Kernel NZ 20 Fund For the month ended 30 April 2021 Fund overview What does the fund invest in? The Fund provides investors with a diversified exposure across Sector mix a range of sectors including utilities, real estate, This shows the sectors that the fund currently invests in: telecommunication and healthcare to 20 of the largest companies listed in New Zealand. Large and liquid, many of Health Care 30.1% these companies export globally and collectively account for Utilities 21.1% over 80% of the value of the entire investable NZ stockmarket. Industrials 16.9% Communication Services 10.7% Key information Real Estate 6.0% • Index tracked: S&P/NZX 20 Index Materials 5.8% • Number of constituents: 20 Consumer Staples 5.5% • Distribution frequency: Quarterly Consumer Discretionary 2.6% Energy 1.3% • Management fee: 0.39% Cash 0.0% • Inception: 28th August 2019 • Indicative yield: 2.02% How to use Kernel NZ 20 Fund The NZ 20 fund can be used in a variety of investment Top 10 investments strategies, for example: % of fund’s Company • A core allocation to NZ equities net asset value • A tactical exposure to NZ blue-chips Fisher & Paykel Healthcare 17.95% • A low cost alternative to other active managers Auckland International Airport 8.81% Spark 7.83% Performance Meridian Energy 6.43% Fund after Index Net tracking Mainfreight 5.88% fees difference Fletcher Building 5.76% 1 month 1.17% 1.20% -0.03% Ryman Healthcare 5.66% 3 months -4.20% -4.11% -0.09% Contact Energy 5.54% 6 months 4.19% 4.43% -0.24% The a2 Milk Company 5.46% 1 year 17.25% 17.34% -0.09% Infratil 4.96% 3 years 17.51% Current cash & equivalents = 0.01% 5 years 15.60% 10 years 16.43% Further information Fund returns before tax and assuming distributions reinvested. Returns for You can also obtain further information in the Product longer than one year are annualised. Index returns are gross. Disclosure Statement for the Kernel Funds, and some Net tracking difference should be expected to be at least -0.39% p.a. additional information from the offer register at www.disclose- for management fee and shown prior to any rebates. register.companiesoffice.govt.nz. Risk profile The information in this document is of a general nature and does not take into account your particular financial situation or goals. The information is not investment advice. Kernel has taken reasonable steps to ensure that the information in this document is accurate and up-to-date. Kernel does not accept any responsibility for any error or omission or for any loss resulting from the use of this information, except to the extent required by law The risk indicator is based on the returns data for 5 years to 31 March 2021 or the index data for the time before fund inception. While risk indicators are usually relatively stable, they do shift from time to time. See the Product Disclosure Statement for the Kernel Funds for more information about the risks associated with investing in this fund. .