Funds

Kernel KiwiSaver Balanced Fund

Total Ethical Concerns: 7.73%

The average total concerns of all KiwiSaver balanced funds is 5.99%.

Companies of Concern

  • Animal Cruelty 1.59%

    • Exxon Mobil Corp.
      0.33%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.33%
    • 0.25%
    • Chevron Corp.
      0.18%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.18%
    • Philip Morris International (Pmi)
      0.16%
      0.16%
    • Shell
      0.14%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.14%
    • Unilever PLC
      0.10%
      0.10%
    • Hermès International Sca
      0.06%
      0.06%
    • 3M
      0.05%
      0.05%
    • Colgate-Palmolive Co.
      0.05%
      0.05%
    • L'Oréal SA
      0.05%
      0.05%
    • Basf Se
      0.03%
      0.03%
    • Kimberly-Clark Corp.
      0.03%
      0.03%
    • Dupont De Nemours
      0.02%
      0.02%
    • Bayer
      0.01%
      0.01%
  • Human Rights Violations 1.49%

    • 0.34%
    • 0.25%
    • Nestlé
      0.16%
      0.16%
    • UBS
      0.14%
      0.14%
    • Caterpillar
      0.10%
      0.10%
    • Wells Fargo
      0.10%
      0.10%
    • Rio Tinto
      0.06%
      0.06%
    • 0.01%
  • Social Harm 0.5%

  • Fossil Fuels 4.27%

    • Contact Energy Ltd.
      1.00%
      1.5°C
      This company is on a 1.5°C pathway
      1.00%
    • Exxon Mobil Corp.
      0.33%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.33%
    • Enbridge, Inc.
      0.24%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.24%
    • Channel Infrastructure
      0.22%
      0.22%
    • National Grid PLC
      0.22%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.22%
    • Chevron Corp.
      0.18%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.18%
    • Shell
      0.14%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.14%
    • The Williams Cos., Inc.
      0.14%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.14%
    • Oneok, Inc.
      0.12%
      0.12%
    • Tc Energy Corp.
      0.12%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.12%
    • Kinder Morgan, Inc.
      0.11%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.11%
    • Cheniere Energy, Inc.
      0.10%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.10%
    • Consolidated Edison, Inc.
      0.10%
      0.10%
    • Sempra Energy
      0.09%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.09%
    • Totalenergies Se
      0.09%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.09%
    • BHP
      0.08%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.08%
    • Targa Resources Corp.
      0.08%
      0.08%
    • Centrica PLC
      0.07%
      0.07%
    • Pg&E Corp
      0.07%
      0.07%
    • BP
      0.06%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.06%
    • Fortis, Inc.
      0.06%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.06%
    • Pembina Pipeline Corp.
      0.06%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.06%
    • Rio Tinto
      0.06%
      0.06%
    • Atmos Energy Corp.
      0.05%
      0.05%
    • Centerpoint Energy, Inc.
      0.05%
      0.05%
    • E.On Se
      0.05%
      0.05%
    • Nisource, Inc.
      0.04%
      0.04%
    • Snam Spa
      0.03%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.03%
    • Tokyo Gas Co., Ltd.
      0.03%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.03%
    • Apa Group
      0.02%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.02%
    • Dt Midstream, Inc.
      0.02%
      0.02%
    • Engie SA
      0.02%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.02%
    • Enn Clean Energy International Investment Ltd.
      0.02%
      0.02%
    • Hong Kong & China Gas Co. Ltd.
      0.02%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.02%
    • Keyera Corp.
      0.02%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.02%
    • Antero Midstream Corp.
      0.01%
      0.01%
    • Brookfield Infrastructure Partners LP
      0.01%
      0.01%
    • Delta Air Lines, Inc.
      0.01%
      0.01%
    • Naturgy Energy Group SA
      0.01%
      0.01%
  • Weapons 0.27%

    • 0.24%
    • 0.01%
  • Environmental Harm 1.2%

    • Fonterra
      0.19%
      0.19%
    • Chevron Corp.
      0.18%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.18%
    • Coca-Cola
      0.18%
      0.18%
    • Shell
      0.14%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.14%
    • PepsiCo
      0.13%
      0.13%
    • Unilever PLC
      0.10%
      0.10%
    • BHP
      0.08%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.08%
    • Pg&E Corp
      0.07%
      0.07%
    • 3M
      0.05%
      0.05%
    • Basf Se
      0.03%
      0.03%
    • Bayer
      0.01%
      0.01%
    • 0.01%
    • 0.01%

From the Fund Provider

  • About this fund

    About this Fund

    The fund is designed to provide investors with a diversified exposure to both income and growth assets by investing in domestic and global listed financial products.

