Fund-vs-fund · Australasian Equities
Harbour Sustainable NZ Shares FundvsSmart NZ Top 50 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.
How much do these two overlap?
They hold 39 of the same securities. If you held both, roughly 85.5% of your money would be in the same companies — so the diversification you get from holding the pair is smaller than holding two funds suggests.
| Shared holding | Harbour Sustainable | Smart NZ | Min weight |
|---|---|---|---|
| Infratil | 6.21% | 5.52% | 5.52% |
| a2 Milk | 5.91% | 5.20% | 5.20% |
| Meridian Energy | 6.01% | 5.16% | 5.16% |
| Contact Energy | 6.09% | 5.15% | 5.15% |
| Ebos | 5.21% | 5.07% | 5.07% |
| Mercury NZ | 5.69% | 5.00% | 5.00% |
| Fisher & Paykel Healthcare | 5.81% | 4.99% | 4.99% |
| Mainfreight | 5.22% | 4.87% | 4.87% |
| Auckland International Airport | 5.57% | 4.84% | 4.84% |
| Chorus | 4.71% | 4.69% | 4.69% |
Min weight is the smaller of the two weightings — if you hold both funds, that is the floor of your exposure to that position. Direct holdings only: anything either fund holds through an underlying fund or ETF is not counted, so the real overlap can only be higher. From each fund's FMA Disclose full portfolio filing.
Where you can buy these
Platform availability confirmed within the last 180 days. This is a statement of availability, not a recommendation — ManagedFundsNZ is not a Financial Advice Provider. Check the current PDS before investing.
Harbour Sustainable NZ Shares Fund
Smart NZ Top 50 ETF
No platform availability confirmed. Usually means it is bought directly from the manager — check their site.
Why these two differ
The most material structural difference between these two funds is their investment approach. The Harbour Sustainable NZ Shares Fund is an actively managed, sustainability-screened portfolio, while the Smart NZ Top 50 ETF is a passive index fund tracking the S&P/NZX 50 Index. This distinction drives several measurable divergences.
On fees, Harbour charges 0.27% per annum against Smartshares' 0.50%, meaning the actively managed fund is notably cheaper — an unusual reversal of the typical active-versus-passive fee relationship. Over the five-year period disclosed in each fund's latest Quarterly Fund Update, however, the Smart NZ Top 50 ETF returned 0.34% annualised compared to Harbour's 0.15%, a gap that investors will weigh against the fee difference and the sustainability mandate. Both funds carry a risk indicator of 5 out of 7 and hold 98.31% in growth assets, placing them at identical risk-profile positions under FMA's standardised framework.
Fund size differs: Smartshares holds approximately NZD $572.8 million versus Harbour's NZD $380.2 million. Top holdings overlap significantly — Infratil, A2 Milk, Meridian, and Contact Energy appear in both — but Harbour's active approach produces different weightings and excludes some index constituents while the Smartshares fund includes EBOS Group in its top five where Harbour holds Fisher & Paykel Healthcare instead.
Neither fund is structured as a KiwiSaver scheme account product in the data provided here. Verify all figures, including any updates since this snapshot, against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on this comparison.
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
- Harbour Sustainable NZ Shares Fund charges 0.23% lower in annual fund charges (0.27% vs 0.50%).
- 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 57 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
0.50%
Lowest 22% of cohort
5-year return p.a.
Past performance — not a predictor
Harbour
0.15%
Bottom 10% over 5 years
Smartshares
0.34%
Bottom 22% over 5 years
Fund size
Larger = more stable, lower close-risk
Harbour
NZ$380m
Largest 8% in cohort
Smartshares
NZ$573m
Largest 6% in cohort
| Metric | Harbour | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.27% | 0.50% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | 0.15% | 0.34% | Higher is better (past not future) |
| Fund size | NZ$380m | NZ$573m | 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. |
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 NZ Top 50 ETF
The Smart NZ Top 50 ETF is designed to track the return (before tax, fees and other expenses) of the S&P/NZX 50 Portfolio Index. The Index is comprised of 50 of the largest companies listed on the NZX, with a 5% cap on the weight of each company within the Index.Full Smartshares Smart NZ Top 50 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 NZ Top 50 ETF?
Which fund has lower fees, Harbour Sustainable NZ Shares Fund or Smart NZ Top 50 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?
