Fund-vs-fund · Australasian Equities
Harbour NZ Index Shares Fund vs Milford Trans-Tasman Equity 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 funds is their fee and return profile. The Harbour NZ Index Shares Fund charges an annual fund charge of 0.21%, consistent with a passive index-tracking approach, while the Milford Trans-Tasman Equity Fund charges 1.05% — five times higher — reflecting an actively managed strategy. Over the five-year period captured in the latest quarterly fund updates, Milford's fund returned 2.93% per annum against Harbour's 0.12%, though investors should weigh that return difference against the fee gap and note that past performance is not a reliable indicator of future returns.
Both funds sit in the Australasian Equities category and carry identical growth asset allocations of 98.31%, indicating similarly high equity exposure. However, their risk indicators differ: Harbour is rated 5 on the standard 1–7 scale, while Milford is rated 4. This likely reflects Milford's broader Trans-Tasman mandate — including Australian large-caps such as BHP Group and Commonwealth Bank — compared with Harbour's concentrated New Zealand index focus, where the top five holdings (Infratil, A2 Milk, Meridian Energy, Contact Energy, EBOS Group) each sit near 5%. Milford's largest single holding is Fisher & Paykel Healthcare at 7.66%. Milford's fund is marginally larger at approximately $848 million versus Harbour's $679 million.
Neither fund is structured as a KiwiSaver scheme account product in this snapshot. Verify all figures against the source PDS 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
- Harbour NZ Index Shares Fund charges 0.84% lower in annual fund charges (0.21% vs 1.05%).
- 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 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
Milford
1.05%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Harbour
0.12%
Bottom 7% over 5 years
Milford
2.93%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Harbour
NZ$679m
Largest 4% in cohort
Milford
NZ$848m
Largest 3% in cohort
| Metric | Harbour | Milford | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.21% | 1.05% | Lower is better |
| Risk indicator (1–7) | 5 | 4 | Higher = more volatility |
| 5-year return p.a. | 0.12% | 2.93% | Higher is better (past not future) |
| Fund size | NZ$679m | NZ$848m | 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 | 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.
Matching holdings
5
of each fund's top 10
Harbour weight in shared
25.6%
of Harbour NZ Index Shares Fund top 10 is shared
Milford weight in shared
21.3%
of Milford Trans-Tasman Equity Fund top 10 is shared
| Holding | Harbour | Milford |
|---|---|---|
 Infratil NZ | 5.51% | 4.99% |
 Fisher & Paykel Healthcare NZ | 4.98% | 7.66% |
 Auckland International Airport NZ | 4.83% | 3.74% |
 Contact Energy NZ | 5.14% | 2.94% |
 Meridian Energy NZ | 5.15% | 1.99% |
"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 →
Milford
Milford Trans-Tasman Equity Fund
The Fund’s objective is to provide capital growth after the base fund fee but before tax and before the performance fee, by out-performing a mix of two relevant share market indices over the minimum recommended investment timeframe of eight years. It primarily invests in Australasian equities with the ability to invest in international equities opportunistically.Full Milford Milford Trans-Tasman Equity Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Harbour
LiveLast verified 2026-05-08
Milford
Common questions
What's the difference between the Harbour NZ Index Shares Fund and the Milford Trans-Tasman Equity Fund?
Which fund has lower fees, Harbour NZ Index Shares Fund or Milford Trans-Tasman Equity 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?
