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.

Devon

Devon Australian Fund

PIE · capped at PIR (max 28%)

Harbour

Harbour Long Short Fund

PIE · capped at PIR (max 28%)

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 52.35% in growth assets, with its three largest disclosed positions being cash or cash-equivalent instruments — Macquarie Margin Cash (35.58%), JP Morgan AUD Cash (14.53%), and ANZ NZD Cash (8.48%) — reflecting the mechanics of a long-short strategy where margin and collateral cash is a core structural feature. The Devon Australian Fund, by contrast, holds 98.31% in growth assets, operating as a conventional long-only equities portfolio with concentrated positions in listed Australian companies including Rio Tinto, BHP, ANZ Group Holdings, Carsales.com, and Xero.

This structural difference has a direct bearing on risk and return outcomes visible in the data. The Devon Australian Fund carries a risk indicator of 5 against Harbour Long Short's 4, and its five-year return of 10.3% per annum compares to 2.95% for the Harbour fund over the same period. Annual fund charges sit at 1.32% for Devon versus 1.23% for Harbour. Devon's fund size (approximately NZD 10.9 million) is roughly double Harbour's (approximately NZD 5.4 million), though both remain small by industry standards. One data quality note: the PDS URL supplied for the Devon Australian Fund resolves to an Artesian Green and Sustainable Bond Fund document, which appears to be an error in the source snapshot; 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.

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

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.

Sources: Devon 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

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	Min weight
$ AUD Cash at Bank AU	5.85%	38.23%	5.85%
Infratil Ltd AU	3.14%	3.54%	3.14%

"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

Live

Last verified 2026-05-08

Supporting document

330 kB · file fingerprint recorded
Product Disclosure Statement

504 kB · file fingerprint recorded

Harbour

Live

Last verified 2026-05-08

Supporting document

7507 kB · file fingerprint recorded
Supporting document

2611 kB · file fingerprint recorded
Supporting document

3223 kB · file fingerprint recorded
Supporting document

2469 kB · file fingerprint recorded
Supporting document

8447 kB · file fingerprint recorded
Supporting document

4303 kB · file fingerprint recorded
+ 9 more on the fund page

Common questions

What's the difference between the Devon Australian Fund and the Harbour Long Short Fund?

Both are australasian equities funds available to NZ retail investors. Harbour Long Short Fund charges 0.07% lower in annual fund charges (1.23% vs 1.30%).

Which fund has lower fees, Devon Australian Fund or Harbour Long Short Fund?

Harbour Long Short Fund has the lower annual fund charge (1.23% p.a. vs 1.30% p.a.). Source: each fund's most recent Quarterly Fund Update on the FMA Disclose register.

How do the 5-year returns compare?

Devon Australian Fund's 5-year return p.a. is 7.47% and Harbour Long Short Fund's is 1.76% (after fees, before tax). Past performance is not a reliable indicator of future returns.

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.

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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.