Kernel KiwiSaver Plan: funds, fees and returns
Run by Kernel Wealth Limited On Cam's implementation panel
The Kernel KiwiSaver Plan is a KiwiSaver scheme run by Kernel Wealth Limited. It has 25 open funds on the Disclose Register, in the defensive, conservative, balanced and aggressive categories, with annual fund charges of 0.25% to 0.45%. This page explains each fund using what the provider has disclosed, with the Morningstar return where there is one. It is general information, not a recommendation to join or switch.
- Open funds
- 25Listed on the Disclose Register
- Annual fund charge
- 0.25% to 0.45%Total, as a share of the amount invested
- Risk indicators
- 1 to 6 of 7Disclosed by the provider
- Combined fund size
- $1.19 billionAcross the open funds listed here
Every open fund in the Kernel KiwiSaver Plan
Funds are listed from lowest to highest risk category, then by name. That is an order of risk, not of merit. A fund's own page is linked where Cam has built one.
| Fund | Category | Risk indicator | Annual fund charge | Fund size | Morningstar return |
|---|---|---|---|---|---|
| Kernel Cash Plus Fund | Defensive | 1 of 7 | 0.25% | $17.6 million | 5.1% (3-year) |
| Kernel Conservative Fund | Conservative | 3 of 7 | 0.25% | $8.2 million | Not yet available |
| Kernel NZ Bond Fund | Conservative | 3 of 7 | 0.40% | $971,114 | Not yet available |
| Kernel US Bond Fund | Conservative | 4 of 7 | 0.30% | $589,291 | Not yet available |
| Kernel Balanced Fund | Balanced | 4 of 7 | 0.25% | $68.5 million | 12.7% (3-year) |
| Kernel Australia 100 Fund | Aggressive | 5 of 7 | 0.25% | $2.9 million | Not yet available |
| Kernel Emerging Markets Fund | Aggressive | 5 of 7 | 0.45% | $7.7 million | Not yet available |
| Kernel Global ESG (NZD Hedged) Fund | Aggressive | 5 of 7 | 0.25% | $5.1 million | Not yet available |
| Kernel Global ESG Fund | Aggressive | 5 of 7 | 0.25% | $17.1 million | Not yet available |
| Kernel Global Infrastructure (NZD Hedged) Fund | Aggressive | 5 of 7 | 0.25% | $2.4 million | 13.1% (3-year) |
| Kernel Global Infrastructure Fund | Aggressive | 5 of 7 | 0.25% | $6.2 million | 16.3% (3-year) |
| Kernel Global Property (NZD Hedged) Fund | Aggressive | 6 of 7 | 0.25% | $1.2 million | 10.6% (3-year) |
| Kernel High Growth Fund | Aggressive | 5 of 7 | 0.25% | $795.2 million | 17.1% (3-year) |
| Kernel NZ 20 Fund | Aggressive | 5 of 7 | 0.25% | $2.7 million | 4.5% (3-year) |
| Kernel NZ 50 ESG Tilted Fund | Aggressive | 5 of 7 | 0.25% | $1.3 million | 5.1% (3-year) |
| Kernel NZ Commercial Property Fund | Aggressive | 5 of 7 | 0.25% | $676,754 | 2.2% (3-year) |
| Kernel NZ Small & Mid Cap Opportunities Fund | Aggressive | 5 of 7 | 0.25% | $874,018 | 9.0% (3-year) |
| Kernel S&P 500 (NZD Hedged) Fund | Aggressive | 6 of 7 | 0.25% | $37.0 million | 18.6% (3-year) |
| Kernel S&P 500 (Unhedged) Fund | Aggressive | 6 of 7 | 0.25% | $43.5 million | Not yet available |
| Kernel S&P Global 100 (NZD Hedged) Fund | Aggressive | 5 of 7 | 0.25% | $16.0 million | 21.8% (3-year) |
| Kernel S&P Global 100 Fund | Aggressive | 5 of 7 | 0.25% | $118.1 million | 26.2% (3-year) |
| Kernel S&P Global Clean Energy Fund | Aggressive | 6 of 7 | 0.45% | $5.5 million | 15.5% (3-year) |
| Kernel S&P Global Dividend Aristocrats Fund | Aggressive | 5 of 7 | 0.25% | $7.4 million | 18.1% (3-year) |
| Kernel World Ex-US (NZD Hedged) Fund | Aggressive | 5 of 7 | 0.25% | $8.5 million | Not yet available |
| Kernel World Ex-US Fund | Aggressive | 5 of 7 | 0.25% | $16.1 million | Not yet available |
Source: the Disclose Register, read on 4 October 2026. Morningstar returns are annualised, after fees and before tax, from the Morningstar KiwiSaver Survey, the three months to 30 June 2026, published 30 July 2026. The risk indicator is the provider's own, on a scale of 1 to 7. Past performance does not guarantee future returns. A fund the Morningstar report does not cover, or covers with under three years of history, has no figure here.
How spread out are the funds?
Each fund page and the directory show how many holdings a fund lists and how much sits in its largest. In this scheme, Kernel US Bond Fund and Kernel Emerging Markets Fund have 25% or more of the fund in a single holding. A fund that invests through another fund lists it as one holding, so a small count is not a fault. The risk indicator measures how much a fund's value has moved, not how concentrated it is.
How the Kernel KiwiSaver Plan fits with Cam's advice
This scheme is on Cam's selected implementation panel of ten KiwiSaver schemes. Cam reviews and compares providers and funds across the wider New Zealand market, and a recommendation may be to stay where you are. Where a change is recommended, he can put it in place through a panel scheme. Being on the panel is not a recommendation to choose this scheme. How Solid Steele is paid depends on the scheme and is set out in the disclosure statement. See how the panel schemes compare in the KiwiSaver provider comparison.
Where this comes from
Scheme and fund details are from the Disclose Register (opens in a new tab), read on 4 October 2026. The scheme was registered on 4 April 2022. Returns are from the same Morningstar report as the Morningstar returns comparison. Read the provider's current Product Disclosure Statement before you decide.
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