What is the purpose of this update?
This document tells you how the Kernel S&P Global 100 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 S&P Global 100 Fund invests in globally listed multi-national, blue-chip companies and is designed to track the S&P Global 100 ex Controversial Weapons Index (NZD).
Total value of the fund: $372,488,827
The date the fund started: 15 July 2020
How has the fund performed?
| Metric | Past Year |
|---|---|
| Annual return (after deductions for charges and tax) | 12.07% |
| Annual return (after deductions for charges but before tax) | 13.55% |
| Market index annual return (reflects no deduction for charges and tax) | 13.72% |
The market index annual return is based on the annual return of the S&P Global 100 ex Controversial Weapons Index (NZD). 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: This visual representation shows the annual return for the fund and the market index for the years ending March 31st from 2022 to 2025, along with the average annual return since the fund's inception up to June 30, 2025. The graph indicates that the fund's returns have generally followed the market index trend, with varying performance across the years. For example, the year ending March 31, 2024, showed a fund return of 15.29% compared to a market index return of 16.40%. The average annual return for the fund since inception is shown as 13.51%.
Note: Returns shown are after tax at the highest prescribed investor rate (PIR) for an individual New Zealand resident. Your tax may be lower.
What are the risks of investing?
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.
Risk Indicator for the Kernel S&P Global 100 Fund:
Lower Risk Higher Risk
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 Funds for more information about the risks associated with investing in this fund.
What fees are investors charged?
Investors in the Kernel S&P Global 100 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: This shows the types of assets that the fund invests in.
The mix is approximately: 99.79% International equities, 0.40% Australasian equities, and 0.19% Cash and cash equivalents.
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 $1,355 (that is 13.55% of her initial $10,000). This gives Emma a total return after tax of $1,207 for the period.
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 | 12.49% | International equities | United States | |
| Microsoft | 11.98% | International equities | United States | |
| Apple Inc | 9.93% | International equities | United States | |
| Amazon.com Inc | 6.72% | International equities | United States | |
| Alphabet | 6.02% | International equities | United States | |
| Broadcom Inc | 4.20% | International equities | United States | |
| JPMorgan Chase & Co | 2.61% | International equities | United States | |
| Eli Lilly ORD | 1.99% | International equities | United States | |
| Exxon Mobil Corporation | 1.51% | International equities | United States | |
| Mastercard Inc Class A Ord | 1.48% | International equities | United States |
The top 10 investments make up 58.93% of the fund's net asset value.
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 Funds, and some additional information from the offer register at www.disclose-register.companiesoffice.govt.nz.
Notes
Note: 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 month(s) of market index returns.
