Fund-vs-fund · Diversified
Foundation Series Growth Fund vs Harbour Balanced Growth 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 cost and how portfolios are built to deliver exposure. Foundation Series Growth Fund charges an annual fund charge of 0.38%, while Harbour Balanced Growth Fund charges 1.04% — a gap of 0.66 percentage points annually on broadly equivalent allocations. Both funds sit at risk indicator 4 and carry identical disclosed growth asset weightings of 78.48%, so the divergence in fee is not explained by a difference in stated risk profile or headline asset mix.
Portfolio construction differs markedly. Foundation Series Growth Fund achieves its exposure through a small number of pooled ESG-screened index ETFs — Vanguard ESG US Stock ETF (38.94%), Harbour Sustainable NZ Shares Fund (22.57%), and Vanguard ESG International Stock ETF (19.26%) dominate the portfolio, signalling a passive, sustainability-tilted, fund-of-funds approach. Harbour Balanced Growth Fund's disclosed top five holdings are each below 5.1% and include private market vehicles (TPG Private Equity Opportunities Fund, Icehouse IVX, GD1 Fund 3) alongside listed equities such as Fisher & Paykel Healthcare, suggesting a more actively managed, diversified-by-security approach with some illiquid alternatives exposure.
On five-year returns, Foundation Series Growth Fund discloses 6.31% per annum against Harbour Balanced Growth Fund's 1.24%; however, inception dates and return calculation periods are not confirmed in this snapshot and should be checked before drawing conclusions. Fund sizes are comparable at NZD 62.4 million and NZD 57.5 million respectively.
Always verify fees, returns, and holdings against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on any figure here.
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
- Foundation Series Growth Fund charges 0.66% lower in annual fund charges (0.38% vs 1.04%).
- 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
Foundation Series
0.38%
Lowest 17% of cohort
Harbour
1.04%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Foundation Series
6.31%
Top 15% over 5 years
Harbour
1.24%
Bottom 11% over 5 years
Fund size
Larger = more stable, lower close-risk
Foundation Series
NZ$62m
Upper half by size
Harbour
NZ$58m
Upper half by size
| Metric | Foundation Series | Harbour | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.38% | 1.04% | Lower is better |
| Risk indicator (1–7) | 4 | 4 | Higher = more volatility |
| 5-year return p.a. | 6.31% | 1.24% | Higher is better (past not future) |
| Fund size | NZ$62m | NZ$58m | Larger = more stable, lower close-risk |
| Growth / income split | 78% / 22% | 78% / 22% | 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
Foundation Series weight in shared
2.2%
of Foundation Series Growth Fund top 10 is shared
Harbour weight in shared
10.1%
of Harbour Balanced Growth Fund top 10 is shared
| Holding | Foundation Series | Harbour |
|---|---|---|
 Mercer Macquarie NZ Cash Fund NZ | 1.62% | 5.07% |
| $ Cash at Bank (BNZ) NZ | 0.60% | 5.07% |
"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
Foundation Series
Foundation Series Growth Fund
Aims for high long-run returns by investing in a diversified portfolio weighted towards growth assets but with some income asset exposure. The Fund incorporates certain responsible investment considerations and is exposed to investment strategies that seek to limit exposure to companies involved in specific business practices.Full Foundation Series Foundation Series Growth Fund profile →
Harbour
Harbour Balanced Growth Fund
The Fund is designed to provide investors with exposure to a wide range of domestic and global assets. The Fund invests approximately 70% in growth assets such as shares, property and infrastructure and Approximately 30% into more defensive assets, predominantly investment grade bonds. The Manager will Use active management to enhance returns and manage downside risks.Full Harbour Harbour Balanced Growth Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Foundation Series
LiveLast verified 2026-05-08
Harbour
LiveLast verified 2026-05-08
Common questions
What's the difference between the Foundation Series Growth Fund and the Harbour Balanced Growth Fund?
Which fund has lower fees, Foundation Series Growth Fund or Harbour Balanced Growth 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?