    Value $19.6M NZD
    Period of data report 31st March 2025
    Members 553
    Fund started 7th Nov. 2022
    Total annual fund fees 0.25%
    Total performance based fees 0.0%
    Manager's basic fee 0.25%
    Other management and administration charges 0.0%
    Total other charges 0.0
    Total other charges currency NZD

    Dean Anderson

    Currently: Chief Executive (6 years, 6 months)
    Previously: Smartshares Product Manager, NZX (4 years, 4 months)

    Stephen Upton

    Currently: Chief Operating Officer (5 years, 9 months)
    Previously: Smartshares Chief Operating Officer - NZX (3 years, 6 months)

    Kerry Mcintosh

    Currently: Chairman (5 years, 9 months)
    Previously: Operating Partner, Zino Ventures (current) (7 years, 1 months)

    Vicki Dale

    Currently: Investment Committee Member (2 years, 4 months)
    Previously: Risk and Compliance Manager, Kernel Wealth (current) (3 years, 5 months)

    Matthew Winton

    Currently: Portfolio Manager (2 years, 10 months)
    Previously: Europe Head of Linear Interest Rate Products, BNP Paribas, London (7 years, 0 months)

    This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 31st March 2025.

  • Past Returns

    Past Returns

    Past annual returns for this fund are after fees and taxes. Please note that higher past returns do not always mean higher future returns.

    Year Market Average Fund Annual Return
    2025 4.34% 7.35%
    2024 10.86% 13.43%

    The market average is the average return for funds of the same risk category, sourced from the Commission for Financial Capability's Sorted website. The fund information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 31st March 2025.

  • Investments

    Top 10 Investments

    • Ishares Core US Aggregate Bond ETF

      United States Int Fixed Interest

      12.56%
    • Wellington Intl Airport 4.00% 01/04/2030

      New Zealand NZ Fixed Interest BBB+

      3.67%
    • Apple Inc

      United States International Equities

      3.04%
    • Microsoft

      United States International Equities

      2.61%
    • Nvidia Ord

      United States International Equities

      2.49%
    • Nzgs 1.50% 15/05/2031

      New Zealand NZ Fixed Interest AAA

      2.2%
    • Fisher & Paykel Healthcare Corp Ltd

      New Zealand Australasian Equities

      2.1%
    • Nzgs 1.75% 15/05/2041

      New Zealand NZ Fixed Interest AAA

      2.02%
    • ANZ 4.63% 20/02/2030

      New Zealand NZ Fixed Interest A

      1.96%
    • Auckland International Airport

      New Zealand Australasian Equities

      1.9%
    Type Target Actual
    Cash and Cash Equivalents 5.0% 4.47%
    New Zealand Fixed Interest 17.0% 24.23%
    International Fixed Interest 18.0% 12.56%
    Australasian Equities 18.0% 18.27%
    International Equities 39.0% 37.51%
    Listed Properties 3.0% 2.96%
    Unlisted Properties 0.0% 0.0%
    Other 0.0% 0.0%
    Commodities 0.0% 0.0%

    Investment Mix

    How the money in this fund is invested by asset type.

    This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 31st March 2025.

This data is compiled by Mindful Money from the fund information and portfolios that each KiwiSaver fund has filed with the Disclose register to 31st March 2025 and Mindful Money analysis of funds within those portfolios. The list of companies of concern has been drawn from ratings agencies and public sources, including the Norwegian Sovereign Fund, NZ Super Fund, Sustainalytics and research organisations.

