Kernel Global Infrastructure Fund
Fund Update for the Quarter Ended 30 June 2025
Published: 28 July 2025
Purpose of this Update
This document details the performance and fees of the Kernel Global Infrastructure Fund, aiding comparison with other funds. Kernel Wealth Limited prepared this update in accordance with the Financial Markets Conduct Act 2013. The information is unaudited and subject to change.
Fund Description
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 Fund Value: $301,532,555
Fund Start Date: 15 July 2020
Fund Performance ?
Annual Returns
| Period | Return (after charges and tax) | Return (after charges, before tax) | Market Index Return (gross) |
|---|---|---|---|
| Past Year | 24.04% | 25.69% | 25.92% |
The market index annual return is based on the Dow Jones Brookfield Global Infrastructure Index (NZD). Further details are 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 following data illustrates the fund's annual returns after charges and tax, compared to the market index, for financial years ending 31 March, and includes an average annual return since inception up to 30 June 2025. Note: Past performance is not indicative of future results. Returns are shown after tax at the highest prescribed investor rate (PIR) for New Zealand residents; individual tax rates may vary.
Yearly Returns (ending March):
- 31 March 2022: Fund 19.23%, Market Index 11.36%
- 31 March 2023: Fund 17.10%, Market Index 9.21%
- 31 March 2024: Fund 26.36%, Market Index 24.46%
- 31 March 2025: Fund 24.46%, Market Index 7.29%
Average Annual Return (since inception to 30 June 2025):
- Fund: 11.36%
- Market Index: 4.01%
Example Investor Return: An investor with $10,000 on 1 July 2024 received a return after charges of $2,569 (25.69%) by 30 June 2025, resulting in a total after-tax return of $2,404.
Investment Risks ⚠️
Risk Indicator
The risk indicator for the Kernel Global Infrastructure Fund is rated from 1 (low) to 7 (high). This rating reflects the volatility of the fund's assets. Higher risk generally correlates with higher potential returns over time but also greater fluctuations.
Risk Scale: 1 (Lower Risk) to 7 (Higher Risk)
For guidance on personal risk tolerance, consult financial advice or use resources like sorted.org.nz/tools/investor-profiler.
Important Note: Even the lowest risk category does not imply a risk-free investment. Other risks not captured by this indicator may exist. This indicator is based on 5 years of data up to 30 June 2025 and may shift over time. It is not a guarantee of future performance. Refer to the Product Disclosure Statement - Equity Funds for comprehensive risk information.
Fees Charged ?
Investors are charged fund charges, inclusive of GST. Small differences in fees can significantly impact long-term investment growth.
| Fee Type | Percentage per annum of fund's net asset value |
|---|---|
| Total fund charges | 0.25% |
| Total management and administration charges | 0.25% |
| Manager's basic fee | 0.25% |
| Other management and administration charges | 0.00% |
Individual action fees are not charged for specific transactions.
Investment Strategy & Holdings
Actual Investment Mix
The fund's current asset allocation:
- International equities: 97.03%
- Australasian equities: 3.37%
- Cash and cash equivalents: -0.40%
Target Investment Mix
The fund aims for the following asset allocation:
| Asset Category | Target Asset Mix |
|---|---|
| International equities | 100.00% |
| Cash and cash equivalents | - |
| New Zealand fixed interest | - |
| International fixed interest | - |
| Australasian equities | - |
| Listed property | - |
| Unlisted property | - |
| Commodities | - |
| Other | - |
Top 10 Investments
The top 10 holdings represent 45.66% of the fund's net asset value:
| Name | % of Net Asset Value | Type | Country |
|---|---|---|---|
| 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 |
Currency Hedging: The fund is not hedged for currency.
Key Personnel
The following individuals have significant influence over the fund's investment decisions:
| 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) | ||
| Vicki Dale | Investment Committee Member | 2 | 7 | Risk and Compliance Manager, Kernel Wealth (current) | 7 | 4 |
| Rhea Prasad | Portfolio Manager | 2 | 7 | Investment Dealer, Pie Funds | 1 | 3 |
Further Information
Additional details, including the Product Disclosure Statement - Equity Funds for the Kernel Funds, are available on the offer register at www.disclose-register.companiesoffice.govt.nz.
Notes
The risk indicator calculation uses market index returns and actual returns, as the fund has not yet completed 5 years of operation. This may result in a less reliable indicator of potential future volatility. The risk indicator calculation incorporates 1 month of market index returns.
