Fund-vs-fund · Australasian Equities
Harbour Australasian Equity Income Fund vs SBS Wealth Australasian Equity Portfolio
Both are Australasian Equities 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 lies in their construction approach. The Harbour Australasian Equity Income Fund holds individual securities directly as its largest positions, with Contact Energy (9.84%), Infratil (9.64%), and Mainfreight (6.58%) among its top five. The SBS Wealth Australasian Equity Portfolio, by contrast, routes its single largest allocation — 18.15% — through a pooled vehicle, the Dimensional Australian Sustainability PIE Fund, before holding individual stocks beneath it. This means SBS Wealth investors carry an embedded layer of fund-of-fund exposure and an associated sustainability screen on the Australian portion of the portfolio, while Harbour investors hold a fully transparent single-layer structure throughout.
Both funds sit at risk indicator 4 on the standard seven-point scale and carry an identical growth asset allocation of 98.31%. Their sizes are comparable: Harbour at approximately NZD 34.9 million and SBS Wealth at approximately NZD 30.3 million. Annual fund charges differ modestly — Harbour discloses 1.10% and SBS Wealth 1.20% — though investors should confirm whether any underlying fund charges within the Dimensional allocation are captured in SBS Wealth's stated fee or sit beneath it. On five-year returns, Harbour records 2.81% per annum versus SBS Wealth's 1.12%, though past performance does not indicate future performance and the two funds' differing security selection and Australian exposure may account for part of this gap.
Verify all figures against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
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 Australasian Equity Income Fund charges 0.10% lower in annual fund charges (1.10% vs 1.20%).
- 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 58 australasian equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Harbour
1.10%
Upper half of cohort
SBS Wealth
1.20%
Highest 22% of cohort
5-year return p.a.
Past performance — not a predictor
Harbour
2.81%
Upper half over 5 years
SBS Wealth
1.12%
Lower half over 5 years
Fund size
Larger = more stable, lower close-risk
Harbour
NZ$35m
Lower half by size
SBS Wealth
NZ$30m
Lower half by size
| Metric | Harbour | SBS Wealth | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.10% | 1.20% | Lower is better |
| Risk indicator (1–7) | 4 | 4 | Higher = more volatility |
| 5-year return p.a. | 2.81% | 1.12% | Higher is better (past not future) |
| Fund size | NZ$35m | NZ$30m | 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
4
of each fund's top 10
Harbour weight in shared
28.0%
of Harbour Australasian Equity Income Fund top 10 is shared
SBS Wealth weight in shared
20.7%
of SBS Wealth Australasian Equity Portfolio top 10 is shared
| Holding | Harbour | SBS Wealth |
|---|---|---|
 Contact Energy NZ | 9.84% | 6.55% |
 Infratil NZ | 9.64% | 6.17% |
 EBOS Group NZ | 4.48% | 4.25% |
 Spark New Zealand NZ | 4.01% | 3.77% |
"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
Harbour
Harbour Australasian Equity Income Fund
The Fund is an actively managed strategy that invests predominantly in New Zealand and Australian listed equities that generate attractive dividend yields as well as cash and fixed interest securities.Full Harbour Harbour Australasian Equity Income Fund profile →
SBS Wealth
SBS Wealth Australasian Equity Portfolio
The Fund aims to achieve capital growth and returns over the long-term through investing primarily in a portfolio of Australasian equities, either directly or indirectly via an underlying fund diversified across various sectors.Full SBS Wealth SBS Wealth Australasian Equity Portfolio profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Harbour
LiveLast verified 2026-05-08
SBS Wealth
Common questions
What's the difference between the Harbour Australasian Equity Income Fund and the SBS Wealth Australasian Equity Portfolio?
Which fund has lower fees, Harbour Australasian Equity Income Fund or SBS Wealth Australasian Equity Portfolio?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