Please note that companies may breach more than one of these areas of concern.

The listing of companies of concern is based on definitions used in Mindful Money's methodology. These definitions may be different from the exclusions policy and definitions applied by the fund provider.

Mindful Money uses the term Mindful Funds as our standard for ethical investment and responsible investment. This does not imply that other funds are unethical or that the fund providers that do not meet these standards are unethical providers.

Issues of Concern

  • 1.59% Animal Cruelty
  • 1.49% Human Rights Violations
  • 0.5% Social Harm
  • 4.27% Fossil Fuels
  • 0.27% Weapons
  • 1.2% Environmental Harm

Companies of Concern

  • Animal Cruelty

    • Exxon Mobil Corp.
      0.33%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.33%
    • 0.25%
    • Chevron Corp.
      0.18%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.18%
    • Philip Morris International (Pmi)
      0.16%
      0.16%
    • Shell
      0.14%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.14%
    • Unilever PLC
      0.10%
      0.10%
    • Hermès International Sca
      0.06%
      0.06%
    • 3M
      0.05%
      0.05%
    • Colgate-Palmolive Co.
      0.05%
      0.05%
    • L'Oréal SA
      0.05%
      0.05%
    • Basf Se
      0.03%
      0.03%
    • Kimberly-Clark Corp.
      0.03%
      0.03%
    • Dupont De Nemours
      0.02%
      0.02%
    • Bayer
      0.01%
      0.01%
  • Human Rights Violations

    • 0.34%
    • 0.25%
    • Nestlé
      0.16%
      0.16%
    • UBS
      0.14%
      0.14%
    • Caterpillar
      0.10%
      0.10%
    • Wells Fargo
      0.10%
      0.10%
    • Rio Tinto
      0.06%
      0.06%
    • 0.01%
  • Fossil Fuels

    • Contact Energy Ltd.
      1.00%
      1.5°C
      This company is on a 1.5°C pathway
      1.00%
    • Exxon Mobil Corp.
      0.33%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.33%
    • Enbridge, Inc.
      0.24%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.24%
    • Channel Infrastructure
      0.22%
      0.22%
    • National Grid PLC
      0.22%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.22%
    • Chevron Corp.
      0.18%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.18%
    • Shell
      0.14%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.14%
    • The Williams Cos., Inc.
      0.14%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.14%
    • Oneok, Inc.
      0.12%
      0.12%
    • Tc Energy Corp.
      0.12%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.12%
    • Kinder Morgan, Inc.
      0.11%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.11%
    • Cheniere Energy, Inc.
      0.10%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.10%
    • Consolidated Edison, Inc.
      0.10%
      0.10%
    • Sempra Energy
      0.09%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.09%
    • Totalenergies Se
      0.09%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.09%
    • BHP
      0.08%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.08%
    • Targa Resources Corp.
      0.08%
      0.08%
    • Centrica PLC
      0.07%
      0.07%
    • Pg&E Corp
      0.07%
      0.07%
    • BP
      0.06%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.06%
    • Fortis, Inc.
      0.06%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.06%
    • Pembina Pipeline Corp.
      0.06%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.06%
    • Rio Tinto
      0.06%
      0.06%
    • Atmos Energy Corp.
      0.05%
      0.05%
    • Centerpoint Energy, Inc.
      0.05%
      0.05%
    • E.On Se
      0.05%
      0.05%
    • Nisource, Inc.
      0.04%
      0.04%
    • Snam Spa
      0.03%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.03%
    • Tokyo Gas Co., Ltd.
      0.03%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.03%
    • Apa Group
      0.02%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.02%
    • Dt Midstream, Inc.
      0.02%
      0.02%
    • Engie SA
      0.02%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.02%
    • Enn Clean Energy International Investment Ltd.
      0.02%
      0.02%
    • Hong Kong & China Gas Co. Ltd.
      0.02%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.02%
    • Keyera Corp.
      0.02%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.02%
    • Antero Midstream Corp.
      0.01%
      0.01%
    • Brookfield Infrastructure Partners LP
      0.01%
      0.01%
    • Delta Air Lines, Inc.
      0.01%
      0.01%
    • Naturgy Energy Group SA
      0.01%
      0.01%
  • Weapons

