Fund-vs-fund · Australasian Equities
Castle Point Trans-Tasman Fund vs Harbour Long Short 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 portfolio construction. The Harbour Long Short Fund holds over half its disclosed assets in cash and margin collateral positions — Macquarie Margin Cash (35.58%), JP Morgan AUD Cash (14.53%), and ANZ NZD Cash (8.48%) together account for nearly 59% of the top holdings — reflecting its long-short strategy, where cash often serves as collateral for short positions. Growth assets sit at just 52.35%. The Castle Point Trans-Tasman Fund, by contrast, is 98.31% in growth assets, with its five largest holdings being listed equities including Fisher & Paykel Healthcare (16.03%) and Infratil (9.92%), representing a conventional long-only equity approach.
This structural difference flows through to risk: Castle Point carries a risk indicator of 5 versus Harbour's 4, despite Harbour's higher equity-market exposure on the long side. Both funds are small by industry standards — Harbour at NZD 5.4 million, Castle Point at NZD 12.0 million — which may affect liquidity and operational scale. Harbour's annual fund charge of 1.23% is 15 basis points higher than Castle Point's 1.08%. On five-year returns, Harbour returned 2.95% per annum against Castle Point's 0.91%, though both figures are modest and past performance is not a reliable indicator of future performance. Neither fund is a KiwiSaver scheme account product based on the data provided.
Verify all figures against each fund's current 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
- Castle Point Trans-Tasman Fund charges 0.15% lower in annual fund charges (1.08% vs 1.23%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Castle Point Trans-Tasman Fund is roughly 2.3× the size of the other fund.
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
Castle Point
1.08%
Upper half of cohort
Harbour
1.23%
Highest 18% of cohort
5-year return p.a.
Past performance — not a predictor
Castle Point
0.91%
Lower half over 5 years
Harbour
1.76%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Castle Point
NZ$12m
Smallest 9% in cohort
Harbour
NZ$5m
Smallest 6% in cohort
| Metric | Castle Point | Harbour | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.08% | 1.23% | Lower is better |
| Risk indicator (1–7) | 5 | 4 | Higher = more volatility |
| 5-year return p.a. | 0.91% | 1.76% | Higher is better (past not future) |
| Fund size | NZ$12m | NZ$5m | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 23% / 77% | 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
4
of each fund's top 10
Castle Point weight in shared
28.3%
of Castle Point Trans-Tasman Fund top 10 is shared
Harbour weight in shared
14.2%
of Harbour Long Short Fund top 10 is shared
| Holding | Castle Point | Harbour |
|---|---|---|
 Mainfreight Ltd NZ | 4.61% | 3.79% |
 Contact Energy Ltd NZ | 8.03% | 3.62% |
 Infratil Ltd NZ | 9.92% | 3.54% |
 A2 Milk Company Ltd NZ | 5.77% | 3.23% |
"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
Castle Point
Castle Point Trans-Tasman Fund
The Fund invests in New Zealand and Australian Listed Companies and is benchmarked to the S&P/NZX 50 Index (incl Imputation Credits). The performance objective of the Fund is to outperform the benchmark over rolling five-year periods after all fees (and other expenses) but before tax.Full Castle Point Castle Point Trans-Tasman Fund profile →
Harbour
Harbour Long Short Fund
The Fund is an actively managed, high conviction portfolio investing principally in long and short listed Australasian equities. The focus is on delivering positive returns through the market cycle by investing in long and short sold equity positions with no particular attention to an equity benchmark. The Fund is expected to have lower volatility than equity benchmarks. 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.Full Harbour Harbour Long Short Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Castle Point
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 Castle Point Trans-Tasman Fund and the Harbour Long Short Fund?
Which fund has lower fees, Castle Point Trans-Tasman Fund or Harbour Long Short 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?
