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. Foundation Series Growth Fund discloses an annual fund charge of 0.38%, while Harbour Balanced Growth Fund discloses 1.04% — a gap of 66 basis points that compounds across an investor's holding period. Both funds sit at risk indicator 4 on the standard seven-point scale and carry an identical growth-assets allocation of 78.34%, meaning the fee difference is not explained by a meaningfully different asset-class mix.
Portfolio construction diverges significantly. Foundation Series achieves its equity exposure through four underlying funds — predominantly Vanguard ESG US Stock ETF (38.94%), Harbour Sustainable NZ Shares Fund (22.57%), and Vanguard ESG INTL Stock ETF (19.26%) — giving the fund an explicit ESG-screened tilt. Harbour Balanced Growth, by contrast, holds a broadly diversified roster of individual securities and private market positions; its five largest disclosed holdings each represent under 3% of the fund, with Fisher & Paykel Healthcare (2.90%) and TPG Private Equity Opportunities Fund (2.89%) the largest. This suggests a more directly managed, multi-asset approach with private equity exposure not visible in the Foundation Series portfolio.
On reported five-year returns, Foundation Series shows 6.31% per annum versus Harbour Balanced Growth at 1.78%. Return periods and calculation methodologies should be confirmed against each fund's source document, as differences in inception dates or return-calculation windows can affect comparability.
Fund sizes are comparable: approximately NZD 62.4 million (Foundation Series) and NZD 59.9 million (Harbour).
Verify all figures against the current PDS and latest Quarterly Fund Update for each fund 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
- 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
- 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 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?
