Fund-vs-fund · Diversified
Harbour Income Fund vs QuayStreet Income 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 their growth asset allocation. Harbour Income Fund holds 52.35% in growth assets, giving it a meaningfully mixed profile despite its "Income" label, while QuayStreet Income Fund sits at just 0.13% growth assets — effectively a pure fixed-income portfolio. Both carry a risk indicator of 3, yet that shared rating obscures this underlying divergence in asset mix.
On fees, Harbour charges 0.66% per annum versus QuayStreet's 0.77%, an 11 basis-point difference that compounds over time on comparable fund sizes — Harbour at approximately NZD 310 million, QuayStreet at approximately NZD 329 million. Harbour's disclosed five-year return is 3.76% annually; QuayStreet's is 2.90% over the same period, though return differences should be considered alongside the structural differences in asset allocation noted above.
The top holdings reflect each fund's composition. Harbour's largest positions include an NZ inflation-linked government bond, NZ Government Stock, a private debt fund, Contact Energy, and Infratil — indicating equity and alternative exposure sits alongside fixed income. QuayStreet's top holdings are entirely fixed-income instruments: NZ inflation-linked government bonds, bank subordinated notes, Kiwibank paper, and Chorus bonds. QuayStreet's portfolio appears concentrated in NZ credit and government bonds with negligible growth exposure.
Both funds sit in the Diversified category under FMA Disclose classification, though their actual compositions differ considerably. Readers should verify all figures against the current Product Disclosure Statement and latest Quarterly Fund Update available on FMA Disclose 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
- Harbour Income Fund charges 0.11% lower in annual fund charges (0.66% vs 0.77%).
- 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
Harbour
0.66%
Lowest 22% of cohort
QuayStreet
0.77%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Harbour
3.18%
Lower half over 5 years
QuayStreet
2.90%
Lower half over 5 years
Fund size
Larger = more stable, lower close-risk
Harbour
NZ$294m
Upper half by size
QuayStreet
NZ$329m
Largest 25% in cohort
| Metric | Harbour | QuayStreet | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.66% | 0.77% | Lower is better |
| Risk indicator (1–7) | 3 | 3 | Higher = more volatility |
| 5-year return p.a. | 3.18% | 2.90% | Higher is better (past not future) |
| Fund size | NZ$294m | NZ$329m | Larger = more stable, lower close-risk |
| Growth / income split | 53% / 47% | 0% / 100% | 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
3.6%
of Harbour Income Fund top 10 is shared
QuayStreet weight in shared
2.3%
of QuayStreet Income Fund top 10 is shared
| Holding | Harbour | QuayStreet |
|---|---|---|
| $ ANZ NZD Cash NZ | 3.60% | 2.27% |
"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 Income Fund
The Fund is designed to provide a favourable level of income for investors seeking income with scope for capital appreciation and/or with a low tolerance for large declines in investment values. The Fund invests predominantly in New Zealand investment grade fixed interest securities and Australasian equities which pay a sustainable dividend yield. Other tools, such as active management and scope to invest in sub investment grade securities may also be used to enhance returns.Full Harbour Harbour Income Fund profile →
QuayStreet
QuayStreet Income Fund
The QuayStreet Income Fund will invest in a diversified portfolio with an emphasis on income producing assets such as New Zealand and International fixed interest investments and derivatives. The fund may include an allocation to growth assets. The investment objective is to provide a level of return above the fund’s benchmark over the long term. The fund aims to make quarterly distributions.Full QuayStreet QuayStreet Income 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
QuayStreet
Common questions
What's the difference between the Harbour Income Fund and the QuayStreet Income Fund?
Which fund has lower fees, Harbour Income Fund or QuayStreet Income 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?
