Fund-vs-fund · NZ Fixed Interest
Harbour NZ Core Fixed Interest Fund vs Harbour NZ Corporate Bond Fund
Both are NZ Fixed Interest 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 Harbour funds is portfolio composition: the Harbour NZ Corporate Bond Fund allocates meaningfully to corporate and quasi-government issuers — with Kiwibank and NZ Local Government Funding Agency bonds appearing in its top five holdings — while the Harbour NZ Core Fixed Interest Fund's top five holdings are entirely NZ Government Stock, with the largest single position at 11.19% versus 5.83% for the Corporate Bond Fund's heaviest government holding. This suggests the Core Fixed Interest Fund carries a higher concentration of sovereign credit and, notably, longer-dated maturities in its visible top holdings (bonds maturing out to 2037 versus a 2032 horizon in the Corporate Bond Fund's top five), implying greater sensitivity to interest rate movements.
On fees, the Corporate Bond Fund charges 0.47% per annum against the Core Fixed Interest Fund's 0.66% — a 19 basis-point gap. Both funds share a risk indicator of 3 out of 7 and an identical 0.07% growth-asset allocation. The Corporate Bond Fund is roughly twice the size at approximately NZD 619 million versus NZD 289 million. Over the five-year period disclosed in each fund's Quarterly Fund Update, the Corporate Bond Fund returned 1.57% per annum compared with 1.13% for the Core Fixed Interest Fund, though past returns are not a reliable indicator of future performance. Both funds share the same PDS.
Always verify these details against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on any figure here.
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 NZ Corporate Bond Fund charges 0.19% lower in annual fund charges (0.47% vs 0.66%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Harbour NZ Corporate Bond Fund is roughly 2.1× the size of the other fund.
Where each fund sits in its cohort
Percentile rank vs all 14 nz fixed interest 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%
Upper half of cohort
Harbour
0.47%
Lowest 25% of cohort
5-year return p.a.
Past performance — not a predictor
Harbour
1.13%
Upper half over 5 years
Harbour
1.57%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Harbour
NZ$289m
Upper half by size
Harbour
NZ$619m
Largest 18% in cohort
| Metric | Harbour | Harbour | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.66% | 0.47% | Lower is better |
| Risk indicator (1–7) | 3 | 3 | Higher = more volatility |
| 5-year return p.a. | 1.13% | 1.57% | Higher is better (past not future) |
| Fund size | NZ$289m | NZ$619m | Larger = more stable, lower close-risk |
| Growth / income split | 0% / 100% | 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
2
of each fund's top 10
Harbour weight in shared
15.3%
of Harbour NZ Core Fixed Interest Fund top 10 is shared
Harbour weight in shared
9.7%
of Harbour NZ Corporate Bond Fund top 10 is shared
| Holding | Harbour | Harbour |
|---|---|---|
| NZ NZ Government Stock 15/05/2031 1.50 NZ | 11.19% | 5.83% |
| NZ NZ Government Stock 15/05/2032 2.00 NZ | 4.10% | 3.84% |
"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 NZ Core Fixed Interest Fund
The Fund is an actively managed investment grade bond fund that invests mainly in New Zealand government bond and corporate bond fixed income securities.Full Harbour Harbour NZ Core Fixed Interest Fund profile →
Harbour
Harbour NZ Corporate Bond Fund
The Fund is designed 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 NZ Corporate Bond Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Harbour
LiveLast verified 2026-05-08
Harbour
LiveLast verified 2026-05-08
Common questions
What's the difference between the Harbour NZ Core Fixed Interest Fund and the Harbour NZ Corporate Bond Fund?
Which fund has lower fees, Harbour NZ Core Fixed Interest Fund or Harbour NZ Corporate Bond 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?
