Kernel Global ESG (NZD Hedged) Fund
Kernel KiwiSaver Plan On Cam's implementation panel
Kernel Global ESG (NZD Hedged) Fund is an aggressive fund in the Kernel KiwiSaver Plan. Its provider discloses a risk indicator of 5 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.
- 3-year return
- 22.1%a year after fees, before tax, Morningstar, as at 30 September 2026. No 5 or 10-year figure available
- Risk indicator
- 5 of 7Disclosed by the provider
- Annual fund charge
- 0.25%Total, as a share of the amount invested
- Fund size
- $5.1 million195 investors
Source: Morningstar KiwiSaver Survey, the three months to 30 September 2026, published 29 October 2026. Morningstar files it under International Share. Returns are annualised: each figure is a return per year, averaged across the period shown. Figures are net of the fund's annual charges and before your own tax. KiwiSaver is taxed at your prescribed investor rate, so two people in the same fund keep different amounts, and fixed dollar member fees are not reflected in a percentage. Past performance does not guarantee future returns.
What the provider says
The Kernel Global ESG (NZD Hedged) Fund�s investment objective is to provide a return (before tax, fees and expenses) that closely matches the return on the S&P World PAB ESG Ex-Non-Pharma Animal Testing (NZD Hedged) Index.
The fund's own description, as disclosed on the Disclose Register. Fund start date: 3 July 2023.
What the fund invests in
| Asset class | Target | Actual |
|---|---|---|
| International equities | 100.00% | 97.88% |
| Australasian equities | Not stated | 2.00% |
| Cash and cash equivalents | Not stated | 0.12% |
Actual allocation as at 30 June 2026. Asset classes held at 0% are left out.
How it is managed
Management style: Passive (index tracking). The fund tracks a market index rather than having a manager pick investments. This describes how the fund is run, not whether one style is better.
The fund is passively managed
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
| Investment | Type | Country | Share of fund |
|---|---|---|---|
| Tesla Inc Ordinary Shares | International equities | US | 2.58% |
| Amazon.Com Inc | International equities | US | 2.03% |
| Alphabet Inc Class C | International equities | US | 2.09% |
| Visa Inc | International equities | US | 2.55% |
| Nvidia Ord | International equities | US | 6.16% |
| Microsoft | International equities | US | 4.55% |
| Apple Inc | International equities | US | 3.01% |
| Alphabet Inc Class A | International equities | US | 2.63% |
| Cisco Systems Inc | International equities | US | 2.22% |
| Micron Technology Inc | International equities | US | 1.86% |
Together 29.7% of the fund. The rest is spread across other holdings.
How spread out is it?
| Measure | Disclosed |
|---|---|
| Holdings the provider lists | 781 |
| The ten largest, together | 29.7% |
| Largest single holding | Nvidia Ord, 6.2% 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
| 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.
| Period | This fund |
|---|---|
| Past year | 21.17% |
| Average a year, since the fund started | 19.85% |
| Year | This fund |
|---|---|
| 12 months to 31 March 2026 | 12.16% |
| 12 months to 31 March 2025 | 8.53% |
A return says what happened and not what will.
Returns reported by Morningstar
| Period | This fund |
|---|---|
| 10 years | Not reported |
| 5 years | Not reported |
| 3 years | 22.1% |
Annualised returns a year as at 30 September 2026, from the Morningstar KiwiSaver Survey, published 29 October 2026. Returns are annualised: each figure is a return per year, averaged across the period shown. Figures are net of the fund's annual charges and before your own tax. KiwiSaver is taxed at your prescribed investor rate, so two people in the same fund keep different amounts, and fixed dollar member fees are not reflected in a percentage. Morningstar publishes category averages for its five multi-sector categories only, so there is none to show for this fund. Past performance does not guarantee future returns.
See the full Morningstar returns comparison → (opens in a new tab)
Other details
| Item | Disclosed |
|---|---|
| Asset liquidity ratio | 100.00% |
| Debt ratio | 4.41% |
| 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
- Kernel High Growth Fund
- Kernel S&P Global 100 Fund
- Kernel Balanced Fund
- Kernel Australia 100 Fund
- Kernel Cash Plus Fund
- Kernel Conservative Fund
- Kernel Emerging Markets Fund
- Kernel Global ESG Fund
- Kernel Global Infrastructure (NZD Hedged) Fund
- Kernel Global Infrastructure Fund
- Kernel Global Property (NZD Hedged) Fund
- Kernel NZ 20 Fund
- Kernel NZ 50 ESG Tilted Fund
- Kernel NZ Bond Fund
- Kernel NZ Commercial Property Fund
- Kernel NZ Small & Mid Cap Opportunities Fund
- Kernel S&P 500 (NZD Hedged) Fund
- Kernel S&P 500 (Unhedged) Fund
- Kernel S&P Global 100 (NZD Hedged) Fund
- Kernel S&P Global Clean Energy Fund
- Kernel S&P Global Dividend Aristocrats Fund
- Kernel US Bond Fund
- Kernel World Ex-US (NZD Hedged) Fund
- Kernel World Ex-US Fund