Kernel KiwiSaver Plan
Kernel High Growth Fund
Fund update for the quarter ended 30 June 2025
This fund update was first made publicly available on 28 July 2025.
What is the purpose of this update?
This document tells you how the Kernel High Growth Fund has performed and what fees were charged. The document will help you to compare the fund with other funds. Kernel Wealth Limited prepared this update in accordance with the Financial Markets Conduct Act 2013. This information is not audited and may be updated.
Description of this fund
The Kernel High Growth Fund is a diversified fund comprising of several of the Kernel Funds. It is made up of over 98% growth assets, such as shares and listed property. This globally diversified fund is designed to help investors build long-term wealth while lessening volatility through geographical and sector diversification. It is suitable for an investor with an investment time horizon of at least 5 years.
Total value of the fund: $277,080,616
The date the fund started: 11 April 2022
Number of investors: 6,703
How has the fund performed?
Past Year Performance
| Metric | Value |
|---|---|
| Annual return (after deductions for charges and tax) | 12.08% |
| Annual return (after deductions for charges but before tax) | 13.06% |
| Market index annual return (reflects no deduction for charges and tax) | 13.76% |
The market index annual return is based on the annual return of a composite of market indices matching the underlying asset allocation. 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
Description: Displays yearly returns for the fund and market index. For the year ending 31 March 2024, the fund returned 19.79% and the market index 21.41%. For the year ending 31 March 2025, the fund returned 9.56% and the market index 8.40%. The final bar represents the average annual return since inception, showing 10.53% for the fund and 12.26% for the market index.
Example of how this applies to an investor
Emma had $10,000 in the fund on 1 July 2024 and did not make any further contributions. On 30 June 2025, Emma received a return after fund charges were deducted of $1,306 (that is 13.06% of her initial $10,000). This gives Emma a total return after tax of $1,208 for the period.
Important: The returns shown are after tax at the highest prescribed investor rate (PIR) for an individual New Zealand resident. Your tax may be lower. The performance shown does not tell you how the fund will perform in the future.
What are the risks of investing?
Risk indicator for the Kernel High Growth Fund
Risk Indicator: 1 (Lower Returns, Lower Risk) to 7 (Higher Returns, Higher Risk).
The risk indicator is rated from 1 (low) to 7 (high). The rating reflects how much the value of the fund's assets goes up and down. A higher risk generally means higher potential returns over time, but more ups and downs along the way.
To help you clarify your own attitude to risk, you can seek financial advice or work out your risk profile at sorted.org.nz/tools/investor-profiler.
Note that even the lowest category does not mean a risk-free investment, and there are other risks that are not captured by this rating.
This risk indicator is not a guarantee of a fund's future performance. The risk indicator is based on returns data for 5 years to 30 June 2025. While risk indicators are usually relatively stable, they do shift from time to time. The risk indicator will continue to be updated in future fund updates. See the Product Disclosure Statement - Diversified & Other Funds for Kernel KiwiSaver Plan for more information about the risks associated with investing in this fund.
What fees are investors charged?
Investors in the Kernel High Growth Fund are charged fund charges. In the year to 31 March 2025 these were:
| Fee Description | % per annum of fund's net asset value |
|---|---|
| Total fund charges | 0.25% |
| Which are made up of: | |
| Total management and administration charges | 0.25% |
| Including | |
| Manager's basic fee | 0.25% |
| Other management and administration charges | 0.00% |
Investors are not charged individual action fees for specific actions or decisions (for example, for withdrawing from funds). All fees are inclusive of GST. Small differences in fees and charges can have a big impact on your investment over the long term.
What does the fund invest in?
Actual investment mix
Description: The fund's assets are allocated as follows: Cash and cash equivalents: 1.77%, Australasian equities: 30.17%, International equities: 63.45%, Listed property: 4.61%.
*The units of Kernel Cash Plus Fund held within the Kernel High Growth Fund are classified as Cash and Cash equivalents.
Top 10 investments
| Name | % of fund's net asset value | Type | Country | Credit rating (if applicable) |
|---|---|---|---|---|
| Nvidia Ord | 5.30% | International equities | United States | |
| Microsoft | 5.08% | International equities | United States | |
| Apple Inc | 4.26% | International equities | United States | |
| Fisher & Paykel Healthcare Corp Ltd | 3.48% | Australasian equities | New Zealand | |
| Auckland International Airport | 2.98% | Australasian equities | New Zealand | |
| Alphabet | 2.82% | International equities | United States | |
| Amazon.com Inc | 2.65% | International equities | United States | |
| Infratil Limited | 2.31% | Australasian equities | New Zealand | |
| Meridian Energy | 1.71% | Australasian equities | New Zealand | |
| EBOS | 1.69% | Australasian equities | New Zealand |
The top 10 investments make up 32.28% of the fund's net asset value.
Target investment mix
| Asset Category | Target asset mix |
|---|---|
| Cash and cash equivalents | 2.00% |
| New Zealand fixed interest | 29.40% |
| International fixed interest | 63.60% |
| Australasian equities | 5.00% |
| International equities | |
| Listed property | |
| Unlisted property | |
| Commodities | |
| Other |
Currency Hedging
The fund had a 5.12% allocation to the Kernel Global Infrastructure (NZD Hedged) Fund which was 99.12% hedged back to New Zealand dollars, a 4.61% allocation to the Kernel Global Property (NZD Hedged) Fund which was 100.30% hedged back to New Zealand dollars, and a 29.75% allocation to the Kernel S&P Global 100 (NZD Hedged) Fund which was 99.60% hedged back to New Zealand dollars.
Key personnel
This shows 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
You can also obtain this information, the Product Disclosure Statement - Diversified & Other Funds for Kernel KiwiSaver Plan, and some additional information from the offer register at www.disclose-register.companiesoffice.govt.nz.
Notes
Market index returns (as well as actual returns) have been used to complete the risk indicator, as the fund has not been in existence for 5 years. As a result, the risk indicator may provide a less reliable indicator of the potential future volatility of the fund. The risk indicator for the fund uses 1 year(s) 10 month(s) of market index returns.
