# Quarterly Fund Update — kernel (2026-Q1)

> KiwiSaver scheme **kernel** — Quarterly Fund Update filing covering period ending **2026-03-31**.
> Source: filed with FMA Disclose register. Canonical: https://fundcompare.co.nz/filings/qfu/kernel/2026-q1

## Funds covered

| Fund | Fees (1y) | 1y return | 3y return | 5y avg return | AUM (NZD) | Members | Growth assets |
|------|-----------|-----------|-----------|---------------|-----------|---------|---------------|
| Kernel Us Bond Fund | 0.30% | 0.98% | — | — | NZD $388,340.45 | 44 | 0.0% |
| Kernel Balanced Fund | 0.25% | 10.51% | — | — | NZD $44,828,403.2 | 1,002 | 59.6% |
| Kernel High Growth Fund | 0.25% | 15.79% | — | — | NZD $529,712,787.7 | 11,071 | 99.6% |
| Kernel Global Property (Nzd Hedged) Fund | 0.25% | 4.00% | — | — | NZD $1,194,318.73 | 88 | 100.2% |
| Kernel Nz 20 Fund | 0.25% | 0.49% | — | 1.58% | NZD $2,229,661.91 | 257 | 100.0% |
| Kernel Nz Bond Fund | 0.40% | 3.51% | — | — | NZD $640,690.6 | 58 | 0.0% |
| Kernel Nz Small & Mid Cap Opportunities Fund | 0.25% | 11.94% | — | -1.93% | NZD $863,060.75 | 102 | 100.1% |
| Kernel Nz Commercial Property Fund | 0.25% | 7.45% | — | -2.75% | NZD $755,758.88 | 63 | 100.0% |
| Kernel Cash Plus Fund | 0.25% | 2.56% | — | — | NZD $13,293,229.43 | 435 | 0.0% |
| Kernel Global Esg (Nzd Hedged) Fund | 0.25% | 14.23% | — | — | NZD $13,410,220.49 | 530 | 100.2% |
| Kernel Nz 50 Esg Tilted Fund | 0.25% | 4.98% | — | — | NZD $1,471,302.68 | 138 | 99.7% |
| Kernel S&P 500 (Nzd Hedged) Fund | 0.25% | 12.56% | — | — | NZD $139,924,965.2 | — | 0.0% |
| Kernel S&P Global Dividend Aristocrats Fund | 0.25% | 13.80% | — | 9.63% | NZD $5,271,551.52 | 336 | 99.4% |
| Kernel S&P 500 (Unhedged) Fund | 0.25% | 15.10% | — | — | NZD $28,271,754.94 | 1,038 | 100.2% |
| Kernel S&P Global Clean Energy Fund | 0.45% | 85.34% | — | — | NZD $2,207,588.57 | 208 | 100.0% |

_Returns are after fees and tax at PIR 28%, sourced from the QFU PDF as filed with FMA Disclose._

