Fund-vs-fund · Australasian Equities
Devon Australian 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 their asset allocation approach. The Harbour Long Short Fund holds only 23.37% in growth assets, with its top three positions being cash or margin accounts (Macquarie Margin Cash at 38.23%, JPM AUD Cash at 16.03%, and ANZ NZD Cash at 13.68%), reflecting its long-short strategy where collateral and hedging positions dominate the disclosed holdings. The Devon Australian Fund, by contrast, holds 98.31% in growth assets, with its top five positions being Australian equities including BHP Group (8.68%), Rio Tinto (7.65%), and ANZ Group Holdings (6.42%), consistent with a conventional long-only equity mandate. Despite both sitting in the Australasian Equities category, they represent structurally different approaches to equity exposure.
On risk, Harbour carries a risk indicator of 4 versus Devon's 5. The five-year return figures diverge substantially: Harbour at 1.76% per annum against Devon's 7.47%, though the long-short structure and heavy cash weighting make direct comparison of those figures less straightforward. Harbour's annual fund charge is 1.23% versus Devon's 1.30%. By fund size, Devon (approximately NZD 10.3 million) is roughly double Harbour (approximately NZD 5.3 million). Note that the PDS URL recorded for the Devon Australian Fund in this snapshot appears to reference an unrelated Artesian document; readers should treat that link with caution.
Verify all figures against each fund's current 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
- Harbour Long Short Fund charges 0.07% lower in annual fund charges (1.23% vs 1.30%).
- 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
Devon
1.30%
Highest 12% of cohort
Harbour
1.23%
Highest 18% of cohort
5-year return p.a.
Past performance — not a predictor
Devon
7.47%
Top 19% over 5 years
Harbour
1.76%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Devon
NZ$10m
Smallest 8% in cohort
Harbour
NZ$5m
Smallest 6% in cohort
| Metric | Devon | Harbour | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.30% | 1.23% | Lower is better |
| Risk indicator (1–7) | 5 | 4 | Higher = more volatility |
| 5-year return p.a. | 7.47% | 1.76% | Higher is better (past not future) |
| Fund size | NZ$10m | 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
2
of each fund's top 10
Devon weight in shared
9.0%
of Devon Australian Fund top 10 is shared
Harbour weight in shared
41.8%
of Harbour Long Short Fund top 10 is shared
| Holding | Devon | Harbour |
|---|---|---|
| $ AUD Cash at Bank AU | 5.85% | 38.23% |
 Infratil Ltd AU | 3.14% | 3.54% |
"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
Devon
Devon Australian Fund
A select portfolio of companies which are primarily Australian listed companies. The Australian market offers exposure to a number of sectors that are not available in New Zealand. The Australian Fund is actively managed, which means the holdings and investment returns may differ considerably from its benchmark. The Fund tends to be fully invested in shares but can hold cash.Full Devon Devon Australian 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 →
Devon
LiveLast verified 2026-05-08
Harbour
LiveLast verified 2026-05-08
Common questions
What's the difference between the Devon Australian Fund and the Harbour Long Short Fund?
Which fund has lower fees, Devon Australian 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?
