Fund-vs-fund · Listed Property
Harbour Real Estate Investment Fund vs Smart NZ Property ETF
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 cost. Smartshares Smart NZ Property ETF charges an annual fund fee of 0.54%, compared with Harbour Real Estate Investment Fund's 0.77% — a 23 basis point gap that compounds over time across otherwise closely matched portfolios. Both funds sit at risk indicator 5 and carry an identical growth asset allocation of 98.31%, reflecting near-identical exposure to NZ listed property equities.
On five-year returns, the Smartshares fund returned 3.03% per annum against Harbour's 1.51% over the same period, though past returns are not a reliable indicator of future performance and the gap may partly reflect differences in portfolio construction and stock weighting rather than manager skill alone. The Harbour fund is larger by fund size — NZD 130.3 million versus NZD 78.2 million for Smartshares — which may affect liquidity dynamics for large transactors but is unlikely to be material for most retail investors.
Portfolio overlap is substantial. Goodman Property Trust, Kiwi Property Group, Precinct Properties Group, and Vital Healthcare Property Trust appear in both funds' top five holdings, though with differing weights. Smartshares holds Property for Industry Ltd as its fifth-largest position; Harbour substitutes Argosy Property, suggesting modest divergence in small-to-mid-cap NZ property exposure.
Neither fund's data flags income distribution policies or currency hedging detail in this snapshot, so investors with income or specific mandate requirements should investigate further. Verify all figures against each fund's current 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
- Smart NZ Property ETF charges 0.23% lower in annual fund charges (0.54% vs 0.77%).
- 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
Smartshares
0.54%
Lowest 13% of cohort
5-year return p.a.
Past performance — not a predictor
Harbour
1.51%
Bottom 21% over 5 years
Smartshares
3.03%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Harbour
NZ$130m
Largest 23% in cohort
Smartshares
NZ$78m
Upper half by size
| Metric | Harbour | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.77% | 0.54% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | 1.51% | 3.03% | Higher is better (past not future) |
| Fund size | NZ$130m | NZ$78m | 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
7
of each fund's top 10
Harbour weight in shared
77.4%
of Harbour Real Estate Investment Fund top 10 is shared
Smartshares weight in shared
94.3%
of Smart NZ Property ETF top 10 is shared
| Holding | Harbour | Smartshares |
|---|---|---|
 Precinct Properties Group NZ | 15.82% | 16.68% |
| GP Goodman Property Trust NZ | 15.48% | 17.56% |
 Kiwi Property Group NZ | 13.75% | 17.04% |
 Argosy Property NZ | 9.96% | 11.27% |
 Vital Healthcare Property Trust NZ | 9.76% | 12.00% |
| PF Property for Industry NZ | 6.96% | 12.86% |
 Stride Property NZ | 5.65% | 6.94% |
"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 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 →
Smartshares
Smart NZ Property ETF
The Smart NZ Property ETF is designed to track the return (before tax, fees and other expenses) of the S&P/NZX Real Estate Select Index. The Index is comprised of the largest and most liquid members of the S&P/NZX All Index classified under the GICS Real Estate Industry Group.Full Smartshares Smart NZ Property ETF profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Harbour
LiveLast verified 2026-05-08
Smartshares
Common questions
What's the difference between the Harbour Real Estate Investment Fund and the Smart NZ Property ETF?
Which fund has lower fees, Harbour Real Estate Investment Fund or Smart NZ Property ETF?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
