Fund-vs-fund · Australasian Equities
Harbour Australasian Equity Fund vs Salt NZ Dividend Appreciation Fund
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 is their risk indicator rating: the Harbour Australasian Equity Fund carries a risk indicator of 5, while the Salt NZ Dividend Appreciation Fund sits at 4 — both on the standard 1–7 scale used by FMA Disclose. This one-point difference signals that Harbour's fund has historically exhibited greater return volatility, which is a meaningful consideration given both funds allocate an identical 98.31% to growth assets. The divergence likely reflects differences in portfolio construction and stock selection rather than asset allocation alone.
On fees, the two funds are nearly level: Harbour charges 1.12% per annum against Salt's 1.10%, a 2-basis-point gap that is unlikely to be a deciding factor. Fund size is comparable, with Salt at approximately NZD 112.5 million and Harbour at NZD 101.2 million.
The five-year return figures show a wider gap — Salt at 3.81% per annum versus Harbour at 0.83% — though past returns are not indicative of future performance and the differing risk profiles mean these numbers are not directly comparable on a like-for-like basis.
Both funds share Fisher & Paykel Healthcare as their largest holding (around 16%), and both hold Infratil, Contact Energy, and A2 Milk, though at differing weights. Harbours's portfolio shows a heavier tilt toward Mainfreight, which does not appear in Salt's disclosed top five. No PDS URL was available in our snapshot for the Salt fund.
Verify all figures against the source PDS 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
- Annual fund charges are within 0.05% of each other (1.12% vs 1.10%).
- 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
1.12%
Upper half of cohort
Salt
1.10%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Harbour
0.83%
Lower half over 5 years
Salt
3.81%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Harbour
NZ$101m
Upper half by size
Salt
NZ$112m
Upper half by size
| Metric | Harbour | Salt | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.12% | 1.10% | Lower is better |
| Risk indicator (1–7) | 5 | 4 | Higher = more volatility |
| 5-year return p.a. | 0.83% | 3.81% | Higher is better (past not future) |
| Fund size | NZ$101m | NZ$112m | 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
6
of each fund's top 10
Harbour weight in shared
52.4%
of Harbour Australasian Equity Fund top 10 is shared
Salt weight in shared
48.4%
of Salt NZ Dividend Appreciation Fund top 10 is shared
| Holding | Harbour | Salt |
|---|---|---|
 Fisher & Paykel Healthcare NZ | 16.23% | 16.10% |
 Infratil NZ | 10.47% | 8.06% |
 Auckland International Airport NZ | 6.43% | 9.12% |
 Contact Energy NZ | 7.44% | 6.10% |
 A2 Milk Company NZ | 8.25% | 4.87% |
 EBOS Group NZ | 3.54% | 4.19% |
"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 Fund
The Fund is an actively managed strategy that invests predominantly in New Zealand and Australian listed equities. The Fund has a growth-oriented investment approach to generate alpha (return over the benchmark) for investors. The Fund incorporates an ESG strategy involving integration of Harbour s proprietary Corporate Behaviour Survey and external provider scores into investment decision making, company engagement, voting and zero tolerance exclusions. Further information on exclusions and processes is outlined in our ESG Policy.Full Harbour Harbour Australasian Equity Fund profile →
Salt
Salt NZ Dividend Appreciation Fund
The Fund targets a portfolio of shares of New Zealand companies that may, in our opinion, pay high and sustainable dividends. The investment objective is to outperform the S&P/NZX 50 Gross Index on a rolling three year basis.Full Salt Salt NZ Dividend Appreciation Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Harbour
LiveLast verified 2026-05-08
Salt
Common questions
What's the difference between the Harbour Australasian Equity Fund and the Salt NZ Dividend Appreciation Fund?
Which fund has lower fees, Harbour Australasian Equity Fund or Salt NZ Dividend Appreciation 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?
