Fund-vs-fund · Australasian Equities
Harbour Sustainable NZ Shares Fund vs Smart Australian Top 200 ETF
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 geographic exposure. The Harbour Sustainable NZ Shares Fund invests in New Zealand-listed companies screened against sustainability criteria, with its top five holdings — Infratil, Contact Energy, Meridian Energy, A2 Milk, and Fisher & Paykel Healthcare — concentrated in NZ equity markets. The Smart Australian Top 200 ETF, managed by Smartshares, tracks Australian large-cap equities, with its top holdings dominated by Australian banks and resources companies including Commonwealth Bank of Australia (10.37%) and BHP Group (9.45%). Despite sharing the same Australasian Equities category and an identical growth asset allocation of 98.31%, these funds offer substantially different country and sector exposures.
Both carry a risk indicator of 5 out of 7. Annual fund charges are close but not identical: Harbour discloses 0.27% versus Smartshares' 0.30%. Fund size is also comparable — approximately NZD 380 million versus NZD 332 million respectively.
The five-year return figures diverge significantly in this snapshot: Harbour shows 0.15% per annum against Smartshares' 9.09% per annum, though past returns reflect different market cycles and do not indicate future performance. Neither fund is a KiwiSaver scheme account fund based on the data provided here.
The Harbour fund's sustainability screening methodology and the Smartshares fund's index-tracking approach represent further structural distinctions that investors may wish to examine closely. Always 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
- Annual fund charges are within 0.05% of each other (0.27% vs 0.30%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Harbour Sustainable NZ Shares Fund applies responsible-investment / ESG screening. The other fund does not.
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
0.27%
Lowest 15% of cohort
Smartshares
0.30%
Lowest 16% of cohort
5-year return p.a.
Past performance — not a predictor
Harbour
0.15%
Bottom 10% over 5 years
Smartshares
9.09%
Top 11% over 5 years
Fund size
Larger = more stable, lower close-risk
Harbour
NZ$380m
Largest 8% in cohort
Smartshares
NZ$332m
Largest 9% in cohort
| Metric | Harbour | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.27% | 0.30% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | 0.15% | 9.09% | Higher is better (past not future) |
| Fund size | NZ$380m | NZ$332m | 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 | Yes | 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.
What each fund says it does
Harbour
Harbour Sustainable NZ Shares Fund
This Fund is designed to track the S&P/NZX 50 Portfolio Index, with exclusions to companies including but not limited to, large carbon emitters, gambling, firearms, and companies with human and animal rights violations. For full details of the exclusions for this Fund please see the Environmental, Social and Governance Policy (ESG Policy) on our website at Responsible Investing - Harbour Asset Management. There are positive and negative tilts applied to the remaining companies based on Harbour's proprietary Corporate Behaviour Score.Full Harbour Harbour Sustainable NZ Shares Fund profile →
Smartshares
Smart Australian Top 200 ETF
The Smart Australian Top 200 ETF is designed to track the return (before tax, fees and other expenses) of the S&P/ASX 200 Total Return Index. The Index is comprised of 200 of the largest companies listed on the ASX.Full Smartshares Smart Australian Top 200 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 Sustainable NZ Shares Fund and the Smart Australian Top 200 ETF?
Which fund has lower fees, Harbour Sustainable NZ Shares Fund or Smart Australian Top 200 ETF?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Does either fund apply responsible-investment screening?
Where can I read the official documents for these funds?
