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 fees. The Smartshares Smart NZ Property ETF charges an annual fund charge of 0.54%, while the Harbour Real Estate Investment Fund charges 0.77% — a gap of 23 basis points that compounds over time on comparable underlying exposure. Both funds sit at risk indicator 5 on the standard 1–7 scale and allocate 98.31% to growth assets, making fee drag a more decisive differentiator than portfolio construction at the headline level.
On five-year returns, the Smartshares fund has returned 1.94% per annum compared with 0.04% for the Harbour fund over the same period, though past performance does not predict future results and both figures reflect the same difficult cycle for NZ listed property. Fund size also differs: Harbour is larger at approximately $149 million versus Smartshares at approximately $103 million.
Portfolio overlap is substantial. Both funds hold Precinct Properties Group, Kiwi Property Group, Goodman Property Trust, and Vital Healthcare Property Trust among their top five positions. The Smartshares fund's top five are more concentrated — its largest holding, Precinct, sits at 18.75% — while Harbour's weights are somewhat more distributed and its fifth-largest holding is Argosy Property rather than Property for Industry, suggesting modest differences in index methodology or active tilts.
The Smartshares fund is structured as an exchange-traded fund (ETF); investors should review whether the Harbour fund offers comparable secondary-market tradability before treating them as equivalent structures.
Always verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before making any investment decision.
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
- 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
- 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
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?
