Harbour NZ Core Fixed Interest Fund vs Harbour NZ Corporate Bond Fund

The most material structural difference between these two Harbour funds is portfolio composition despite sharing the same category label. The Harbour NZ Corporate Bond Fund holds a mix of government stock and bank or corporate issuers — Kiwibank and NZ Local Government Funding Agency paper appear in its top five — whereas the Harbour NZ Core Fixed Interest Fund's top five holdings are exclusively NZ Government Stock, including an inflation-linked bond (NZGS Index Linked Bond 3.00% 20/09/2030), suggesting a tighter government-securities mandate with explicit inflation-linkage exposure.

The fee difference is meaningful: the Corporate Bond Fund charges 0.47% per annum against 0.66% for the Core Fixed Interest Fund, a 19-basis-point gap on otherwise similar risk profiles. Both carry a risk indicator of 3 and an identical 0.13% growth-assets allocation, so the divergence in five-year returns — 1.38% annualised for the Corporate Bond Fund versus 0.82% for the Core Fixed Interest Fund — cannot be explained by asset-class exposure alone; the fee gap and differences in duration and credit positioning are likely contributing factors, though the QFU data does not itemise duration or credit-quality breakdowns explicitly.

Fund size also differs: the Corporate Bond Fund stands at approximately NZ$608 million, roughly double the Core Fixed Interest Fund at NZ$300 million. Both funds share the same PDS on FMA Disclose, consistent with their common Harbour Investment Funds umbrella structure.

Always verify current fees, returns, and holdings against each fund's latest Quarterly Fund Update and Product Disclosure Statement on FMA Disclose before relying on any of this information.