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 cost. The Harbour NZ Index Shares Fund charges an annual fund charge of 0.21%, while the Milford Trans-Tasman Equity Fund charges 1.05% — a five-fold difference that compounds meaningfully over time. This gap reflects their contrasting investment approaches: Harbour tracks a New Zealand index passively, whereas Milford employs active stock selection across both New Zealand and Australian markets, as indicated by its "Trans-Tasman" mandate and diversified top holdings including BHP Group and Commonwealth Bank of Australia. Harbour's portfolio, by contrast, is concentrated in New Zealand-listed names, with A2 Milk, Auckland International Airport, and Mainfreight each near 5% weights.
Despite identical growth asset allocations of 98.31%, the two funds carry different risk indicators: Harbour sits at 5 and Milford at 4 on the standard 1–7 scale, suggesting Milford's broader geographic spread may reduce short-term volatility in the fund's assessed risk profile. On the five-year return figure, Milford records 2.93% per annum versus Harbour's 0.81%, though these figures are drawn from each fund's latest Quarterly Fund Update and represent past performance only. Both are similarly sized, with Milford at approximately NZD 848 million and Harbour at NZD 720 million.
Neither fund is structured as a KiwiSaver scheme account product based on the data presented here. Always verify fund charges, risk indicators, and return 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
- 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
- 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
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?
