Fund-vs-fund · Australasian Equities
Harbour NZ Index Shares Fund vs Harbour Sustainable NZ Shares Fund
Both are Australasian Equities 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 their investment methodology: the Harbour NZ Index Shares Fund tracks a market index passively, while the Harbour Sustainable NZ Shares Fund applies a sustainability screen that filters holdings on environmental, social, and governance criteria before portfolio construction. This distinction drives most of the other differences observable in the data.
Both funds sit in the Australasian Equities category, carry a risk indicator of 5 out of 7, and allocate 98.31% to growth assets, reflecting near-identical risk architecture. The index fund charges 0.21% per annum; the sustainable fund charges 0.27% — a six-basis-point gap that, on a meaningful balance, compounds over time. The index fund is the larger vehicle at approximately NZD 679.5 million, against the sustainable fund's approximately NZD 380.2 million. The sustainable fund's five-year return is disclosed at 0.15% per annum versus 0.12% for the index fund, though a difference of this magnitude over the measurement period may not be statistically meaningful and past performance is not a reliable indicator of future returns.
Top holdings overlap significantly — Infratil, Contact Energy, Meridian Energy, and A2 Milk appear in both — but the sustainable fund excludes certain names (notably EBOS Group from its top five) and carries higher individual stock weights, reflecting its more concentrated, screened universe. Fisher & Paykel Healthcare appears in the sustainable fund's top five but not the index fund's.
Both funds share the same PDS. Always verify current fees, holdings, and return figures against each fund's 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
- Harbour NZ Index Shares Fund charges 0.06% lower in annual fund charges (0.21% vs 0.27%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Harbour Sustainable NZ Shares Fund applies responsible-investment / ESG screening. The other fund does not.
Where each fund sits in its cohort
Percentile rank vs all 58 australasian equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Harbour
0.21%
Lowest 4% of cohort
Harbour
0.27%
Lowest 15% of cohort
5-year return p.a.
Past performance — not a predictor
Harbour
0.12%
Bottom 7% over 5 years
Harbour
0.15%
Bottom 10% over 5 years
Fund size
Larger = more stable, lower close-risk
Harbour
NZ$679m
Largest 4% in cohort
Harbour
NZ$380m
Largest 8% in cohort
| Metric | Harbour | Harbour | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.21% | 0.27% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | 0.12% | 0.15% | Higher is better (past not future) |
| Fund size | NZ$679m | NZ$380m | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 98% / 2% | 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 | Yes | 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
9
of each fund's top 10
Harbour weight in shared
45.7%
of Harbour NZ Index Shares Fund top 10 is shared
Harbour weight in shared
51.7%
of Harbour Sustainable NZ Shares Fund top 10 is shared
| Holding | Harbour | Harbour |
|---|---|---|
 Infratil NZ | 5.51% | 6.21% |
 A2 Milk Company NZ | 5.19% | 5.91% |
 Meridian Energy NZ | 5.15% | 6.01% |
 Contact Energy NZ | 5.14% | 6.09% |
 EBOS Group NZ | 5.07% | 5.21% |
 Mercury NZ NZ | 4.99% | 5.69% |
 Fisher & Paykel Healthcare NZ | 4.98% | 5.81% |
 Mainfreight NZ | 4.86% | 5.22% |
 Auckland International Airport NZ | 4.83% | 5.57% |
"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 Index Shares Fund
The Harbour NZ Index Shares Fund is a passive Fund managed against companies in the S&P/ NZX 50 Portfolio Index.Full Harbour Harbour NZ Index Shares Fund profile →
Harbour
Harbour Sustainable NZ Shares Fund
This Fund is designed to track the S&P/NZX 50 Portfolio Index, with exclusions to companies including but not limited to, large carbon emitters, gambling, firearms, and companies with human and animal rights violations. For full details of the exclusions for this Fund please see the Environmental, Social and Governance Policy (ESG Policy) on our website at Responsible Investing - Harbour Asset Management. There are positive and negative tilts applied to the remaining companies based on Harbour's proprietary Corporate Behaviour Score.Full Harbour Harbour Sustainable NZ Shares 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 Index Shares Fund and the Harbour Sustainable NZ Shares Fund?
Which fund has lower fees, Harbour NZ Index Shares Fund or Harbour Sustainable NZ Shares Fund?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Does either fund apply responsible-investment screening?
Where can I read the official documents for these funds?
