Kernel High Growth vs Milford Active Growth
Kernel High Growth is the Kernel High Growth Fund in the Kernel KiwiSaver Plan; Milford Active Growth is the Milford KiwiSaver Active Growth Fund in the Milford KiwiSaver Plan.
Annual fund charges are 0.25% for Kernel High Growth and 1.05% for Milford Active Growth.
Kernel High Growth reports a risk indicator of 5 on the 1 to 7 scale and a fund value of $1.1 billion; Milford Active Growth reports a five-year average annual return of 6.60%, a risk indicator of 4 on the 1 to 7 scale and a fund value of $9.0 billion.
Data as at 30 June 2026, from the FMA Disclose register (quarterly fund updates).
Side-by-side comparison of fees, returns, and risk data
General Information Only: This page provides factual data for comparison purposes and does not constitute financial advice. Individual circumstances vary.Read our disclosure
Key Data Comparison
| Metric | Kernel High Growth | Milford Active Growth |
|---|---|---|
| 5-Year Average Return | No 5-year average return figure held. Recorded fund start date 11 April 2022 is less than five years before March 2026. | 6.60% |
| Annual Fees | 0.25% | 1.05% |
| Risk Indicator (1-7) | 5 | 4 |
| Growth Assets | 98.23% | 74.8% |
| Fund Type | Aggressive | Growth |
| Provider | Kernel | Milford |
| Fund Size | $1062.1M | $8957.1M |
About “N/A” in return figures: it means no figure is held, not a return of zero. Of the 2 funds listed, 1 has a 5-year average return. Figures are drawn from fund disclosures on the FMA Disclose register, chiefly quarterly fund updates. Each fund shows the most recent figure held; the latest quarter broadly covered across all funds is March 2026. A fund too new to report a period has no figure for it; other gaps are figures not yet captured from the updates ingested so far.
Data sourced from FMA Disclose Register. Past performance is not a reliable indicator of future returns.
Historical trend (2 quarters on record)
1-year return over time
Annual after-tax return as published in each FMA Quarterly Fund Update.
Annual fee over time
Total annual fund charges. Persistently lower fees compound to a meaningful difference in member balances.
Quarter-by-quarter observations
Mechanical comparison across the 2 quarters for which both funds have a published Quarterly Fund Update (2026-03-31 to 2026-06-30). Counts only — past performance is not a reliable indicator of future returns.
Kernel High Growth
Kernel
Milford Active Growth
Milford
Frequently Asked Questions
What are the fees for Kernel High Growth vs Milford Active Growth?
Kernel High Growth has fees of 0.25% while Milford Active Growthhas fees of 1.05%. Lower fees compound to significant savings over a lifetime of investing.
What is the risk level difference?
Kernel High Growth has a risk indicator of 5 while Milford Active Growthhas a risk indicator of 4. The risk indicator (1-7 scale) shows expected volatility - higher numbers mean more potential ups and downs.
Can I switch between these funds?
Yes. Switching providers takes 2-3 weeks and is completely free with no penalties. Your new provider handles the paperwork.
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Milford Balanced vs Fisher Funds Balanced
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Disclaimer: This page provides general information only and does not constitute financial advice under the Financial Markets Conduct Act 2013. FundCompare.co.nz is not a licensed Financial Advice Provider (FAP).
We do not assess suitability, make recommendations, or provide personalised advice. The information shown is sourced from publicly available data and may not reflect current offerings. Past performance is not a reliable indicator of future returns. Investment returns can be negative, and you may receive back less than you invested.
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