Fund-vs-fund · Australasian Equities
Harbour Sustainable NZ Shares Fund vs Smart 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.
Why these two differ
The most material structural difference between these two funds is their investment approach and associated cost. The Harbour Sustainable NZ Shares Fund is an actively managed, sustainability-screened portfolio, while the Smart NZ Top 50 ETF is a passive index-tracking exchange-traded fund replicating the S&P/NZX 50 Index. This distinction drives their fee gap: Harbour charges 0.27% per annum against Smartshares' 0.50%, meaning the active fund is notably cheaper — unusual in active-versus-passive comparisons and worth scrutinising against each fund's disclosed methodology.
Both funds sit at risk indicator 5 on the standard 1–7 scale and carry near-identical growth asset allocations of 98.31%. Fund sizes differ: Harbour holds approximately NZD 400 million versus Smartshares' NZD 627 million. The Smartshares fund discloses a five-year annualised return of 0.53%; Harbour's five-year return figure is not available in this snapshot, so direct historical performance comparison cannot be made here.
Top holdings overlap significantly — A2 Milk, Auckland International Airport, Mainfreight, and Meridian Energy appear in both — but weightings diverge modestly, reflecting Harbour's active stock selection and ESG screening criteria versus Smartshares' rules-based index construction. Contact Energy features in Harbour's top five but not Smartshares', while Fisher & Paykel Healthcare appears in Smartshares' top five but not Harbour's, illustrating where active tilts and index composition part ways.
Neither fund is a KiwiSaver scheme account vehicle in this structure. Always verify fees, returns, and holdings against each fund's current product disclosure statement and latest quarterly fund update on FMA Disclose before relying on any figures here.
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 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 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
0.50%
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 21% 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. |
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
8
of each fund's top 10
Harbour weight in shared
45.8%
of Harbour Sustainable NZ Shares Fund top 10 is shared
Smartshares weight in shared
40.6%
of Smart NZ Top 50 ETF top 10 is shared
| Holding | Harbour | Smartshares |
|---|---|---|
 Infratil NZ | 6.21% | 5.52% |
 Meridian Energy NZ | 6.01% | 5.16% |
 Contact Energy NZ | 6.09% | 5.15% |
 EBOS Group NZ | 5.21% | 5.07% |
 Mercury NZ NZ | 5.69% | 5.00% |
 Fisher & Paykel Healthcare NZ | 5.81% | 4.99% |
 Mainfreight NZ | 5.22% | 4.87% |
 Auckland International Airport NZ | 5.57% | 4.84% |
"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 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
- 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 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?
