Conservative KiwiSaver fund

Kernel Conservative Fund

Kernel KiwiSaver Plan On Cam's implementation panel

Kernel Conservative Fund is a conservative fund in the Kernel KiwiSaver Plan. Its provider discloses a risk indicator of 3 out of 7 and an annual fund charge of 0.25%. This page sets out what the provider has disclosed on the Disclose Register, with the Morningstar return where there is one. It is general information, not a recommendation to join or switch.

Morningstar return: Not yetMorningstar 3 year+ returns are not available for this younger fund
Risk indicator: 3 of 7Disclosed by the provider
Annual fund charge: 0.25%Total, as a share of the amount invested
Fund size: $8.2 million170 investors

Morningstar lists this fund but does not yet report a return for it, because it has too short a record. The provider's own disclosed returns are further down this page.

What the provider says

The Kernel Conservative Fund's investment objective is to provide a return (before tax, fees and expenses) that closely matches the return of the index of the reference portfolio. Investment strategy. Designed as a 30% growth / 70% income option by investing mainly in several of the other Kernel funds

The fund's own description, as disclosed on the Disclose Register. Fund start date: 13 August 2025.

What the fund invests in

Asset mix
Asset class	Target	Actual
New Zealand fixed interest	25.00%	40.69%
International equities	21.50%	21.10%
Cash and cash equivalents	18.00%	16.11%
International fixed interest	27.00%	13.11%
Australasian equities	6.00%	6.43%
Listed property	2.50%	2.56%

Actual allocation as at 30 June 2026. Asset classes held at 0% are left out.

How it is managed

Management style: Mostly passive (index tracking). The fund is built mainly from index-tracking investments, with some actively managed parts. This describes how the fund is run, not whether one style is better.

...comprising several of the Kernel Funds

From the Kernel KiwiSaver Plan PDS (Equities and Diversified), August 2025, on the Disclose Register (opens in a new tab), read on 31 October 2026.

Passive vs active KiwiSaver funds: what the difference means for you →

Largest investments

The ten largest investments
Investment	Type	Country	Share of fund
NZGS 4.25% 15/05/2034	New Zealand fixed interest	NZ	6.44%
NZGS 5.00% 15/05/2054	New Zealand fixed interest	NZ	2.61%
NZGS 4.25% 15/05/2036	New Zealand fixed interest	NZ	3.37%
NZ LGFA 4.50% 14/05/2032	New Zealand fixed interest	NZ	2.34%
IShares Core US Aggregate Bond ETF	International fixed interest	US	13.11%
Dunedin City Treasury 5.55% 15/11/2028	New Zealand fixed interest	NZ	1.66%
Bank of China Deposit	Cash and cash equivalents	NZ	3.93%
NZGS 3.00% 20/09/2030	New Zealand fixed interest	NZ	1.80%
NZGS 4.50% 15/05/2030	New Zealand fixed interest	NZ	2.78%
Wellington Intl Airport 3.32% 24/09/2031	New Zealand fixed interest	NZ	1.69%

Together 39.7% of the fund. The rest is spread across other holdings.

How spread out is it?

Spread of the fund's holdings
Measure	Disclosed
Holdings the provider lists	2,098
The ten largest, together	39.7%
Largest single holding	IShares Core US Aggregate Bond ETF, 13.1% of the fund

The risk indicator measures how much a fund's returns have moved, not how many investments it holds, so it cannot show concentration on its own. Two funds that hold the same index can carry different indicators. Shares are as the provider disclosed them, and a total above 100% is the provider's own figure.

Fees and charges

Fees disclosed by the provider
Charge	Disclosed
Total annual fund charge	0.25%
Manager's basic fee	0.25%
Performance-based fees	0.00%
Other management charges	0.00%
Contribution fee	0.00%
Withdrawal fee	0.00%

Charges as a share of the amount invested. A blank on the register is shown as not stated. How an adviser is paid is separate, and is set out in our disclosure statement.

Returns the provider has disclosed

These are the provider's own figures from its fund update. They are the register's "net" returns, which are after the fund's charges and after tax, so they will not match the Morningstar figures in the headline and in the next section, which are after charges and before tax. Read each on its own terms.

Provider-disclosed returns
Period	This fund
Average a year, since the fund started	6.21%

Returns reported by Morningstar

Morningstar 3 year+ returns are not available for this younger fund.

See the full Morningstar returns comparison → (opens in a new tab)

Other details

Other disclosed details
Item	Disclosed
Asset liquidity ratio	100.00%
Debt ratio	0.01%
Provider last updated this fund	4 August 2026
Reporting period ended	30 June 2026

Where this comes from

Fund details are from the Disclose Register (opens in a new tab), read on 31 October 2026. The Morningstar return is from the same report as the Morningstar returns comparison. Read the provider's current Product Disclosure Statement before you decide.

Cam compares KiwiSaver providers and funds across the wider NZ market, and a fund appearing here, or on his implementation panel, is not a recommendation. Whether a fund suits you depends on your goals, timeframe and comfort with risk. How Solid Steele is paid depends on the provider and is set out in the disclosure statement. A free KiwiSaver session is the way to see how it applies to you.

See every open fund in the Kernel KiwiSaver Plan →

Other funds in the Kernel KiwiSaver Plan

← Back to the KiwiSaver fund directory