Mercer High Growth vs Kernel High Growth
Mercer High Growth is the High Growth Fund in the New Zealand Defence Force KiwiSaver Scheme; Kernel High Growth is the Kernel High Growth Fund in the Kernel KiwiSaver Plan.
Annual fund charges are 0.86% for Mercer High Growth and 0.25% for Kernel High Growth.
Mercer High Growth reports a five-year average annual return of 6.15%, a risk indicator of 5 on the 1 to 7 scale and a fund value of $82 million; Kernel High Growth reports a risk indicator of 5 on the 1 to 7 scale and a fund value of $1.1 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 | Mercer High Growth | Kernel High Growth |
|---|---|---|
| 5-Year Average Return | 6.15% | No 5-year average return figure held. Recorded fund start date 11 April 2022 is less than five years before March 2026. |
| Annual Fees | 0.86% | 0.25% |
| Risk Indicator (1-7) | 5 | 5 |
| Growth Assets | 90.77% | 98.23% |
| Fund Type | Aggressive | Aggressive |
| Provider | Mercer | Kernel |
| Fund Size | $81.6M | $1062.1M |
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 (9 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.
Mercer High Growth
Mercer
Kernel High Growth
Kernel
Frequently Asked Questions
What are the fees for Mercer High Growth vs Kernel High Growth?
Mercer High Growth has fees of 0.86% while Kernel High Growthhas fees of 0.25%. Lower fees compound to significant savings over a lifetime of investing.
What is the risk level difference?
Mercer High Growth has a risk indicator of 5 while Kernel High Growthhas a risk indicator of 5. 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.
Related Fund Comparisons
Simplicity Growth vs Kernel High Growth
Side-by-side fees, returns, and risk data.
Simplicity Balanced vs Kernel Balanced
Side-by-side fees, returns, and risk data.
Kernel High Growth vs Milford Active Growth
Side-by-side fees, returns, and risk data.
Kernel Balanced vs Milford Balanced
Side-by-side fees, returns, and risk data.
Want personalised KiwiSaver guidance?
Use our 60-second quiz to share your situation — we'll connect you with a licensed Financial Advice Provider from our partner network. Free, no obligation.
Prefer to browse yourself? Find a licensed financial adviser in the FinanceAdvisers.co.nz directory, or check the full register at fma.govt.nz.
Important Information
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.
Before making any decisions: Always verify current information directly with the relevant KiwiSaver provider and read their Product Disclosure Statement (PDS).
Need personalised advice? Consult a licensed Financial Advice Provider. Find advisers at fma.govt.nz
Compare every fund on the FMA Disclose register. Refreshed quarterly. Independent — FundCompare is not a Financial Advice Provider; general information only.
Compare
Learn
Important Information and Disclosure
The information provided on this website is not a recommendation to buy, sell, or hold any financial products. Nothing on this website constitutes financial advice for the purposes of the Financial Markets Conduct Act 2013. FundCompare.co.nz is not a licensed Financial Advice Provider.
Investing involves risk. The value of your investment can go down as well as up, and you may get back less than you put in. Past performance is not a reliable indicator of future returns.
Before making any investment decision, you should read the Product Disclosure Statement (PDS) for the fund carefully. If you have questions or are unclear about the implications of your investment decision, you should seek advice from a licensed Financial Advice Provider.
All information displayed is sourced from scheme providers, the Disclose Register, and the Sorted Smart Investor universal feed (operated by Te Ara Ahunga Ora Retirement Commission), or other publicly available sources. We take reasonable steps to ensure accuracy but cannot guarantee information is always current or complete.
FundCompare.co.nz may receive referral fees or commissions from scheme providers if you sign up via links on this website. These payments do not influence the order, ranking, or inclusion of products displayed.
For more information, please see our Terms of Service, Privacy Policy, and Disclosure Statement.
This website is operated by FundCompare.co.nz and is not endorsed by, or affiliated with, the New Zealand government or Inland Revenue. FundCompare.co.nz is using the KiwiSaver trade mark and logo under licence from Inland Revenue. To view the official New Zealand government KiwiSaver website, please click here.
© 2026 FundCompare.co.nz. All rights reserved.