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 the annual fund charge. Harbour NZ Core Fixed Interest Fund discloses a fee of 0.66% per annum, while Russell Investments NZ Fixed Interest Fund charges 0.49% — a gap of 0.17 percentage points that compounds meaningfully over time in a low-return asset class like NZ fixed interest.
Both funds sit at risk indicator 3 on the standard 1–7 scale and hold an identical 0.07% in growth assets, making their risk profiles structurally equivalent. Portfolio construction is also similar: each fund concentrates its largest positions in NZ Government Bonds across comparable maturity ranges, so the underlying interest-rate sensitivity is broadly alike. Harbour's fund is larger at approximately NZD 289 million versus Russell's NZD 158 million.
On five-year returns, Harbour returns 1.13% per annum against Russell's 0.85% — a 0.28 percentage point difference in Harbour's favour over that period. Whether this gap reflects manager skill, portfolio positioning, or the timing of the snapshot is not determinable from the QFU data alone. It is also worth noting that Russell Investments' PDS link in the data references a Sustainable Global Shares document, which appears inconsistent with a NZ Fixed Interest fund; investors should confirm they are reviewing the correct disclosure document for this fund.
Neither fund is a KiwiSaver scheme account product based on the data presented here. Always verify fees, returns, and holdings against each fund's current product disclosure statement and latest quarterly fund update on FMA Disclose before relying on any of this information.
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
- 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
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?