## Source documents

- **Fund: australia-100**
  - Original PDF: https://cdn.sanity.io/files/9i8c3jnd/production/9a3ea6d45fd0063fb4db35188403a71c31321e44.pdf
  - SHA-256: `c99fdd0fcd594729…`
  - Ingested: 2026-05-08
- **Fund: balanced**
  - Original PDF: https://cdn.sanity.io/files/9i8c3jnd/production/b3d5088e5cad9864fa94e20bbbdba9ed6c933e57.pdf
  - SHA-256: `88681ea876d49b79…`
  - Ingested: 2026-05-08
- **Fund: cash-plus**
  - Original PDF: https://cdn.sanity.io/files/9i8c3jnd/production/8a38ba3f94f1c6152b4e73db7f918c9864be629a.pdf
  - SHA-256: `f2800659f8ecb232…`
  - Ingested: 2026-05-08
- **Fund: conservative**
  - Original PDF: https://cdn.sanity.io/files/9i8c3jnd/production/038a4319295757469ed47c0bfcb2b04e2d5c88ac.pdf
  - SHA-256: `ca3473dbaf6d2b49…`
  - Ingested: 2026-05-08
- **Fund: emerging-markets**
  - Original PDF: https://cdn.sanity.io/files/9i8c3jnd/production/2b131daf777a52d568519486233b8d03d8a9b841.pdf
  - SHA-256: `a7b6e7b2c36d7f26…`
  - Ingested: 2026-05-08
- **Fund: global-100**
  - Original PDF: https://cdn.sanity.io/files/9i8c3jnd/production/367924c11fea227e37911530db9905daa3124ee4.pdf
  - SHA-256: `75b9e8e104396d43…`
  - Ingested: 2026-05-08
- **Fund: global-100-nzd-hedged**
  - Original PDF: https://cdn.sanity.io/files/9i8c3jnd/production/fa6ea374f3c0be6d167bc02bad1d640ff48029d8.pdf
  - SHA-256: `acf005dc199a45bc…`
  - Ingested: 2026-05-08
- **Fund: global-esg**
  - Original PDF: https://cdn.sanity.io/files/9i8c3jnd/production/796c6bee09c724923ef4021d8b06ceb8015ece92.pdf
  - SHA-256: `646c3df79053fbc5…`
  - Ingested: 2026-05-08
- **Fund: global-esg-nzd-hedged**
  - Original PDF: https://cdn.sanity.io/files/9i8c3jnd/production/6a4ba1dbf09a61e66cf5ead8d732745b5edacdf1.pdf
  - SHA-256: `b18e20bc8b2256ac…`
  - Ingested: 2026-05-08
- **Fund: global-infrastructure**
  - Original PDF: https://cdn.sanity.io/files/9i8c3jnd/production/ee7209697153f635a8579b4850ea4b1e8284628c.pdf
  - SHA-256: `349e7fd41e263506…`
  - Ingested: 2026-05-08
- **Fund: global-infrastructure-nzd-hedged**
  - Original PDF: https://cdn.sanity.io/files/9i8c3jnd/production/da08d3cfc120439cef28ce349b12c62a03d5d320.pdf
  - SHA-256: `a8ee300ca991ce08…`
  - Ingested: 2026-05-08
- **Fund: global-property-nzd-hedged**
  - Original PDF: https://cdn.sanity.io/files/9i8c3jnd/production/57f779e3cf2bd9a3da39c0b6ff73c2bb62ee085b.pdf
  - SHA-256: `a2c0213a7928784a…`
  - Ingested: 2026-05-08
- **Fund: high-growth**
  - Original PDF: https://cdn.sanity.io/files/9i8c3jnd/production/61dec007e73d6102074da29cfef3f73739154512.pdf
  - SHA-256: `69a8005cb82fed54…`
  - Ingested: 2026-05-08
- **Fund: march-2027-nz-bond**
  - Original PDF: https://cdn.sanity.io/files/9i8c3jnd/production/cd52639e48f83e467ae3a69c859089f3d20bcd3c.pdf
  - SHA-256: `b3aa0c187431f158…`
  - Ingested: 2026-05-08
- **Fund: march-2029-nz-bond**
  - Original PDF: https://cdn.sanity.io/files/9i8c3jnd/production/66472cc5a0dc12b8968a0f6d5fdd9944de91446a.pdf
  - SHA-256: `383f815c0173f658…`
  - Ingested: 2026-05-08
- **Fund: nz-20**
  - Original PDF: https://cdn.sanity.io/files/9i8c3jnd/production/a80d0f8be9ffbc9e8a1e64e9d952c5e33fe81b67.pdf
  - SHA-256: `e18d0581bae0bfc1…`
