Fund-vs-fund · Diversified
Fisher Funds Growth Fund vs Harbour Sustainable Impact 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 growth asset allocation. The Harbour Sustainable Impact Fund holds 98.31% in growth assets, carrying a risk indicator of 5, while the Fisher Funds Growth Fund holds 78.48% in growth assets at a risk indicator of 4. Despite its "Growth" label, Fisher Funds carries meaningfully more defensive exposure, which is reflected in its lower risk rating.
On fees, the gap is substantial. Fisher Funds Growth Fund discloses an annual fund charge of 1.46%, compared with Harbour Sustainable Impact Fund's 0.27% — a difference of 1.19 percentage points annually. Over time, that compounding cost differential is a significant factor for investors to weigh.
The five-year return figures move in Fisher Funds' favour: 3.05% per annum versus 0.15% for Harbour, though the Harbour fund's near-zero five-year return and higher equity concentration may partly reflect its sustainable/impact mandate and the timing of its establishment. Both funds sit in the Diversified category.
Portfolio construction differs notably. Fisher Funds holds a diversified international mix including Microsoft, with its largest single position being a cash account (ANZ, 7%). Harbour's top five holdings are all New Zealand equities — Infratil, Contact Energy, Meridian Energy, A2 Milk, and Fisher & Paykel Healthcare — each between 5.8% and 6.2%, reflecting a concentrated domestic sustainability-screened approach. Fund sizes are broadly comparable: Fisher Funds at NZD 318.8 million, Harbour at NZD 380.2 million.
Always verify these figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on them for any investment decision.
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 Sustainable Impact Fund charges 1.19% lower in annual fund charges (0.27% vs 1.46%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Harbour Sustainable Impact Fund applies responsible-investment / ESG screening. The other fund does not.
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
0.27%
Lowest 13% of cohort
5-year return p.a.
Past performance — not a predictor
Fisher Funds
3.05%
Lower half over 5 years
Harbour
0.15%
Bottom 1% over 5 years
Fund size
Larger = more stable, lower close-risk
Fisher Funds
NZ$319m
Upper half by size
Harbour
NZ$380m
Largest 23% in cohort
| Metric | Fisher Funds | Harbour | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.46% | 0.27% | Lower is better |
| Risk indicator (1–7) | 4 | 5 | Higher = more volatility |
| 5-year return p.a. | 3.05% | 0.15% | Higher is better (past not future) |
| Fund size | NZ$319m | NZ$380m | Larger = more stable, lower close-risk |
| Growth / income split | 78% / 22% | 98% / 2% | 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 | Yes | 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
3
of each fund's top 10
Fisher Funds weight in shared
5.3%
of Fisher Funds Growth Fund top 10 is shared
Harbour weight in shared
17.2%
of Harbour Sustainable Impact Fund top 10 is shared
| Holding | Fisher Funds | Harbour |
|---|---|---|
 Fisher & Paykel Healthcare Corp Ltd NZ | 2.25% | 5.81% |
 Infratil Limited NZ | 1.93% | 6.21% |
 Mainfreight Limited NZ | 1.10% | 5.22% |
"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 Sustainable Impact Fund
This Fund is designed to track the S&P/NZX 50 Portfolio Index, with exclusions to companies including but not limited to, large carbon emitters, gambling, firearms, and companies with human and animal rights violations. For full details of the exclusions for this Fund please see the Environmental, Social and Governance Policy (ESG Policy) on our website at Responsible Investing - Harbour Asset Management. There are positive and negative tilts applied to the remaining companies based on Harbour's proprietary Corporate Behaviour Score.Full Harbour Harbour Sustainable Impact 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 Sustainable Impact Fund?
Which fund has lower fees, Fisher Funds Growth Fund or Harbour Sustainable Impact Fund?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Does either fund apply responsible-investment screening?
Where can I read the official documents for these funds?
