Fund-vs-fund · Listed Property
Fisher Funds Property & Infrastructure Fund vs Harbour Real Estate Investment Fund
Both are Listed Property 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 geographic and sectoral composition. The Fisher Funds Property & Infrastructure Fund holds a globally diversified mix of listed property and infrastructure names — American Tower Corporation (7.45%), NextEra Energy (7.31%), and Spanish airport operator Aena (5.69%) among its largest positions — giving it meaningful exposure to US infrastructure and utilities alongside property. The Harbour Real Estate Investment Fund is concentrated almost entirely in New Zealand-listed real estate investment trusts, with Precinct Properties (16.35%), Kiwi Property Group (14.12%), and Goodman Property Trust (13.91%) dominating its top holdings. Both funds sit at 98.31% growth assets, so the asset-class split is near-identical; the divergence lies in what those growth assets are and where they trade.
Risk indicators differ despite that structural similarity: Fisher Funds carries a risk indicator of 4, while Harbour sits at 5, suggesting Harbour's concentrated NZ-REIT exposure has produced higher historical volatility under the standard FMA calculation methodology.
The fee gap is significant. Fisher Funds discloses an annual fund charge of 1.53%; Harbour discloses 0.77% — a difference of 76 basis points annually. Over five years, Fisher Funds returned 5.08% per annum against Harbour's 0.04%, though past performance is not a reliable indicator of future returns. Fund sizes are comparable: Fisher Funds at NZD 162.8 million, Harbour at NZD 149.0 million.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on this comparison.
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 Real Estate Investment Fund charges 0.76% lower in annual fund charges (0.77% vs 1.53%).
- 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 15 listed property funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Fisher Funds
1.53%
Highest 17% of cohort
Harbour
0.77%
Lowest 23% of cohort
5-year return p.a.
Past performance — not a predictor
Fisher Funds
4.56%
Top 4% over 5 years
Harbour
1.51%
Bottom 21% over 5 years
Fund size
Larger = more stable, lower close-risk
Fisher Funds
NZ$154m
Largest 10% in cohort
Harbour
NZ$130m
Largest 23% in cohort
| Metric | Fisher Funds | Harbour | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.53% | 0.77% | Lower is better |
| Risk indicator (1–7) | 4 | 5 | Higher = more volatility |
| 5-year return p.a. | 4.56% | 1.51% | Higher is better (past not future) |
| Fund size | NZ$154m | NZ$130m | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 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 | 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
1
of each fund's top 10
Fisher Funds weight in shared
3.7%
of Fisher Funds Property & Infrastructure Fund top 10 is shared
Harbour weight in shared
15.5%
of Harbour Real Estate Investment Fund top 10 is shared
| Holding | Fisher Funds | Harbour |
|---|---|---|
| GP Goodman Property Trust NZ | 3.74% | 15.48% |
"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 Property & Infrastructure Fund
The fund focuses on growth of your investment over the long term by investing in New Zealand and international property and infrastructure assetsFull Fisher Funds Fisher Funds Property & Infrastructure Fund profile →
Harbour
Harbour Real Estate Investment Fund
The Fund aims to capture the income yield and medium-term capital growth characteristics of real estate assets by investing principally in listed real estate assets and enhance diversification and return potential against the S&P/NZX All Real Estate Index.Full Harbour Harbour Real Estate Investment Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Fisher Funds
LiveLast verified 2026-05-08
- Other Material Information165 kB · file fingerprint recorded
- Product Disclosure Statement246 kB · file fingerprint recorded
- Product Disclosure Statement143 kB · file fingerprint recorded
- Product Disclosure Statement666 kB · file fingerprint recorded
- Product Disclosure Statement595 kB · file fingerprint recorded
Harbour
LiveLast verified 2026-05-08
- Supporting document7507 kB · file fingerprint recorded
- Supporting document2611 kB · file fingerprint recorded
- Supporting document3223 kB · file fingerprint recorded
- Supporting document2469 kB · file fingerprint recorded
- Supporting document8447 kB · file fingerprint recorded
- Supporting document4303 kB · file fingerprint recorded
- + 9 more on the fund page
Common questions
What's the difference between the Fisher Funds Property & Infrastructure Fund and the Harbour Real Estate Investment Fund?
Which fund has lower fees, Fisher Funds Property & Infrastructure Fund or Harbour Real Estate Investment 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?
