Kernel NZ 20

Nearly 15% of this fund sits in a single company: Fisher & Paykel Healthcare. That concentration tells the story. Kernel NZ 20 holds exactly twenty New Zealand stocks, weighted by market capitalisation, which means the biggest names dominate. Auckland Airport and Infratil follow, together claiming another quarter of the portfolio. The top five holdings account for more than half the fund. The total fee is 0.25% annually, with no performance or other charges layered on top.

This is a pure New Zealand equity bet, entirely unhedged against local market risk. Infrastructure and utilities feature heavily: Contact Energy, Meridian, Mercury and Chorus together represent a significant tilt toward the country's power and communications backbone. The a2 Milk Company and Mainfreight add exposure to consumer goods and logistics. At $2.2 million in assets under management, the fund remains small. It returned 0.9% over one year and 5.8% annualised over three years.

The structure is straightforward: twenty stocks, all New Zealand, all growth assets. No bonds, no international diversification, no defensive cushion. The fund tracks the performance of its largest domestic companies, for better or worse.

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