Kernel funds pay out a quarterly distribution to investors in April, July, October and December. This is based on the dividends received from the underlying companies in which the Kernel funds invest.
This week, we have paid out the December 2023 distribution to each investor based on their preference of cash payment or distribution reinvestment. Ultimately the unit value is reduced by the cash amount (because it is already part of the fund’s value), but it provides investors with the choice of benefits from compounding through reinvestment, rebalancing or using the cash for other purposes. It also helps us operate an efficient structure. The details of the distributions per fund are below.
The distributions reflect the investments made by the fund, as if an investor held the companies that make up the fund for the whole quarter. As a result, the distributions might comprise a significant amount of capital distribution if the fund has grown proportionally during the quarter. This is aligned to the general treatment of all Kernel funds as well as the FIF tax regime, which depends on an investor’s valuation not their income received. Tax credits are separately credited to investors based on dividends received to the fund on the days they are invested in the fund.
The figures below exclude any capital growth and the tax on the income allocated to you, which will need to be paid in April or when you sell out of the fund. This delayed tax payment is one of the benefits of our product design. It also excludes any change in the amount of dividends paid by companies in the fund.
We distribute capital as part of providing investors in the fund the equivalent return they would receive from owning the underlying companies directly. To see the 12-month yield of the fund, see the monthly factsheets on our website.
Kernel NZ 20 Fund
The distribution amounts to 0.31% of the current value of the NZ 20 Fund. This distribution comprises 98% income received or accrued and 2% capital.
Kernel NZ Small & Mid Cap Opportunities Fund
The distribution amounts to 0.63% of the current value of the NZ Small & Mid Cap Opportunities Fund. This distribution comprises 100% income received or accrued and 0% capital.
Kernel NZ Commercial Property Fund
The distribution amounts to 1.27% of the current value of the NZ Commercial Property Fund. This distribution comprises 99% income received or accrued and 1% capital.
Kernel NZ 50 ESG Tilted Fund
The distribution amounts to 0.42% of the current value of the NZ 50 ESG Tilted Fund. This distribution comprises 100% income received or accrued and 0% capital.
Kernel S&P Global 100 Fund
The distribution amounts to 0.40% of the current value of the Kernel S&P Global 100 Fund. This distribution comprises 82% income received and 18% capital.
Kernel Global Infrastructure Fund
The distribution amounts to 1.06% of the current value of the Kernel Global Infrastructure Fund. This distribution comprises 86% income received and 14% capital.
Kernel S&P Global Dividend Aristocrats Fund
The distribution amounts to 1.36% of the current value of the Kernel S&P Global Dividend Aristocrats Fund. This distribution comprises 64% income received and 36% capital.
Kernel S&P Global Clean Energy Fund
The distribution amounts to 0.36% of the current value of the Kernel S&P Global Clean Energy Fund. This distribution comprises 35% income received and 65% capital.
Kernel S&P Kensho Moonshots Innovation Fund
This fund does not distribute income, with all dividends reinvested.
Kernel S&P Kensho Electric Vehicle Innovation Fund
This fund does not distribute income, with all dividends reinvested.
Kernel Global Green Property Fund
The distribution amounts to 0.94% of the current value of the Kernel Global Green Property Fund. This distribution comprises 68% income received and 32% capital.
Kernel S&P 500 Fund
The distribution amounts to 0.41% of the current value of the Kernel S&P 500 Fund. This distribution comprises 100% income received and 0% capital.
Kernel Global ESG Fund
The distribution amounts to 0.41% of the current value of the Kernel Global ESG Fund. This distribution comprises 72% income received and 28% capital.
Kernel S&P Global 100 (NZD Hedged) Fund
The distribution amounts to 0.40% of the current value of the Kernel S&P Global 100 (NZD Hedged) Fund. This distribution comprises 82% income received and 18% capital.
Kernel Global Infrastructure (NZD Hedged) Fund
The distribution amounts to 1.06% of the current value of the Kernel Global Infrastructure (NZD Hedged) Fund. This distribution comprises 86% income received and 14% capital.
Kernel Global ESG (NZD Hedged) Fund
The distribution amounts to 0.41% of the current value of the Kernel Global ESG (NZD Hedged) Fund. This distribution comprises 72% income received and 28% capital.
Kernel High Growth Fund
The distribution amounts to 0.46% of the current value of the Kernel High Growth Fund. This distribution comprises 100% income received and 0% capital.
Kernel Balanced Fund
The distribution amounts to 0.75% of the current value of the Kernel Balanced Fund. This distribution comprises 71% income received and 29% capital.
Kernel Cash Plus Fund
The distribution amounts to 1.19% of the current value of the Kernel Cash Plus Fund. This distribution comprises 70% income received and 30% capital.
Should you have any questions, please let us know.