Kernel Cash Plus Fund
Kernel Cash Plus Fund is a defensive KiwiSaver fund managed by Kernel. It has 435 members and holds $13 million. It opened in 2022.
Fees and returns
- Annual fee
- 0.25% of your balance each year
- Return over 1 year
- +2.6% a year
- Return over 3 years
- +3.8% a year
Figures are after fees and tax, as at Q3 2026, sourced from the FMA Disclose Register.
What it invests in
Cash and cash equivalents 92%, new zealand fixed interest 8%.
Largest holdings
- Bank of China Deposit 14.95%
- Kiwibank Ltd FRN 15/03/2028 9.56%
- Auckland Council FRN 04/10/2027 5.14%
Year by year
| Financial year | Return |
|---|---|
| 2025/26 | +2.6% |
| 2024/25 | +4.2% |
| 2023/24 | +4.6% |
About this fund
The Kernel Cash Plus Fund is a defensive fund invested in short-term New Zealand interest-bearing assets — cash, cash equivalents, bank deposits and floating-rate notes — with a small allocation to short-dated New Zealand fixed interest. It holds no growth assets, so its return path tracks short-term interest rates rather than share or longer-dated bond markets. The fund began in 2022 and carries an annual fund charge of 0.25%.