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 their geographic exposure. The Harbour Real Estate Investment Fund concentrates almost entirely in New Zealand-listed property, with its five largest holdings — Precinct Properties, Goodman Property Trust, Kiwi Property Group, Argosy Property, and Vital Healthcare Property Trust — accounting for roughly 65% of the portfolio. Fisher Funds Property & Infrastructure Fund, by contrast, is globally oriented, with its top holdings spanning US utilities (NextEra Energy, CMS Energy), a Spanish airport operator (Aena), and international infrastructure and logistics names; no single holding exceeds 8.2%. Despite sharing an identical growth assets allocation of 98.31%, the two funds are therefore exposed to quite different market, currency, and sector dynamics.
On fees, the difference is meaningful: Fisher Funds charges 1.53% per annum against Harbour's 0.77%, a gap of 76 basis points. Risk indicators diverge too — Fisher Funds sits at 4 (out of 7) while Harbour is rated 5, suggesting Harbour's concentrated NZ-market positioning produces greater short-term volatility in the FMA's standardised measure. Five-year returns to the latest quarterly fund update show Fisher Funds at 4.56% per annum versus Harbour at 1.51% per annum, though past performance is not a reliable indicator of future returns and the time periods may not be precisely aligned across both QFUs. Fund sizes are comparable: Fisher Funds at approximately NZ$153.7 million, Harbour at approximately NZ$130.3 million.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on this comparison.
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 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
Harbour
LiveLast verified 2026-05-08
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?