  - Ingested: 2026-05-08
- **Fund: nz-50-esg-tilted**
  - Original PDF: https://cdn.sanity.io/files/9i8c3jnd/production/b9152fd1462ca560107f5a67f7048c5e4a123b53.pdf
  - SHA-256: `7c15b5abe9502321…`
  - Ingested: 2026-05-08
- **Fund: nz-bond**
  - Original PDF: https://cdn.sanity.io/files/9i8c3jnd/production/076eac6e0fe1879236381531608f23b525ea59f1.pdf
  - SHA-256: `f4891f07d84ba9df…`
  - Ingested: 2026-05-08
- **Fund: nz-commercial-property**
  - Original PDF: https://cdn.sanity.io/files/9i8c3jnd/production/0b0d6add7260ad272d5fef14311626053c89aa43.pdf
  - SHA-256: `33a5ddf8f10837ba…`
  - Ingested: 2026-05-08
- **Fund: nz-small-mid-cap-opportunities**
  - Original PDF: https://cdn.sanity.io/files/9i8c3jnd/production/710b4e18db0699fb2e3bc3920eb39bc9faf406e4.pdf
  - SHA-256: `fa1f53cfdf3b9fea…`
  - Ingested: 2026-05-08
- **Fund: s-p-500-nzd-hedged**
  - Original PDF: https://cdn.sanity.io/files/9i8c3jnd/production/56a12a2a2ace914814bab35fa361155719db7e37.pdf
  - SHA-256: `202d10dbea12509b…`
  - Ingested: 2026-05-08
- **Fund: s-p-500-unhedged**
  - Original PDF: https://cdn.sanity.io/files/9i8c3jnd/production/72244cb6d3548cbaa97e5ac002b5f8db5c5a2611.pdf
  - SHA-256: `f7bfb38f79f0f2b1…`
  - Ingested: 2026-05-08
- **Fund: s-p-global-clean-energy**
  - Original PDF: https://cdn.sanity.io/files/9i8c3jnd/production/a8f1620a7fa88f1d35bf96d8e6b40a8040a3cf3c.pdf
  - SHA-256: `d6ed6b50160faed6…`
  - Ingested: 2026-05-08
- **Fund: s-p-global-dividend-aristocrats**
  - Original PDF: https://cdn.sanity.io/files/9i8c3jnd/production/ccf5bfcaded998c21926e1a1a371974439a8aaee.pdf
  - SHA-256: `d5a687e30d454e24…`
  - Ingested: 2026-05-08
- **Fund: us-bond**
  - Original PDF: https://cdn.sanity.io/files/9i8c3jnd/production/16f22fc1383dc16c261d282e19fffa0371371ac4.pdf
  - SHA-256: `dc81617efc6d929d…`
  - Ingested: 2026-05-08
- **Fund: world-ex-us**
  - Original PDF: https://cdn.sanity.io/files/9i8c3jnd/production/659e6a336410fc5f23c59624fd18a09ba04af16a.pdf
  - SHA-256: `53d221626d0df7ff…`
  - Ingested: 2026-05-08
- **Fund: world-ex-us-nzd-hedged**
  - Original PDF: https://cdn.sanity.io/files/9i8c3jnd/production/e54096afa2528b7fb67a0d7657335620771f6ed1.pdf
  - SHA-256: `36ecae0121e20d5d…`
  - Ingested: 2026-05-08

## Data sources

- FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/
- IRD KiwiSaver — https://www.ird.govt.nz/kiwisaver
- Sorted Fund Finder — https://fundfinder.sorted.org.nz/

## Machine-readable surface

- Facts JSON: https://fundcompare.co.nz/api/qfu/kernel/2026-q1/facts.json
- Crawlable HTML: https://fundcompare.co.nz/filings/qfu/kernel/2026-q1

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This is an informational summary published by FundCompare NZ (https://fundcompare.co.nz) using publicly available data from the FMA Disclose register, IRD KiwiSaver, and Sorted Fund Finder. It does not constitute financial advice. FundCompare NZ is not a licensed Financial Advice Provider. Past performance is not indicative of future results — read each scheme's Product Disclosure Statement and consult a licensed financial adviser before making any decision. KiwiSaver® is a registered trademark of Inland Revenue.