Kernel KiwiSaver Plan
Kernel Global Infrastructure 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 details the performance and fees of the Kernel Global Infrastructure Fund. It helps investors compare the fund with others. Kernel Wealth Limited prepared this update in accordance with the Financial Markets Conduct Act 2013. The information is not audited and may be updated.
Description of this fund
The Kernel Global Infrastructure Fund invests in globally listed pure-play infrastructure companies. It is designed to track the Dow Jones Brookfield Global Infrastructure Index (NZD).
Total value of the fund: $1,762,639
The date the fund started: 11 April 2022
Number of investors: 194
What are the risks of investing?
Risk indicator for the Kernel Global Infrastructure 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 involves more volatility.
Risk indicator scale: 1 (Potentially Lower Returns, Lower Risk) to 7 (Potentially Higher Returns, Higher Risk).
To understand your own attitude to risk, you can seek financial advice or use the investor profiler at sorted.org.nz/tools/investor-profiler.
Note: Even the lowest category does not represent a risk-free investment. Other risks not captured by this rating may exist.
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 over time. The indicator will be updated in future fund updates. For more information on risks, refer to the Product Disclosure Statement - Equity Funds for the Kernel KiwiSaver Plan.
How has the fund performed?
| Metric | Past Year |
|---|---|
| Annual return (after deductions for charges and tax) | 24.04% |
| Annual return (after deductions for charges but before tax) | 25.69% |
| Market index annual return (reflects no deduction for charges and tax) | 25.92% |
The market index annual return is based on the annual return of the Dow Jones Brookfield Global Infrastructure 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 shows annual returns after fund charges and tax for each year ending 31 March since the fund started. The last bar indicates the average annual return since the fund's inception up to 30 June 2025.
Performance Data:
- 31-Mar-24: Fund return 7.29%, Market index return 7.66%
- 31-Mar-25: Fund return 24.46%, Market index return 26.36%
- Average Annual Return (since inception): Fund return 5.53%, Market index return 9.35%
Important: Past performance does not indicate future results. Returns in this update are after tax at the highest prescribed investor rate (PIR) for an individual New Zealand resident. Your tax may be lower.
What fees are investors charged?
Investors in the Kernel Global Infrastructure Fund are charged fund charges. For 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., withdrawing from funds). All fees are inclusive of GST. Small differences in fees can significantly impact long-term investment growth.
Example of how this applies to an investor
Emma invested $10,000 in the fund on 1 July 2024 and made no further contributions. By 30 June 2025, Emma received a return after fund charges of $2,569 (25.69% of her initial $10,000). This resulted in a total return after tax of $2,404 for the period.
What does the fund invest in?
Actual investment mix
This shows the types of assets the fund invests in:
- Cash and cash equivalents: 0.40%
- Australasian equities: 3.37%
- International equities: 97.03%
Target investment mix
This shows the general asset mix the fund aims for:
| Asset Category | Target asset mix |
|---|---|
| Cash and cash equivalents | - |
| New Zealand fixed interest | - |
| International fixed interest | - |
| Australasian equities | - |
| International equities | 100% |
| Listed property | - |
| Unlisted property | - |
| Commodities | - |
| Other | - |
Currency hedging: The fund is not hedged for currency.
Top 10 investments
The top 10 investments represent 45.66% of the fund's net asset value.
| Name | % of fund's net asset value | Type | Country | Credit rating (if applicable) |
|---|---|---|---|---|
| Enbridge Inc | 7.08% | International equities | Canada | |
| American Tower Corp A | 6.47% | International equities | United States | |
| Vinci Ord | 5.34% | International equities | France | |
| National Grid PLC Ord | 5.12% | International equities | Great Britain | |
| The Williams Companies Inc | 4.80% | International equities | United States | |
| TC Energy Corporation | 3.63% | International equities | Canada | |
| Kinder Morgan Inc | 3.56% | International equities | United States | |
| Cheniere Energy Inc | 3.38% | International equities | United States | |
| ONEOK Inc | 3.19% | International equities | United States | |
| Sempra Energy | 3.09% | International equities | United States |
Key personnel
This section 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 obtain this information, the Product Disclosure Statement - Equity Funds for the Kernel KiwiSaver Plan, and 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 calculate the risk indicator, as the fund has not been in existence for 5 years. Consequently, the risk indicator may provide a less reliable indication of the fund's potential future volatility. The risk indicator for the fund uses 1 year and 10 months of market index returns.
