Fund-vs-fund · Australasian Equities
Amova Core Equity Fund vs Harbour Australasian Equity Focus Fund
Both are Australasian Equities funds available to NZ retail investors. Numbers below are sourced from the FMA Disclose register via Sorted Smart Investor and reflect the latest published quarterly fund updates.
Why these two differ
The most material structural difference between these two funds is cost. The Harbour Australasian Equity Focus Fund discloses an annual fund charge of 1.21%, compared with 0.95% for the Amova Core Equity Fund — a gap of 26 basis points that compounds meaningfully over time on a like-for-like capital base.
Both funds sit in the Australasian Equities category, carry a risk indicator of 5 out of 7, and allocate 98.31% to growth assets, making their risk profiles and asset-class exposures structurally near-identical. Fund sizes are also close: Amova at approximately NZD 22.6 million and Harbour at approximately NZD 20.9 million.
Where the funds diverge meaningfully beyond fees is portfolio construction. Amova's five disclosed top holdings are concentrated in large-cap NZX names — Fisher & Paykel Healthcare alone accounts for 16.09%, with Infratil, Auckland Airport, Contact Energy, and Meridian rounding out the top five. Harbour's focus portfolio spreads weight more evenly across its top five — Infratil (9.54%), Scales NZ (8.72%), A2 Milk (8.38%), Mainfreight (8.11%), and Summerset (7.79%) — suggesting a less concentrated, somewhat different sector tilt with greater mid-cap exposure.
On five-year returns, Harbour reports 1.44% per annum against Amova's 0.35%, though the snapshot period and return calculation methodology for each figure should be confirmed before drawing conclusions.
Readers should verify all figures, including current fees, returns, and portfolio weights, against each fund's product disclosure statement and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
Comparison generated 2026-07-05 from each fund's FMA Disclose QFU facts as at that date. If the underlying facts change, this narrative is withheld until it is regenerated — the tables on this page always reflect the current data.
What's different at a glance
- Amova Core Equity Fund charges 0.26% lower in annual fund charges (0.95% vs 1.21%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
Where each fund sits in its cohort
Percentile rank vs all 58 australasian equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Amova
0.95%
Lower half of cohort
Harbour
1.21%
Highest 20% of cohort
5-year return p.a.
Past performance — not a predictor
Amova
0.35%
Lower half over 5 years
Harbour
1.44%
Lower half over 5 years
Fund size
Larger = more stable, lower close-risk
Amova
NZ$23m
Lower half by size
Harbour
NZ$21m
Smallest 22% in cohort
| Metric | Amova | Harbour | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.95% | 1.21% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | 0.35% | 1.44% | Higher is better (past not future) |
| Fund size | NZ$23m | NZ$21m | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 98% / 2% | More growth = higher long-run return + volatility |
| NZ tax structure | PIE (PIR-capped) | PIE (PIR-capped) | PIE = simpler. FIF = annual return. |
| Currency hedging | — | — | Hedged smooths NZD/foreign FX moves at a small cost. |
| Responsible investment screening | No | No | Specific exclusions live in each fund's SIPO. |
| Available via | Direct | Direct | Platforms accepting retail subscriptions. |
Portfolio overlap
How many top-10 positions both funds hold, and at what weight. Computed from each fund's most recently disclosed top-10 holdings — exact-name matched (Microsoft Corp. = Microsoft Corporation), with a Cash / Cash & Equivalents collapse rule.
Matching holdings
3
of each fund's top 10
Amova weight in shared
18.7%
of Amova Core Equity Fund top 10 is shared
Harbour weight in shared
25.4%
of Harbour Australasian Equity Focus Fund top 10 is shared
| Holding | Amova | Harbour |
|---|---|---|
 Infratil Limited NZ | 11.24% | 9.54% |
 Mainfreight Limited NZ | 4.00% | 8.11% |
 Summerset Group Holdings Ltd NZ | 3.43% | 7.79% |
"Min weight" = the smaller of the two weights — a conservative read of how much exposure you'd have to that position if you held both funds.
What each fund says it does
Amova
Amova Core Equity Fund
The fund aims to outperform the S&P/NZX 50 Index Gross (with Imputation Credits) by 3.00% p.A. Over a rolling three year period before fees, expenses and taxes. This fund aims to provide investors with an exposure to New Zealand and Australian equity markets from an actively managed investment portfolio with potential for growth of income and capital.Full Amova Amova Core Equity Fund profile →
Harbour
Harbour Australasian Equity Focus Fund
The Fund is an actively managed, high conviction portfolio investing principally in listed Australasian equities. The focus is on delivering strong positive returns through the market cycle by investing in equity positions with no particular attention to an equity benchmark. The Fund is a research focused equity fund. It may have a higher risk profile than traditional core equity funds. We can actively allocate investments between Australasian listed equities, fixed interest and cash. The Fund may also use derivatives to hedge currency and equity risk. The Fund inFull Harbour Harbour Australasian Equity Focus Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Amova
Harbour
LiveLast verified 2026-05-08
Common questions
What's the difference between the Amova Core Equity Fund and the Harbour Australasian Equity Focus Fund?
Which fund has lower fees, Amova Core Equity Fund or Harbour Australasian Equity Focus Fund?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
