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 difference between these two funds is their five-year return history. The Salt NZ Dividend Appreciation Fund returned 4.01% per annum over five years, while the Harbour Australasian Equity Fund returned 0.06% over the same period — a gap of nearly four percentage points annually. Both figures are after fees and before tax, as reported in each fund's latest Quarterly Fund Update on FMA Disclose, but past returns do not predict future performance.
On fees, the difference is minimal: Harbour charges 1.12% annually versus Salt's 1.10%, a spread of two basis points. Both funds carry a risk indicator of 5 out of 7, sit at 98.31% growth assets, and are of comparable size — Harbour at approximately NZD 117.4 million and Salt at approximately NZD 119.1 million. Portfolio construction is broadly similar, with Fisher & Paykel Healthcare the largest holding in each (15.7% and 15.24% respectively) and Infratil and Auckland International Airport both appearing in both top-five lists, though at different weights. Salt's top five also includes Contact Energy and EBOS Group, whereas Harbour's features Mainfreight and A2 Milk, reflecting modestly different stock selection within the same Australasian equities universe.
No PDS URL is currently available in our snapshot for the Salt NZ Dividend Appreciation Fund; readers should locate Salt's current Product Disclosure Statement directly on FMA Disclose.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose at disclose-register.companiesoffice.govt.nz before relying on any information here.
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
- 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
- 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
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?
