Fund-vs-fund · International Equities
Ellerston Global Mid Small Cap Fund vs Harbour Epoch Global Quality Select Equity (Hedged) Fund
Both are International 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
Both funds sit within the International Equities category, but their mandates point to a meaningful structural difference: the Ellerston Global Mid Small Cap Fund targets mid- and small-capitalisation companies globally, while the Harbour Epoch Global Quality Select Equity (Hedged) Fund focuses on large-cap quality equities and applies a currency hedge back to the New Zealand dollar. That hedging distinction is material — it removes most foreign-exchange fluctuation from returns, whereas the Ellerston fund's currency exposure (hedged or unhedged) is not confirmed in our current snapshot. The Ellerston fund's smaller-company focus also implies a different risk and liquidity profile compared with a quality large-cap strategy, though without a disclosed risk indicator for either fund in this snapshot, a formal risk-band comparison cannot be made.
Beyond the mandate difference, our data snapshot is silent on fee levels, fund size, five-year return history, growth-asset allocation percentages, and top holdings for both funds. Neither a PDS URL nor a Sorted/FMA profile link is available in the current dataset for either manager. Ellerston is the named manager for Fund A; Harbour Asset Management is the named manager for Fund B, sub-advising the equity selection component through Epoch Investment Partners as indicated by the fund name.
Because no quantitative data fields are populated for either fund in this snapshot, any cost, performance, or portfolio-concentration comparison is not possible here. Verify all current details — including fees, risk indicators, and returns — against each fund's 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
- 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 81 international equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Ellerston
—
—
Harbour
—
—
5-year return p.a.
Past performance — not a predictor
Ellerston
—
—
Harbour
—
—
Fund size
Larger = more stable, lower close-risk
Ellerston
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—
Harbour
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| Metric | Ellerston | Harbour | Lower / higher is |
|---|---|---|---|
| Annual fund charge | — | — | Lower is better |
| Risk indicator (1–7) | — | — | Higher = more volatility |
| 5-year return p.a. | — | — | Higher is better (past not future) |
| Fund size | — | — | Larger = more stable, lower close-risk |
| Growth / income split | — | — | More growth = higher long-run return + volatility |
| NZ tax structure | PIE (PIR-capped) | PIE (PIR-capped) | PIE = simpler. FIF = annual return. |
| Currency hedging | — | Hedged to NZD | 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. |
Common questions
What's the difference between the Ellerston Global Mid Small Cap Fund and the Harbour Epoch Global Quality Select Equity (Hedged) Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
