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 asset allocation. The Harbour Income Fund holds 53.15% in growth assets, meaning nearly half the portfolio sits in equities or similar instruments — Contact Energy appears among its five largest positions at 3.22%, alongside NZ government bonds and cash. The QuayStreet Income Fund, by contrast, carries just 0.07% in growth assets, making it overwhelmingly a fixed-income portfolio. Its top holdings are entirely bonds: NZ government inflation-linked securities, bank subordinated notes, Kiwibank paper, and Chorus debt. Despite sharing the same Diversified category label and an identical risk indicator of 3, these two funds are constructed very differently, and investors focusing solely on category or risk band would miss that distinction.
On fees, Harbour charges 0.66% per annum versus QuayStreet's 0.77%, an 11-basis-point difference. QuayStreet is the larger fund at approximately NZD 329.2 million compared with Harbour's NZD 293.6 million. For the five-year period disclosed in each fund's latest Quarterly Fund Update, Harbour returned 3.18% per annum after fees against QuayStreet's 2.90% — though past returns do not predict future performance, and the periods covered by each QFU should be confirmed to ensure they are directly comparable.
Both carry a risk indicator of 3 on the standard 1–7 scale. Neither fund is a KiwiSaver scheme account product based on the data provided.
Always verify these figures against the current PDS and latest Quarterly Fund Update on FMA Disclose before relying on them for any investment decision.
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 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
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?
