Fund-vs-fund · NZ Fixed Interest
Harbour NZ Core Fixed Interest Fund vs Simplicity NZ 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 funds is cost. Simplicity NZ Bond Fund discloses an annual fund charge of 0.10%, while Harbour NZ Core Fixed Interest Fund charges 0.66% — a six-and-a-half-fold difference that compounds significantly over time within the same NZ Fixed Interest category.
Despite the fee gap, Harbour has delivered a higher five-year return of 1.13% per annum against Simplicity's 0.53%, though neither figure accounts for fees paid, and past returns are not a reliable indicator of future performance. Both funds report identical growth asset exposure at 0.07%, confirming both are overwhelmingly income-oriented. Notably, Simplicity carries a risk indicator of 4 versus Harbour's 3 on the standard 1–7 scale, suggesting modestly higher assessed volatility for Simplicity despite the broadly similar mandate — a difference that may reflect duration positioning or portfolio construction choices.
On portfolio composition, Harbour's top five holdings are concentrated entirely in NZ Government Stock across five maturities, with a single position reaching 11.19%. Simplicity's top five are more mixed, blending NZ government bonds with a Westpac floating-rate note and an IBRD supranational bond. Simplicity's fund is also roughly 2.3 times larger at approximately $674 million versus Harbour's $289 million.
Both funds are not KiwiSaver scheme accounts. Verify all figures, including any updated quarterly fund updates, against the source product disclosure statement and latest QFU 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
- Simplicity NZ Bond Fund charges 0.56% lower in annual fund charges (0.10% vs 0.66%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Simplicity NZ Bond Fund is roughly 2.3× 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
Simplicity
0.10%
Lowest 4% of cohort
5-year return p.a.
Past performance — not a predictor
Harbour
1.13%
Upper half over 5 years
Simplicity
0.53%
Bottom 4% over 5 years
Fund size
Larger = more stable, lower close-risk
Harbour
NZ$289m
Upper half by size
Simplicity
NZ$674m
Largest 11% in cohort
| Metric | Harbour | Simplicity | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.66% | 0.10% | Lower is better |
| Risk indicator (1–7) | 3 | 4 | Higher = more volatility |
| 5-year return p.a. | 1.13% | 0.53% | Higher is better (past not future) |
| Fund size | NZ$289m | NZ$674m | 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 →
Simplicity
Simplicity NZ Bond Fund
The NZ Bond Fund invests in New Zealand government bonds and investment grade, liquid bonds issued in New Zealand dollars, designed to be the New Zealand bond component of a diversified investment portfolio.Full Simplicity Simplicity NZ Bond Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Harbour
LiveLast verified 2026-05-08
Simplicity
Common questions
What's the difference between the Harbour NZ Core Fixed Interest Fund and the Simplicity NZ Bond Fund?
Which fund has lower fees, Harbour NZ Core Fixed Interest Fund or Simplicity NZ 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?
