Kernel KiwiSaver Plan
Kernel S&P Global 100 (NZD Hedged) 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 S&P Global 100 (NZD Hedged) 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 Global 100 (NZD Hedged) Fund's investment objective is to provide a return (before tax, fees and expenses) that closely matches the return on the S&P Global 100 Ex-Controversial Weapons NZD Hedged Index.
Fund Details
- Total value of the fund: $7,407,681
- The date the fund started: 02 November 2022
- Number of investors: 336
How has the fund performed?
Past Year Performance
| Metric | Past Year |
|---|---|
| Annual return (after deductions for charges and tax) | 9.97% |
| Annual return (after deductions for charges but before tax) | 10.39% |
| Market index annual return (reflects no deduction for charges and tax) | 10.89% |
The market index annual return is based on the annual return of the S&P Global 100 Ex-Controversial Weapons NZD Hedged Index. 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 graph shows the return after fund charges and tax for each year ending 31 March since the fund started. The last bar shows the average annual return since the fund started, up to 30 June 2025. Note: This does not predict future performance. Returns are after tax at the highest prescribed investor rate (PIR) for a New Zealand resident; your tax may be lower.
Yearly Returns:
- 31-Mar-24: Fund: 30.02%, Market Index: 31.33%
- 31-Mar-25: Fund: 23.82%, Market Index: 21.72%
Average Annual Return (since inception to 30 June 2025):
- Fund: 8.90%
- Market Index: 8.60%
What are the risks of investing?
Risk Indicator
The risk indicator for the Kernel S&P Global 100 (NZD Hedged) Fund 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.
Risk Scale: 1 (Lower Risk) to 7 (Higher Risk)
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.
Important Note: Even the lowest category does not mean a risk-free investment, and there are other risks not captured by this rating. This risk indicator is not a guarantee of future performance. It is based on returns data for 5 years to 30 June 2025. While risk indicators are usually stable, they can shift. The indicator will be updated in future fund updates. For more information on risks, see the Product Disclosure Statement - Equity Funds for the Kernel KiwiSaver Plan.
What fees are investors charged?
Investors in the Kernel S&P Global 100 (NZD Hedged) 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 (e.g., 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.
Example of how this applies to an investor
Emma had $10,000 in the fund on 1 July 2024 and made no further contributions. On 30 June 2025, Emma received a return after fund charges of $1,039 (10.39% of her initial $10,000). This gives Emma a total return after tax of $997 for the period.
What does the fund invest in?
Actual Investment Mix
This shows the types of assets that the fund invests in.
Asset Allocation:
- Cash and cash equivalents: 0.03%
- Australasian equities: 0.40%
- International equities: 99.63%
Target Investment Mix
This shows the mix of assets that the fund generally intends to invest in.
| 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) |
|---|---|---|---|---|
| Nvidia Ord | 12.47% | International equities | United States | |
| Microsoft | 11.96% | International equities | United States | |
| Apple Inc | 9.91% | International equities | United States | |
| Amazon.com Inc | 6.71% | International equities | United States | |
| Alphabet | 6.01% | International equities | United States | |
| Broadcom Inc | 4.19% | International equities | United States | |
| JPMorgan Chase & Co | 2.61% | International equities | United States | |
| Eli Lilly ORD | 1.98% | International equities | United States | |
| Exxon Mobil Corporation | 1.50% | International equities | United States | |
| Mastercard Inc Class A Ord | 1.47% | International equities | United States |
The top 10 investments make up 58.81% of the fund's net asset value.
Currency Hedging
The fund is hedged back to New Zealand dollars. As at 30 June 2025, the hedging ratio was 99.60%.
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 | |||
| Vicki Dale | Investment Committee Member | 2 | 7 | Operating Partner, Zino Ventures (current) Risk and Compliance Manager, Kernel Wealth (current) | 7 | 4 |
| Rhea Prasad | Portfolio Manager | 2 | 7 | Investment Dealer, Pie Funds | 1 | 3 |
Further information
You can also obtain this information, the Product Disclosure Statement - Equity Funds for the 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 2 years and 5 months of market index returns.
