KERNEL KIWISAVER PLAN
Kernel Cash Plus Fund
Recent material changes
Diffs we track across PDS, SIPO, holdings + fee history
- View holdings changes →HoldingsMATERIALMar 2026Top-10 turnover: 3 new, 6 droppedQuarter-on-quarter (Sept 2025 → Mar 2026)
About this defensive fund
The Kernel Cash Plus Fund is a defensive KiwiSaver scheme fund offered by Kernel within the KERNEL KIWISAVER PLAN. The fund holds 100% income assets and 0% growth assets, positioning it at the conservative end of Kernel's investment lineup. This allocation reflects an objective to preserve capital and provide stability rather than pursue capital growth.
Over the five-year period to 31 March 2026, the Kernel Cash Plus Fund delivered a 0.00% average annual return. The fund charges an annual fee of 0.25%, which is materially lower than the peer-median fee of 0.62% for defensive KiwiSaver scheme funds in the same cohort. As at 31 March 2026, the fund held $13.3 million in assets across 435 members. Past performance is not a reliable indicator of future returns.
A risk indicator of 1 out of 7 on the Financial Markets Authority scale places this fund at the lowest end of the risk spectrum, typically considered appropriate for members with minimal risk tolerance or those nearing their KiwiSaver withdrawal date. This profile suits those prioritising capital preservation and steady, modest income over potential growth. Past performance is not a reliable indicator of future returns.
Holdings
As of 2026-03-31 Kernel Cash Plus Fund reports an asset mix of 0% growth assets (shares, listed property, alternatives) and 100% income assets (cash, bonds, fixed interest). This split is typical for a defensive fund. The full asset-mix breakdown including overseas vs domestic and listed vs unlisted exposure appears in the asset-allocation chart below.
Performance
Kernel Cash Plus Fund's most recent QFU is dated 2026-03-31. Past performance is not a reliable indicator of future returns.
Fees
At 0.25% in annual charges, Kernel Cash Plus Fund's fee sits 0.37 percentage points below the median for Defensive KiwiSaver scheme funds in our coverage (median 0.62%). 3 of the 49 funds in this cohort charge a lower annual fee (this fund ranks 4 cheapest of 49). Fee level is a mechanical signal — does not factor in returns, risk, or manager skill.
Risk and suitability
Kernel Cash Plus Fund carries a risk indicator of 1/7 on the FMA risk scale. Risk indicator 1-2 funds are typically considered for members with a short investment horizon (under 3 years) or those who prioritise capital stability over growth. FundCompare does not provide personalised advice; consult a licensed financial adviser to understand whether this risk profile fits your circumstances.
Returns
null%
Five Year Average Return
Returns (green) show the fund’s growth over the five years to 31 March 2026, after fees and taxes. Compare these results with the average Defensive KiwiSaver scheme fund (light green).
Fees
0.25%
One Year Average Fees
Fees shown here (blue) represent what you would pay over a year if you had $30,000 invested in this fund. Compare them with the average fees for Defensive KiwiSaver scheme funds (light blue).
Asset Mix
The fund’s mix of growth assets (shares, property) and income assets (bonds, cash) as of 31 March 2026. The average mix fordefensive KiwiSaver scheme funds is shown in light blue.
Key Takeaways
Here’s the provider’s overview of the managed fund:
“ The fund is is designed to invest in short-term New Zealand interest-bearing assets and other cash and cash equivalent investments. ”
When can I get my money out?
This is a fund within a KiwiSaver scheme, which means generally you can withdraw only to purchase a first home, after the age of 65 or in cases of financial hardship.
Asset mix
This fund's asset mix
Average for Defensive funds
Your investment mix shapes your outcome
The balance of assets you choose — your asset allocation, has the biggest impact on how your investments perform and how much their value may rise or fall along the way. Selecting that balance is crucial. By adjusting the proportion of growth-oriented investments you include, you’re effectively setting your preferred level of risk. Generally, taking on more risk can increase the potential for higher returns, but there’s never a guarantee — that’s the nature of risk. To find an allocation suited to your personal circumstances (sometimes called your risk profile), you can start with an investor risk questionnaire or a KiwiSaver-specific guide.
