Fund-vs-fund · Listed Property
Harbour Real Estate Investment Fund vs Resolution Capital Global Property Securities PIE Fund
Both are Listed Property 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 geographic exposure. The Harbour Real Estate Investment Fund invests exclusively in New Zealand-listed property securities — its top five holdings are all NZX-listed REITs and property groups, with Precinct Properties Group (16.35%), Kiwi Property Group (14.12%), and Goodman Property Trust (13.91%) dominating the portfolio. The Resolution Capital Global Property Securities PIE Fund, by contrast, holds international listed property, led by US-based Welltower Inc (9.41%), Equinix Inc (8.41%), and Simon Property Group (4.85%), introducing currency risk and exposure to global real estate cycles that the Harbour fund does not carry.
Both funds allocate virtually identical proportions to growth assets (98.31% each), but they diverge on risk indicator: Harbour sits at 5 on the standard 1–7 scale, while Resolution Capital is rated 6, reflecting the additional volatility typically associated with global currency and market exposure. Resolution Capital also charges a higher annual fund charge of 1.05% versus Harbour's 0.77%. On fund size, Resolution Capital is marginally larger at approximately NZD 177.5 million compared to Harbour's NZD 149.0 million.
On five-year returns, Harbour discloses 0.04% per annum; Resolution Capital's five-year return figure is not available in this snapshot, so no direct performance comparison can be made for that period.
Always verify all figures — including fees, returns, and risk indicators — against each fund's current Product Disclosure Statement 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 Real Estate Investment Fund charges 0.28% lower in annual fund charges (0.77% 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 15 listed property funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Harbour
0.77%
Lowest 23% of cohort
Resolution Capital
1.05%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Harbour
1.51%
Bottom 21% over 5 years
Resolution Capital
—
—
Fund size
Larger = more stable, lower close-risk
Harbour
NZ$130m
Largest 23% in cohort
Resolution Capital
NZ$178m
Largest 3% in cohort
| Metric | Harbour | Resolution Capital | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.77% | 1.05% | Lower is better |
| Risk indicator (1–7) | 5 | 6 | Higher = more volatility |
| 5-year return p.a. | 1.51% | — | Higher is better (past not future) |
| Fund size | NZ$130m | NZ$178m | 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 | InvestNow · Direct | InvestNow · 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 Real Estate Investment Fund
The Fund aims to capture the income yield and medium-term capital growth characteristics of real estate assets by investing principally in listed real estate assets and enhance diversification and return potential against the S&P/NZX All Real Estate Index.Full Harbour Harbour Real Estate Investment Fund profile →
Resolution Capital
Resolution Capital Global Property Securities PIE Fund
The Fund primarily invests in listed property and property-related securities, including real estate investment trusts (REITs), that derive most of their returns from rental income. The Fund’s investments provide exposure to a range of underlying real estate from around the world including but not limited to office buildings, shopping centres, industrial warehouses, residential communities, data centres and towers, self-storage, hotels and healthcare facilities. The Fund may also have exposure to companies which undertake activities such as real estate developmentFull Resolution Capital Resolution Capital Global Property Securities PIE 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
Resolution Capital
Common questions
What's the difference between the Harbour Real Estate Investment Fund and the Resolution Capital Global Property Securities PIE Fund?
Which fund has lower fees, Harbour Real Estate Investment Fund or Resolution Capital Global Property Securities PIE Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
