Kernel KiwiSaver Plan
Kernel S&P Global Clean Energy 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 Clean Energy 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 Clean Energy Fund invests in globally listed companies involved in clean energy related businesses, including energy production and energy equipment. It is designed to track the S&P Developed ex-Korea Clean Energy Index (NZD).
Fund Details
- Total value of the fund: $906,622
- Date the fund started: 11 April 2022
- Number of investors: 150
How has the fund performed?
Past Year Performance
| Metric | 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 annual return of the S&P Developed ex-Korea Clean Energy 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
The graph displays annual returns for the fund and the market index. For the year ending 31 March 2024, the fund returned -23.15% and the market index returned -21.50%. For the year ending 31 March 2025, the fund returned -14.71% and the market index returned -12.95%. The average annual return up to 30 June 2025 was -6.60% for the fund and -8.69% for the market index. This data shows returns 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. Important: This does not tell you how the fund will perform in the future. Returns in this update are after tax at the highest prescribed investor rate (PIR) of tax for an individual New Zealand resident. Your tax may be lower.
What are the risks of investing?
Risk indicator for the Kernel S&P Global Clean Energy 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.
What fees are investors charged?
Fund Charges
| Fee Description | % 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 1 July 2024 and did not make any further contributions. On 30 June 2025, Emma received a return after fund charges were deducted of $209 (that is 2.09% of her initial $10,000). This gives Emma a total return after tax of $90 for the period.
What does the fund invest in?
Actual investment mix
This shows the types of assets that the fund invests in. The mix is approximately: Cash and cash equivalents 0.07%, Australasian equities 1.40%, International equities 98.53%.
Target investment mix
This shows the mix of assets that the fund generally intends to invest in. The target asset mix is 100% for International equities, with other categories like Cash and cash equivalents, New Zealand fixed interest, International fixed interest, Australasian equities, Listed property, Unlisted property, Commodities, and Other having a target of 0% or not specified.
Top 10 Investments
| Name | Type | Country | % of fund's net asset value | Credit rating (if applicable) |
|---|---|---|---|---|
| First Solar Inc | International equities | United States | 8.43% | - |
| SSE Plc Ord | International equities | Great Britain | 6.50% | - |
| Vestas Wind Systems AS (EUR) | International equities | Denmark | 6.36% | - |
| Iberdrola SA | International equities | Spain | 6.07% | - |
| Nextracker Inc Class A | International equities | United States | 5.64% | - |
| GE Vernova Inc | International equities | United States | 5.34% | - |
| Energias de Portugal SA | International equities | Portugal | 4.36% | - |
| Enel SpA | International equities | Italy | 4.16% | - |
| E.ON SE | International equities | Germany | 3.90% | - |
| Enphase Energy Inc (NASDAQ) | International equities | United States | 3.79% | - |
The top 10 investments make up 54.55% of the fund's net asset value. The fund is not hedged for currency.
Key personnel
Directors and Employees influencing investment decisions
| Name | Current position | Years Months | Previous position | Years Months |
|---|---|---|---|---|
| Dean Anderson | Chief Executive | 6 years 9 months | Smartshares Product Manager, NZX | 4 years 4 months |
| Stephen Upton | Chief Operating Officer | 6 years 0 months | Smartshares Chief Operating Officer - NZX | 3 years 6 months |
| Kerry McIntosh | Chairman | 6 years 0 months | Operating Partner, Zino Ventures (current) | 7 years 4 months |
| Vicki Dale | Investment Committee Member | 2 years 7 months | Risk and Compliance Manager, Kernel Wealth (current) | 3 years 8 months |
| Rhea Prasad | Portfolio Manager | 2 years 7 months | Investment Dealer, Pie Funds | 1 year 3 months |
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 1 year and 10 months of market index returns.
