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 fee level. The Amova Core Equity Fund charges 0.95% per annum, while the Harbour Australasian Equity Focus Fund charges 1.21% — a 26 basis point gap that compounds meaningfully over time on any given investment balance. Both funds sit at risk indicator 5 on the standardised FMA scale and hold an identical growth asset allocation of 98.31%, so the risk profile and asset-class exposure are structurally equivalent.
On five-year returns as disclosed in each fund's latest Quarterly Fund Update, Harbour reports 0.46% per annum against Amova's 0.35% — an 11 basis point difference in net returns, though this does not close the full fee gap on a gross-return basis. Fund size is broadly similar: Amova at approximately NZD 22.6 million versus Harbour at approximately NZD 26.1 million.
Portfolio construction diverges noticeably. Amova's five largest disclosed holdings are concentrated in New Zealand-listed infrastructure and healthcare names, with Fisher & Paykel Healthcare alone at 16.09%. Harbour's equivalent positions are more evenly spread across sectors and include Rio Tinto (6.18%), giving it explicit Australian large-cap materials exposure absent from Amova's disclosed top five. Infratil appears in both portfolios — weighted at 11.24% in Amova and 8.64% in Harbour.
Neither PDS link in this snapshot resolves to a fund-specific document for this comparison, so investors should treat those references with caution. Verify all figures, including current fees and returns, against each fund's source PDS and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
Cached comparison generated 2026-05-21 from each fund's latest FMA Disclose QFU. Regenerated when the underlying facts change.
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
- Supporting document7507 kB · file fingerprint recorded
- Supporting document2611 kB · file fingerprint recorded
- Supporting document3223 kB · file fingerprint recorded
- Supporting document2469 kB · file fingerprint recorded
- Supporting document8447 kB · file fingerprint recorded
- Supporting document4303 kB · file fingerprint recorded
- + 9 more on the fund page
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?
