Kernel Conservative Fund

At 0.25 percent, this fund charges a management fee well below the typical conservative or moderate offering, and carries no performance or other fees on top.

Despite its name, Kernel Conservative Fund sits in the moderate category with 30 percent in growth assets, split between international shares (21.1 percent), Australasian shares (6.43 percent) and listed property (2.56 percent). The defensive side tilts heavily to New Zealand bonds at 40.69 percent, with cash at 16.11 percent and international bonds at 13.11 percent. The largest single holding is the iShares Core US Aggregate Bond ETF, followed by a series of New Zealand Government Securities spanning maturities from 2028 to 2054. Other names in the bond sleeve include the NZ Local Government Funding Agency and Wellington International Airport. A deposit with Bank of China accounts for 3.93 percent of the portfolio. The fund is small, holding $1.5 million in assets under management.

Kernel runs the portfolio using index-tracking exchange-traded funds and individual bonds, a structure that keeps costs low but leaves little room for active positioning. The fund launched recently and carries no performance history.

General information only, not financial advice. Past performance is not a reliable indicator of future results.