What is the purpose of this update?
This document details the performance and fees of the Kernel S&P Global Clean Energy Fund for the quarter ended 30 June 2025. It is designed to help investors compare the fund with other investment options. Kernel Wealth Limited prepared this update in accordance with the Financial Markets Conduct Act 2013. The information is not audited and may be subject to updates.
Description of this fund
The Kernel S&P Global Clean Energy Fund invests in globally listed companies engaged in clean energy-related businesses, including energy production and equipment. The fund aims to track the S&P Developed Ex-Korea Clean Energy Index (NZD).
Total value of the fund: $12,207,606
The date the fund started: 16 June 2021
How has the fund performed?
| Past Year | |
|---|---|
| Annual return (after deductions for charges and tax) | 0.90% |
| Annual return (after deductions for charges but before tax) | 2.09% |
| Market index annual return (reflects no deduction for charges and tax) | 3.02% |
The market index annual return is based on the composite index of the S&P Developed Ex-Korea Clean Energy Index for the period from 13 April 2022 and the S&P Global Clean Energy Index for the period prior to that date. Additional information about the market index is available in the 'Statement of Investment Policy and Objectives' document on the offer register at www.disclose-register.companiesoffice.govt.nz.
Annual return graph
The annual return graph illustrates the fund's performance over time. For the year ending 31 March 2023, the fund returned -21.50% while the market index returned -23.15%. For the year ending 31 March 2024, the fund returned -7.93% and the market index returned -5.92%. For the year ending 31 March 2025, the fund returned 5.44% and the market index returned 2.97%. The graph also indicates an average annual return since the fund started, up to 30 June 2025. It is important to note that past performance is not indicative of future results. Returns shown are after tax at the highest prescribed investor rate (PIR) for an individual New Zealand resident; your tax rate may be lower.
What are the risks of investing?
The risk indicator for the Kernel S&P Global Clean Energy Fund is rated from 1 (low) to 7 (high). This rating reflects how much the value of the fund's assets fluctuates. A higher risk rating generally suggests the potential for higher returns over time, but also involves greater volatility. To help assess your personal risk tolerance, you can seek financial advice or use the investor profiler tool at sorted.org.nz/tools/investor-profiler.
It is important to understand that even investments in the lowest risk category do not guarantee a risk-free investment, and other risks not captured by this rating may exist.
This risk indicator is not a guarantee of a fund's future performance. The indicator is based on returns data for 5 years up to 30 June 2025. While risk indicators are typically stable, they can change. The indicator will be updated in future fund updates. For more information on the risks associated with investing in this fund, please consult the Product Disclosure Statement - Equity Funds for the Kernel Funds.
What fees are investors charged?
Investors in the Kernel S&P Global Clean Energy Fund incur fund charges. For the year ending 31 March 2025, these charges were:
| % per annum of fund's net asset value | |
|---|---|
| Total fund charges | 0.45% |
| Which are made up of: | |
| Total management and administration charges | 0.45% |
| Including: | |
| Manager's basic fee | 0.45% |
| Other management and administration charges | 0.00% |
Investors are not charged individual action fees for specific actions or decisions, such as withdrawing from funds. All fees are inclusive of Goods and Services Tax (GST). Small differences in fees and charges can significantly impact your investment over the long term.
What does the fund invest in?
Actual investment mix
This section shows the types of assets the fund currently invests in. The actual investment mix is approximately 0.07% in cash and cash equivalents, 1.40% in Australasian equities, and 98.53% in international equities.
Target investment mix
This shows the mix of assets the fund generally intends to invest in. The target asset mix is 100% international equities.
| Asset Category | Target asset mix |
|---|---|
| Cash and cash equivalents | |
| New Zealand fixed interest | |
| International fixed interest | |
| Australasian equities | |
| International equities | 100.00% |
| Listed property | |
| Unlisted property | |
| Commodities | |
| Other |
Top 10 investments
| Name | % of fund's net asset value | Type | Country | Credit rating (if applicable) |
|---|---|---|---|---|
| First Solar Inc | 8.43% | International equities | United States | |
| SSE Plc Ord | 6.50% | International equities | Great Britain | |
| Vestas Wind Systems AS (EUR) | 6.36% | International equities | Denmark | |
| Iberdrola SA | 6.07% | International equities | Spain | |
| Nextracker Inc Class A | 5.64% | International equities | United States | |
| GE Vernova Inc | 5.34% | International equities | United States | |
| Energias de Portugal SA | 4.36% | International equities | Portugal | |
| Enel SpA | 4.16% | International equities | Italy | |
| E.ON SE | 3.90% | International equities | Germany | |
| Enphase Energy Inc (NASDAQ) | 3.79% | International equities | United States |
The top 10 investments collectively represent 54.55% of the fund's net asset value. The fund is not hedged for currency.
Key personnel
This section lists the directors and employees who have the most influence on the investment decisions of the fund:
| Name | Current position | Years | Months | Previous position | Years | Months |
|---|---|---|---|---|---|---|
| Dean Anderson | Chief Executive | 6 | 9 | Smartshares Product Manager, NZX | 4 | 4 |
| Stephen Upton | Chief Operating Officer | 6 | 0 | Smartshares Chief Operating Officer - NZX | 3 | 6 |
| Kerry McIntosh | Chairman | 6 | 0 | Operating Partner, Zino Ventures (current) | 7 | 4 |
| Vicki Dale | Investment Committee Member | 2 | 7 | Risk and Compliance Manager, Kernel Wealth (current) | 3 | 8 |
| Rhea Prasad | Portfolio Manager | 2 | 7 | Investment Dealer, Pie Funds | 1 | 3 |
Further information
Additional information, including the Product Disclosure Statement - Equity Funds for the Kernel Funds, can be obtained from the offer register at www.disclose-register.companiesoffice.govt.nz.
Notes
The risk indicator calculation used market index returns for 1 year, as the fund has not been in existence for the full 5 years required for a complete calculation. This may result in a less reliable indicator of potential future volatility. The indicator will be updated as more data becomes available. For detailed information on investment risks, please consult the Product Disclosure Statement - Equity Funds.
