Kernel KiwiSaver Plan
Kernel Emerging Markets 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 Emerging Markets 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 Emerging Markets Fund's investment objective is to provide a return (before tax, fees and expenses) that closely matches the return on the S&P Emerging BMI (NZD) Index.
Fund Details:
- Total value of the fund: $1,041,248
- The date the fund started: 11 November 2024
- Number of investors: 126
What are the risks of investing?
Risk indicator for the Kernel Emerging Markets Fund:
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 the 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 - Equity Funds for the Kernel KiwiSaver Plan for more information about the risks associated with investing in this fund.
How has the fund performed?
| Past Year | |
|---|---|
| Annual return (after deductions for charges and tax) | Not Applicable |
| Annual return (after deductions for charges but before tax) | Not Applicable |
| Market index annual return (reflects no deduction for charges and tax) | 15.84% |
The market index annual return is based on the annual return of the S&P Emerging BMI (NZD) 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.
What fees are investors charged?
Investors in the Kernel Emerging Markets Fund are charged fund charges. In the year to 31 March 2025 these 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 (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.
Example of how this applies to an investor
Emma had $10,000 in the fund on 11 November 2024 and did not make any further contributions. On 30 June 2025, Emma received a return after fund charges were deducted of $671 (that is 6.71% of her initial $10,000). This gives Emma a total return after tax of $591 for the period.
What does the fund invest in?
Actual investment mix
This shows the types of assets that the fund invests in.
The fund's actual investment mix consists of 100.19% International equities and -0.19% Cash and cash equivalents.
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
The top 10 investments make up 100.25% of the fund's net asset value.
| Name | % of fund's net asset value | Type | Country | Credit rating (if applicable) |
|---|---|---|---|---|
| SPDR Portfolio Emerging Markets ETF | 100.19% | International equities | United States | |
| US Dollar | 0.06% | Cash and cash equivalents | United States |
Currency hedging - The fund is not hedged for currency.
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 - 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 4 years and 5 months of market index returns.
