kernel Balanced FundDiversifiedPIE · capped at PIR (max 28%) balanced0.25% fee 4/7 risk
- Kernel High Growth FundDiversifiedPIE · capped at PIR (max 28%) aggressive0.25% fee 5/7 risk
- Kernel Cash Plus FundCashPIE · capped at PIR (max 28%) conservative0.25% fee 1/7 risk
- Kernel NZ Bond FundNZ Fixed InterestPIE · capped at PIR (max 28%) conservative0.40% fee 3/7 risk
- Kernel March 2027 NZ Bond FundNZ Fixed InterestPIE · capped at PIR (max 28%) conservative
- Kernel March 2029 NZ Bond FundNZ Fixed InterestPIE · capped at PIR (max 28%) conservative
- Kernel US Bond FundInternational FIPIE · capped at PIR (max 28%) conservative0.30% fee 4/7 risk
- Kernel S&P Global 100 FundInternational EquitiesPIE · capped at PIR (max 28%) growth0.25% fee 5/7 risk
- Kernel S&P Global 100 (NZD Hedged) FundInternational EquitiesPIE · capped at PIR (max 28%) NZD hedged growth0.25% fee 5/7 risk
- Kernel S&P 500 (Unhedged) FundInternational EquitiesPIE · capped at PIR (max 28%) growth0.25% fee 6/7 risk
- Kernel S&P 500 (NZD Hedged) FundInternational EquitiesPIE · capped at PIR (max 28%) NZD hedged growth0.25% fee 6/7 risk
- Kernel World ex-US FundInternational EquitiesPIE · capped at PIR (max 28%) growth0.25% fee 5/7 risk
- Kernel World ex-US (NZD Hedged) FundInternational EquitiesPIE · capped at PIR (max 28%) NZD hedged growth
- Kernel Emerging Markets FundInternational EquitiesPIE · capped at PIR (max 28%) growth0.45% fee 5/7 risk
- Kernel Global ESG FundInternational EquitiesPIE · capped at PIR (max 28%) Responsible / ethical growth0.25% fee 5/7 risk
- Kernel Global ESG (NZD Hedged) FundInternational EquitiesPIE · capped at PIR (max 28%) NZD hedged Responsible / ethical growth
- Kernel S&P Global Dividend Aristocrats FundInternational EquitiesPIE · capped at PIR (max 28%) Thematic growth0.25% fee 5/7 risk
- Kernel S&P Global Clean Energy FundInternational EquitiesPIE · capped at PIR (max 28%) Responsible / ethical Thematic aggressive0.45% fee 6/7 risk
- Kernel Global Infrastructure FundOtherPIE · capped at PIR (max 28%) Thematic balanced0.25% fee 5/7 risk
- Kernel Global Infrastructure (NZD Hedged) FundOtherPIE · capped at PIR (max 28%) NZD hedged Thematic balanced
- Kernel Global Property (NZD Hedged) FundListed PropertyPIE · capped at PIR (max 28%) NZD hedged balanced
- Kernel NZ 20 FundAustralasian EquitiesPIE · capped at PIR (max 28%) growth0.25% fee 5/7 risk
- Kernel NZ 50 ESG Tilted FundAustralasian EquitiesPIE · capped at PIR (max 28%) Responsible / ethical growth0.25% fee 5/7 risk
- Kernel NZ Small & Mid Cap Opportunities FundAustralasian EquitiesPIE · capped at PIR (max 28%) growth0.25% fee 5/7 risk
- Kernel NZ Commercial Property FundListed PropertyPIE · capped at PIR (max 28%) balanced0.25% fee 5/7 risk
- Kernel Australia 100 FundAustralasian EquitiesPIE · capped at PIR (max 28%) growth0.25% fee 5/7 risk
Questions about Kernel
Is Kernel a good fund manager?
Whether Kernel suits any individual investor depends on the investor's goals, time horizon, risk tolerance, and how the fund fits an existing portfolio — factors that vary by individual. On this site we surface mechanical, comparable data points: Kernel runs 27 retail managed funds in our coverage, with a median annual fund charge of 0.25% across that range (vs the NZ universe median of 0.84%), and a median FMA risk indicator of 5 out of 7. For personalised guidance, see a licensed financial adviser.
What does Kernel charge?
Kernel's 27 funds in our coverage carry a median annual fund charge of 0.25% (range 0.25% – 0.45%). The annual fund charge is the headline ongoing cost disclosed on every Quarterly Fund Update on the FMA Disclose register. Cross-validate via the per-fund pages, which link to source documents.
How big is Kernel?
Across the 21 funds with on-file fund-size data, Kernel's tracked NZ retail AUM totals NZD 2.41 billion. This is the sum of fund sizes disclosed in each fund's most recent Quarterly Fund Update on FMA Disclose and excludes KiwiSaver, wholesale and Australian-domiciled assets. Kernel may manage materially larger assets in those categories.
Where is Kernel based?
Kernel (legal name: Kernel Wealth Limited) is headquartered in Auckland.
What kind of funds does Kernel run?
Kernel's range of 27 funds in our coverage is weighted toward international equities (11 funds). The range also includes 4 australasian equities funds and 3 diversified funds. See the full list at /providers/kernel/.
Other managers running international equities funds
How we built this snapshot
Fund counts and category mix are from src/data/funds.ts (Range of Funds reconciled to the InvestNow + Sharesies + manager-direct universe). Annual fund charge, FMA risk indicator, five-year return and fund size are extracted from each fund's Quarterly Fund Update via Sorted Smart Investor (a Te Ara Ahunga Ora / Retirement Commission service that mirrors the FMA Disclose register). Cross-validate via each per-fund page, which links to the source PDS and Fund Update on FMA Disclose.
ManagedFundsNZ provides information only, not personalised financial advice. For advice, see a licensed financial adviser.