Fund-vs-fund · Australasian Equities
Harbour Australasian Equity Fund vs Smart NZ Dividend ETF
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 investment approach and resulting portfolio composition. The Harbour Australasian Equity Fund is an actively managed portfolio, with its top five holdings — Fisher & Paykel Healthcare (16.23%), Infratil (10.47%), A2 Milk (8.25%), Mainfreight (7.96%), and Contact Energy (7.44%) — reflecting deliberate stock selection across a broader Australasian universe including Australian-listed names. The Smart NZ Dividend ETF is a passive, rules-based exchange-traded fund that screens specifically for New Zealand dividend-paying equities, concentrating its top holdings in regulated infrastructure and utilities: Chorus (10.72%), Contact Energy (10.71%), Meridian Energy (10.59%), Mercury NZ (9.85%), and Spark New Zealand (9.70%). This gives the Smartshares fund a markedly different sectoral skew toward yield-oriented, defensive businesses compared with Harbour's more growth-diverse selection.
Fee structures diverge materially: Harbour charges an annual fund charge of 1.12%, while the Smartshares ETF charges 0.54% — a 58-basis-point gap that compounds over time. Both funds carry a risk indicator of 5 out of 7 and hold growth assets at 98.31%, and both are similarly sized at approximately $101m and $97m respectively. On reported five-year returns, the Smartshares fund shows 3.14% per annum against Harbour's 0.83%, though past performance does not indicate future performance and the periods and methodologies underlying each figure should be confirmed independently.
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
- Smart NZ Dividend ETF charges 0.58% lower in annual fund charges (0.54% vs 1.12%).
- 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
Smartshares
0.54%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Harbour
0.83%
Lower half over 5 years
Smartshares
3.14%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Harbour
NZ$101m
Upper half by size
Smartshares
NZ$97m
Upper half by size
| Metric | Harbour | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.12% | 0.54% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | 0.83% | 3.14% | Higher is better (past not future) |
| Fund size | NZ$101m | NZ$97m | 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
1
of each fund's top 10
Harbour weight in shared
7.4%
of Harbour Australasian Equity Fund top 10 is shared
Smartshares weight in shared
10.7%
of Smart NZ Dividend ETF top 10 is shared
| Holding | Harbour | Smartshares |
|---|---|---|
 Contact Energy NZ | 7.44% | 10.71% |
"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 →
Smartshares
Smart NZ Dividend ETF
The Smart NZ Dividend ETF is designed to track the return (before tax, fees and other expenses) of the S&P/NZX 50 High Dividend Index. The Index is comprised of 25 high yielding companies listed on the NZX and included in the S&P/NZX 50 Index.Full Smartshares Smart NZ Dividend ETF profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Harbour
LiveLast verified 2026-05-08
Smartshares
Common questions
What's the difference between the Harbour Australasian Equity Fund and the Smart NZ Dividend ETF?
Which fund has lower fees, Harbour Australasian Equity Fund or Smart NZ Dividend ETF?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
