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NZ Small & Mid Cap Opportunities

The Fund invests in a broad range of smaller companies listed on the New Zealand Exchange (NZX), and is the first NZ Index fund to invest outside of the S&P/NZX 50.


5 year p.a. index return as at 31 October 2023


Indicative dividend yield as at 31 October 2023


Management fee p.a.


How is this fund different to others?

The Small & Mid Cap Opportunities Fund invests in companies outside of the NZ 20, who have a market capitalisation of between $100 million and $1 billion. This fund gives investors access to smaller and growing NZ companies across a diverse mix of sectors including real estate, technology, healthcare, tourism, consumer staples. It includes a range of iconic household names such as Briscoes, Hallenstein Glasson and NZX. This fund tracks the S&P/NZX Emerging Opportunities Index, which combined with the NZ 20 fund, represents the entire investible universe on the NZX. The Fund is likely to fluctuate in line with the general business cycle. Its high allocation to the real estate sector also provides a solid income stream.


As at October 31, 2023


Argosy Property Ltd


Real Estate


Skellerup Holdings Ltd




Arvida Group Limited


Health Care


Stride Property Limited


Real Estate


Tourism Holdings Ltd




KMD Brands Limited


Consumer Discretionary


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  • Range of returns




    The lowest and highest 12 month returns, in 5 years to the end of October 2023*

  • Growth of $10k


    For the 5 years to 31 October 2023, an investment of $10,000 would be down -9.81%*

  • Investment Objective

    Capital Growth

    The Fund is designed to focus on capital growth and is a great satellite holding.

*These are the gross index returns, not including fees or taxes.


As at October 31, 2023

  • -7.25%

    3 months

  • -11.34%

    1 year

  • N/A

    5 years

  • N/A

    10 years

  • -14.27%

    Since Inception

Fund returns are after fees and at 0% PIR tax. See our full performance disclaimer for more details. 


The risk indicator reflects how much the value of the Fund’s assets goes up and down (volatility). A higher risk generally means higher potential returns over time, but more ups and downs along the way. The lowest risk rating doesn’t mean “risk-free” and this risk indicator is not a guarantee of a Fund’s future performance.

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Documents & Resources

Latest Fund Factsheet

Updated: 31.10.2023

Kernel Funds Latest Fund Update

Updated: 30.09.2023

Kernel KiwiSaver Plan Fund Update

Updated: 30.09.2023

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Indices provided by: S&P Dow Jones Indices