Top 10 investments
These assets make up 37.26% of this fund.
| Asset | Asset Class | Type | Country | % of Fund | |
|---|---|---|---|---|---|
 | Bank of China Deposit | 14.95 | |||
 | Auckland Council FRN 04/10/2027 | 5.14 | |||
 | SBS Commercial Paper | 3.5 | |||
 | NZGT Tributum Ltd Commercial Paper | 2.99 | |||
| NZGT Tributum Ltd Commercial Paper | 2.95 | |||
 | Tax Traders | 2.934 | |||
 | MTFGI FRN 24/11/2026 | 2.40 | |||
 | Kiwibank Ltd FRN 13/06/2028 | 2.40 |
Holdings changes
We have one quarter of holdings data on file (31 Mar 2026). The first comparison appears once the next Quarterly Fund Update is ingested.
Fees
0.25%
This Fund
0.55%
Average Defensive Kiwisaver funds
The blue segment shows the annual fees you’d pay if you invested $30,000 in this fund. The grey segment represents the typical yearly fees for an average Defensive KiwiSaver scheme fund, so you can compare them directly.
Smaller Fees, Bigger Potential
When it comes to investing, spending more doesn’t automatically lead to stronger results. In fact, higher fund fees can often eat into your returns. Remember, what you keep is calculated after fees and taxes are deducted. Because no one can predict how any fund will perform, it’s generally wise to look for options with lower costs whenever you can.
Fees breakdown
| Fee Type | % Over a year | Amount paid on a 30k balance |
|---|---|---|
| total Total fund charges | 0.25% | — |
Returns
null%
This Fund
1.35%
Average Defensive Kiwisaver funds
Over the past five years, this fund delivered the average annual return shown here (in green) to investors, after fees and taxes (28% PIR) were applied. For comparison, the average return over the same period for all Defensive KiwiSaver scheme funds is shown in grey.
Returns: Reflecting the Past
Investing is about seeking returns, but the figures shown here represent historical performance—they cannot be relied upon to continue in the future. Selecting a fund solely based on past performance is not advisable. A well-informed decision should consider factors such as an appropriate investment mix for your goals and reasonable fees.
Risks
Risk indicator
This indicator reflects how much the investment’s value has fluctuated over time. It is calculated from the fund’s five-year performance, or from a comparable market index if the fund has a shorter history.
Additional details
Manager information
| Name | KERNEL WEALTH LIMITED |
| Type | NZ Limited Company |
| Website | kernelwealth.co.nz |
| NZBN | 9429047045989 |
| FSP Number | FSP644609 |
Fund information
| Asset liquidity ratio | 100.00% |
| Total value of fund | $13293229.43 |
| Debt ratio | 1.87% |
Fee + return history
View detailed history →Quarterly fees and after-tax returns recorded against this fund since inception. Sourced from FMA Disclose Quarterly Fund Updates. The detailed view shows the full chart + per-quarter data table.
PDS changes
View detailed PDS history →Material changes to the Product Disclosure Statement over time — fee adjustments, asset-allocation shifts, scheme-rule amendments. Diff against the previous PDS shown side-by-side in the detailed view.
Holdings changes
View detailed holdings diff →Top-10-holdings additions, removals, and weight changes across quarters. Shows the manager's actual portfolio decisions over time, sourced from the fund's Quarterly Fund Update.
SIPO changes
View detailed SIPO history →Statement of Investment Policy and Objectives revisions — investment objective rewrites, asset-class target shifts, ESG policy changes, derivatives policy changes. The detailed view diffs against prior SIPO versions.
AI · API · Markdown
Machine-readable surfaceEvery fund page on FundCompare ships with structured JSON and a plain-markdown summary alongside the HTML — so LLMs, MCP clients, and analysts can cite the same regulator-sourced data the page renders. Source documents come from FMA Disclose, IRD, and Sorted Fund Finder.
Identifiers
- FMA fund code
- FND40600
- FSP number
- FSP644609
- NZBN
- 9429047045989
- Provider
- Kernel
- Scheme
- KERNEL KIWISAVER PLAN
Endpoints for Kernel Cash Plus Fund
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curl -s "https://fundcompare.co.nz/api/fund/Kernel/kernel-cash-plus-fund/facts.json" | jq .Python
import requests
data = requests.get("https://fundcompare.co.nz/api/fund/Kernel/kernel-cash-plus-fund/facts.json").json()
print(data["fund_name" if "fund" == "fund" else "name"])MCP (Claude Desktop / ChatGPT)
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claude mcp add --transport http fundcompare https://fundcompare.co.nz/mcp
# Cursor / Cline / Continue (settings JSON):
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# URL: https://fundcompare.co.nz/mcp
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{ "mcpServers": { "fundcompare": {
"command": "npx", "args": ["-y", "mcp-remote", "https://fundcompare.co.nz/mcp"]
} } }
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