Fund-vs-fund · NZ Fixed Interest
Harbour NZ Core Fixed Interest Fund vs Russell Investments NZ Fixed Interest 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 funds is fees. The Russell Investments NZ Fixed Interest Fund discloses an annual fund charge of 0.49%, compared with 0.66% for the Harbour NZ Core Fixed Interest Fund — a 17-basis-point gap that compounds over time within the same asset category. Both funds carry a risk indicator of 3 out of 7 and hold an identical 0.13% in growth assets, meaning their stated risk profiles and asset-class positioning are functionally equivalent at this level of disclosure.
On five-year returns, Harbour reports 0.82% per annum against Russell's 0.54%, a 28-basis-point difference in Harbour's favour over that period. Investors will note the return gap currently exceeds the fee gap, though past returns are not a reliable guide to future performance and the relationship between the two figures may shift over different periods.
Fund size differs meaningfully: Harbour stands at approximately NZD 300 million versus Russell's NZD 161 million. Both funds concentrate their top holdings in New Zealand Government Bonds, with Harbour's largest single position — NZ Government Stock 15/05/2031 1.50% — at 11.32%, notably higher than Russell's largest holding at 7.32%, suggesting somewhat greater concentration at the top of Harbour's portfolio. Both funds include NZ Government inflation-linked or shorter-dated government paper among their top five positions.
Note that Fund B's PDS URL references a "Sustainable Global Shares Funds" document, which may not correspond directly to this fixed interest fund — readers should confirm the correct disclosure document.
Always verify all figures against the source PDS and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
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
- Russell Investments NZ Fixed Interest Fund charges 0.17% lower in annual fund charges (0.49% vs 0.66%).
- 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 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
Russell Investments
0.49%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Harbour
1.13%
Upper half over 5 years
Russell Investments
0.85%
Lower half over 5 years
Fund size
Larger = more stable, lower close-risk
Harbour
NZ$289m
Upper half by size
Russell Investments
NZ$158m
Upper half by size
| Metric | Harbour | Russell Investments | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.66% | 0.49% | Lower is better |
| Risk indicator (1–7) | 3 | 3 | Higher = more volatility |
| 5-year return p.a. | 1.13% | 0.85% | Higher is better (past not future) |
| Fund size | NZ$289m | NZ$158m | 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.
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 →
Russell Investments
Russell Investments NZ Fixed Interest Fund
The underlying investment exposure is typically comprised of government fixed income securities, bank bills and cash equivalents, and securities issued by local authorities, semi-government organisations, and corporations, as well as to mortgage backed and asset backed securities. The underlying investment portfolio may from time to time be exposed to low grade or unrated debt securities to a limited extent, and derivatives. The fund also has the ability to invest in the Australian fixed income market either through Australian dollar denominated debt securities orFull Russell Investments Russell Investments NZ Fixed Interest 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
Russell Investments
Common questions
What's the difference between the Harbour NZ Core Fixed Interest Fund and the Russell Investments NZ Fixed Interest Fund?
Which fund has lower fees, Harbour NZ Core Fixed Interest Fund or Russell Investments NZ Fixed Interest 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?