    • 0.24%
    • 0.01%
  • Environmental Harm

    • Fonterra
      0.19%
      0.19%
    • Chevron Corp.
      0.18%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.18%
    • Coca-Cola
      0.18%
      0.18%
    • Shell
      0.14%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.14%
    • PepsiCo
      0.13%
      0.13%
    • Unilever PLC
      0.10%
      0.10%
    • BHP
      0.08%
      !!
      This company is expanding their fossil fuel production and
      is off track with the UN target to limit global temperature
      rise to 1.5°C
      0.08%
    • Pg&E Corp
      0.07%
      0.07%
    • 3M
      0.05%
      0.05%
    • Basf Se
      0.03%
      0.03%
    • Bayer
      0.01%
      0.01%
    • 0.01%
    • 0.01%

About this Fund

The fund is designed to provide investors with a diversified exposure to both income and growth assets by investing in domestic and global listed financial products.

Value $19.6M NZD
Period of data report 31st March 2025
Members 553
Fund started 7th Nov. 2022
Total annual fund fees 0.25%
Total performance based fees 0.0%
Manager's basic fee 0.25%
Other management and administration charges 0.0%
Total other charges 0.0
Total other charges currency NZD

Dean Anderson

Currently: Chief Executive (6 years, 6 months)
Previously: Smartshares Product Manager, NZX (4 years, 4 months)

Stephen Upton

Currently: Chief Operating Officer (5 years, 9 months)
Previously: Smartshares Chief Operating Officer - NZX (3 years, 6 months)

Kerry Mcintosh

Currently: Chairman (5 years, 9 months)
Previously: Operating Partner, Zino Ventures (current) (7 years, 1 months)

Vicki Dale

Currently: Investment Committee Member (2 years, 4 months)
Previously: Risk and Compliance Manager, Kernel Wealth (current) (3 years, 5 months)

Matthew Winton

Currently: Portfolio Manager (2 years, 10 months)
Previously: Europe Head of Linear Interest Rate Products, BNP Paribas, London (7 years, 0 months)

This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 31st March 2025.

Past Returns

Past annual returns for this fund are after fees and taxes. Please note that higher past returns do not always mean higher future returns.

Year Market Average Fund Annual Return
2025 4.34% 7.35%
2024 10.86% 13.43%

The market average is the average return for funds of the same risk category, sourced from the Commission for Financial Capability's Sorted website. The fund information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 31st March 2025.

Top 10 Investments

  • Ishares Core US Aggregate Bond ETF

    United States Int Fixed Interest

    12.56%
  • Wellington Intl Airport 4.00% 01/04/2030

    New Zealand NZ Fixed Interest BBB+

    3.67%
  • Apple Inc

    United States International Equities

    3.04%
  • Microsoft

    United States International Equities

    2.61%
  • Nvidia Ord

    United States International Equities

    2.49%
  • Nzgs 1.50% 15/05/2031

    New Zealand NZ Fixed Interest AAA

    2.2%
  • Fisher & Paykel Healthcare Corp Ltd

    New Zealand Australasian Equities

    2.1%
  • Nzgs 1.75% 15/05/2041

    New Zealand NZ Fixed Interest AAA

    2.02%
  • ANZ 4.63% 20/02/2030

    New Zealand NZ Fixed Interest A

    1.96%
  • Auckland International Airport

    New Zealand Australasian Equities

    1.9%
Type Target Actual
Cash and Cash Equivalents 5.0% 4.47%
New Zealand Fixed Interest 17.0% 24.23%
International Fixed Interest 18.0% 12.56%
Australasian Equities 18.0% 18.27%
International Equities 39.0% 37.51%
Listed Properties 3.0% 2.96%
Unlisted Properties 0.0% 0.0%
Other 0.0% 0.0%
Commodities 0.0% 0.0%

Investment Mix

How the money in this fund is invested by asset type.

This information has been sourced from the quarterly data that each KiwiSaver fund has filed with Disclose register to 31st March 2025.