Fund-vs-fund · Diversified
Fisher Funds Growth Fund vs Harbour Income Fund
Both are Diversified 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 allocation to growth assets, which drives meaningfully different risk profiles despite both sitting in the Diversified category. The Fisher Funds Growth Fund holds 78.48% in growth assets against a risk indicator of 4, while the Harbour Income Fund holds 53.15% in growth assets against a risk indicator of 3 — placing the two funds at opposite ends of what the Diversified label can contain.
The fee gap reinforces this distinction. Fisher Funds Growth Fund discloses an annual fund charge of 1.46%, compared with Harbour Income Fund's 0.66% — a difference of 0.80 percentage points that compounds materially over time. Despite the higher fee and higher growth-asset exposure, the five-year return figures are close: Fisher Funds Growth Fund returned 3.05% per annum and Harbour Income Fund returned 3.18% per annum, though past returns are not a reliable indicator of future performance.
Fund size is broadly comparable — NZD 318.8 million versus NZD 293.6 million respectively. Top holdings reflect each fund's orientation: the Fisher fund's disclosed positions are led by equities including Fisher & Paykel Healthcare and Microsoft, while the Harbour fund's largest disclosed positions are predominantly NZ government bonds, consistent with its lower growth-asset weighting and income focus.
Both funds are non-KiwiSaver managed funds; neither is linked to a KiwiSaver scheme account. Readers should verify all figures against the current PDS and latest Quarterly Fund Update for each fund 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 Income Fund charges 0.80% lower in annual fund charges (0.66% vs 1.46%).
- 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 67 diversified funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Fisher Funds
1.46%
Highest 8% of cohort
Harbour
0.66%
Lowest 22% of cohort
5-year return p.a.
Past performance — not a predictor
Fisher Funds
3.05%
Lower half over 5 years
Harbour
3.18%
Lower half over 5 years
Fund size
Larger = more stable, lower close-risk
Fisher Funds
NZ$319m
Upper half by size
Harbour
NZ$294m
Upper half by size
| Metric | Fisher Funds | Harbour | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.46% | 0.66% | Lower is better |
| Risk indicator (1–7) | 4 | 3 | Higher = more volatility |
| 5-year return p.a. | 3.05% | 3.18% | Higher is better (past not future) |
| Fund size | NZ$319m | NZ$294m | Larger = more stable, lower close-risk |
| Growth / income split | 78% / 22% | 53% / 47% | 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
Fisher Funds weight in shared
3.0%
of Fisher Funds Growth Fund top 10 is shared
Harbour weight in shared
4.8%
of Harbour Income Fund top 10 is shared
| Holding | Fisher Funds | Harbour |
|---|---|---|
 Infratil Limited NZ | 1.93% | 2.83% |
 Mainfreight Limited NZ | 1.10% | 1.99% |
"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
Fisher Funds
Fisher Funds Growth Fund
The fund aims to grow your investment over the long term by investing in mainly growth assetsFull Fisher Funds Fisher Funds Growth Fund profile →
Harbour
Harbour Income Fund
The Fund is designed to provide a favourable level of income for investors seeking income with scope for capital appreciation and/or with a low tolerance for large declines in investment values. The Fund invests predominantly in New Zealand investment grade fixed interest securities and Australasian equities which pay a sustainable dividend yield. Other tools, such as active management and scope to invest in sub investment grade securities may also be used to enhance returns.Full Harbour Harbour Income Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Fisher Funds
LiveLast verified 2026-05-08
Harbour
LiveLast verified 2026-05-08
Common questions
What's the difference between the Fisher Funds Growth Fund and the Harbour Income Fund?
Which fund has lower fees, Fisher Funds Growth Fund or Harbour Income 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?
