Fund-vs-fund · NZ Fixed Interest
Amova Corporate Bond Fund vs Harbour NZ Core Fixed Interest Fund
Both are NZ Fixed Interest 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 their portfolio composition. The Harbour NZ Core Fixed Interest Fund holds its five largest positions entirely in NZ Government Stock, which together account for roughly 36% of the portfolio, indicating a strong orientation toward sovereign credit. The Amova Corporate Bond Fund, by contrast, concentrates its top holdings in corporate and quasi-government issuers — including Housing NZ, NZ Local Government Funding Agency, Bank of New Zealand, Rabobank, and IAG — with no single position exceeding 3.1% of the fund, suggesting a more diversified spread across corporate bonds.
On fees, Harbour charges an annual fund charge of 0.66% versus Amova's 0.70%, a difference of four basis points. Both funds carry an identical risk indicator of 3 out of 7 and report the same growth asset allocation of 0.07%. Amova is the larger fund at approximately NZD $558 million, roughly double Harbour's NZD $289 million. Over the five-year period disclosed in each fund's Quarterly Fund Update, Amova returned 1.63% per annum against Harbour's 1.13%, though past returns are not a reliable indicator of future performance and the measurement periods may not align precisely between the two QFUs.
Both funds sit in the NZ Fixed Interest category. Neither is structured as a KiwiSaver scheme account based on the data provided here.
Always verify all figures against the source Product Disclosure Statement and latest Quarterly Fund Update available on FMA Disclose before relying on this summary for any investment decision.
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
- Annual fund charges are within 0.05% of each other (0.70% vs 0.66%).
- 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 14 nz fixed interest funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Amova
0.70%
Upper half of cohort
Harbour
0.66%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Amova
1.63%
Top 19% over 5 years
Harbour
1.13%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Amova
NZ$558m
Largest 25% in cohort
Harbour
NZ$289m
Upper half by size
| Metric | Amova | Harbour | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.70% | 0.66% | Lower is better |
| Risk indicator (1–7) | 3 | 3 | Higher = more volatility |
| 5-year return p.a. | 1.63% | 1.13% | Higher is better (past not future) |
| Fund size | NZ$558m | NZ$289m | Larger = more stable, lower close-risk |
| Growth / income split | 0% / 100% | 0% / 100% | 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.
What each fund says it does
Amova
Amova Corporate Bond Fund
The Fund aims to outperform the Bloomberg NZBond Credit 0+ Year Index by 0.70% p.A. Over a rolling three year period before fees, expenses and taxes. The fund aims to provide investors with regular income by constructing an actively managed investment portfolio of New Zealand bonds, deposits and cash whilst preserving the capital value.Full Amova Amova Corporate Bond Fund profile →
Harbour
Harbour NZ Core Fixed Interest Fund
The Fund is an actively managed investment grade bond fund that invests mainly in New Zealand government bond and corporate bond fixed income securities.Full Harbour Harbour NZ Core Fixed Interest 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 Corporate Bond Fund and the Harbour NZ Core Fixed Interest Fund?
Which fund has lower fees, Amova Corporate Bond Fund or Harbour NZ Core Fixed Interest 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?
