Kernel KiwiSaver Plan
Kernel US Bond Fund
Recent material changes
Diffs we track across PDS, SIPO, holdings + fee history
About this defensive fund
The Kernel US Bond Fund sits within the Kernel KiwiSaver Plan and holds 100% income assets with 0% growth assets. As a defensive scheme fund, it aims to provide steady income returns with lower volatility than growth-focused alternatives. The fund is positioned at the conservative end of the scheme's investment lineup for members seeking capital preservation and regular distributions.
The fund carries an annual fee of 0.30%, which is materially lower than the peer-median fee of 0.54% for defensive scheme funds in its cohort. The fund holds NZD $31.2 million in assets across 44 members as at the latest quarterly fund update period ending 30 June 2026. A five-year average annual return figure is not currently reported for this fund. Past performance is not a reliable indicator of future returns.
A risk indicator of 4 out of 7 on the FMA scale places this fund in the lower-to-moderate risk range, typically considered appropriate for members with a shorter investment horizon, lower risk tolerance, or those nearing retirement. The income-focused composition suits those prioritising stability over capital growth. This profile is generally not suitable for members seeking long-term growth or those comfortable with significant short-term fluctuations in fund value.
Holdings
As of 2026-06-30 Kernel US Bond 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 US Bond Fund has 2 quarters of QFU data on file (2026-03-31 to 2026-06-30). Past performance is not a reliable indicator of future returns.
Fees
At 0.30% in annual charges, Kernel US Bond Fund's fee sits 0.24 percentage points below the median for Defensive KiwiSaver scheme funds in our coverage (median 0.54%). 7 of the 49 funds in this cohort charge a lower annual fee (this fund ranks 8 cheapest of 49). Fee level is a mechanical signal — does not factor in returns, risk, or manager skill.
Risk and suitability
Kernel US Bond Fund carries a risk indicator of 4/7 on the FMA risk scale. Risk indicator 3-4 funds are typically considered for members with a medium investment horizon (3-10 years) or those balancing growth potential against shorter-term volatility. FundCompare does not provide personalised advice; consult a licensed financial adviser to understand whether this risk profile fits your circumstances.
Returns
No 5-year average return figure held. Recorded fund start date 29 July 2024 is less than five years before March 2026.
Five Year Average Return
About “—” in return figures: it means no figure is held, not a return of zero. No 5-year average return figure is held for this fund. 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.
Returns (green) show the fund’s growth over the five years to 30 June 2026, after fees and taxes. Compare these results with the average Defensive KiwiSaver scheme fund (light green).
Fees
0.3%
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 30 June 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 Kernel US Bond Fund’s investment objective is to provide a return (before tax, fees and expenses) that closely matches the return on the Bloomberg US Aggregate Bond Index Hedged NZD ”
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 5.24% of this fund.
| Asset | Asset Class | Type | Country | % of Fund | |
|---|---|---|---|---|---|
 | New Zealand Dollar | 5.24 | |||
 | US Dollar | 0.00 |
Top-10 holdings changes
31 Mar 2026 → 30 Jun 2026
None this quarter.
None this quarter.
New Zealand Dollar4.86% → 5.24% (+0.38 pp)
None this quarter.
Fees
0.3%
This Fund
0.51%
Average Defensive KiwiSaver scheme 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 | 0.30% | — |
Returns
No five-year data available
This Fund
1.66%
Average Defensive KiwiSaver scheme 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 | $31166320 |
| Debt ratio | 3.03% |
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
- FND49789
- FSP number
- FSP644609
- NZBN
- 9429047045989
- Provider
- Kernel
- Scheme
- Kernel KiwiSaver Plan
Endpoints for Kernel US Bond Fund
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print(data["fund_name" if "fund" == "fund" else "name"])MCP (Claude Desktop / ChatGPT)
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} } }
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