Fund-vs-fund · Cash

Clarity Enhanced Cash PIEvsHarbour Enhanced Cash Fund

Both are Cash 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.

Clarity

Clarity Enhanced Cash PIE

PIE · capped at PIR (max 28%)conservative

Harbour

Harbour Enhanced Cash Fund

PIE · capped at PIR (max 28%)conservative

Where you can buy these

Platform availability confirmed within the last 180 days. This is a statement of availability, not a recommendation — ManagedFundsNZ is not a Financial Advice Provider. Check the current PDS before investing.

Clarity Enhanced Cash PIE

No platform availability confirmed. Usually means it is bought directly from the manager — check their site.

Harbour Enhanced Cash Fund

Available on InvestNow→

What's different at a glance

Annual fund charges are within 0.05% of each other (0.26% vs 0.26%).
Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
Harbour Enhanced Cash Fund is roughly 2.1× the size of the other fund.

Where each fund sits in its cohort

Percentile rank vs all 6 cash funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.

Annual fund charge

Lower is better

Clarity

0.26%

Lower half of cohort

Harbour

0.26%

Lower half of cohort

5-year return p.a.

Past performance — not a predictor

Clarity

—

Harbour

2.79%

Top 25% over 5 years

Fund size

Larger = more stable, lower close-risk

Clarity

NZ$125m

Largest 25% in cohort

Harbour

NZ$260m

Largest 8% in cohort

Metric	Clarity	Harbour	Lower / higher is
Annual fund charge	0.26%	0.26%	Lower is better
Risk indicator (1–7)	1	2	Higher = more volatility
5-year return p.a.	—	2.79%	Higher is better (past not future)
Fund size	NZ$125m	NZ$260m	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.

Sources:Clarity on Sorted Harbour on Sorted

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

of each fund's top 10

Clarity weight in shared

83.8%

of Clarity Enhanced Cash PIE top 10 is shared

Harbour weight in shared

18.2%

of Harbour Enhanced Cash Fund top 10 is shared

Holding	Clarity	Harbour	Min weight
AWAmova W/S NZ Cash FundNZ	78.40%	9.11%	9.11%
$NZD Cash at BankNZ	5.44%	9.11%	5.44%

"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

Clarity

Clarity Enhanced Cash PIE

The Fund will invest, either directly or through other managed funds, in a well- diversified portfolio of cash and cash equivalents and New Zealand fixed interest securities, including an allocation to yield enhancing assets such as mortgage-backed securities and credit funds. The Fund aims to provide investors with regular income in excess of bank deposits whilst preserving capital value.

Full Clarity Clarity Enhanced Cash PIE profile →

Harbour

Harbour Enhanced Cash Fund

The Harbour Enhanced Cash Fund is an actively managed portfolio that holds liquid money market securities, NZ Government Stock, corporate bonds and bank deposits, all denominated in New Zealand Dollars. The Fund is designed to earn a premium over 90 day bank bills, while aiming to avoid the volatility of traditional fixed interest funds. The maximum permitted duration of the Fund is 2 years. The Fund maintains a core holding of highly liquid securities in order to minimise transaction costs and facilitate investor cash flow requirements at short notice. The Fund a

Full Harbour Harbour Enhanced Cash Fund profile →

Documents

Crawled directly from each manager's website. How we record provenance →

Clarity

Not yet crawled. View fund page for FMA Disclose link.

Harbour

Live

Last verified 2026-05-08

Common questions

What's the difference between the Clarity Enhanced Cash PIE and the Harbour Enhanced Cash Fund?

Both are cash funds available to NZ retail investors. Annual fund charges are within 0.05% of each other (0.26% vs 0.26%).

Which fund has lower fees, Clarity Enhanced Cash PIE or Harbour Enhanced Cash Fund?

Harbour Enhanced Cash Fund has the lower annual fund charge (0.26% p.a. vs 0.26% p.a.). Source: each fund's most recent Quarterly Fund Update on the FMA Disclose register.

Are both funds PIE-taxed in NZ?

Yes. Both are NZ Portfolio Investment Entities (PIEs). Investor tax on the fund's income is capped at the Prescribed Investor Rate (PIR), maximum 28%.

Where can I read the official documents for these funds?

Both funds publish their Product Disclosure Statement (PDS), Statement of Investment Policy (SIPO) and Quarterly Fund Update (QFU) on the FMA Disclose register at disclose-register.companiesoffice.govt.nz. Always read the current PDS before investing.

Not sure which fund is right for you?

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Important: This comparison is general information only — not personalised financial advice. Past performance is not a reliable indicator of future returns. The right fund for you depends on your personal circumstances. Read each fund's Product Disclosure Statement and consider speaking to a licensed financial adviser.