Fund-vs-fund · Australasian Equities
Harbour Sustainable NZ Shares FundvsSmart Australian Mid Cap 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 2 of the same securities. If you held both, roughly 4.2% 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 Australian | Min weight |
|---|---|---|---|
| a2 Milk | 5.91% | 2.24% | 2.24% |
| Fisher & Paykel Healthcare | 5.81% | 1.95% | 1.95% |
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 Australian Mid Cap 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 geographic and investment mandate: the Harbour Sustainable NZ Shares Fund concentrates exclusively on New Zealand-listed equities through a sustainability lens, while the Smart Australian Mid Cap ETF tracks mid-capitalisation Australian companies through a passive index approach. That distinction drives almost every other divergence in the data.
On fees, Harbour charges 0.27% per annum against Smartshares' 0.75%, a meaningful gap for a long-term investor. Risk profiles differ by one band — Harbour sits at indicator 5, Smartshares at 6 — reflecting the added volatility typically associated with mid-cap equities. The five-year return figures diverge sharply: Harbour recorded 0.15% annualised versus Smartshares' 8.63%, though this comparison carries a significant caveat given that the two funds hold entirely different underlying markets and currencies, and short-term return windows may not reflect long-run expectations. Both funds hold identical growth asset allocations of 98.31%. Fund size is similar, with Harbour at approximately NZD 380 million and Smartshares at approximately NZD 291 million.
Concentration also differs noticeably. Harbour's top five holdings range from 5.81% to 6.21% each — Infratil, Contact Energy, Meridian Energy, A2 Milk, and Fisher & Paykel Healthcare — indicating meaningful single-stock weight. Smartshares' top holdings are more distributed, with ALS Ltd leading at 3.41%, consistent with an index-based mid-cap structure across a broader universe.
Neither fund is structured as a KiwiSaver scheme account. Always verify current fees, returns, and portfolio composition against each fund's product disclosure statement and latest quarterly fund update on FMA Disclose before relying on any figures here.
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 0.48% lower in annual fund charges (0.27% vs 0.75%).
- 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
0.75%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Harbour
0.15%
Bottom 10% over 5 years
Smartshares
8.63%
Top 14% over 5 years
Fund size
Larger = more stable, lower close-risk
Harbour
NZ$380m
Largest 8% in cohort
Smartshares
NZ$291m
Largest 11% in cohort
| Metric | Harbour | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.27% | 0.75% | Lower is better |
| Risk indicator (1–7) | 5 | 6 | Higher = more volatility |
| 5-year return p.a. | 0.15% | 8.63% | Higher is better (past not future) |
| Fund size | NZ$380m | NZ$291m | 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 Australian Mid Cap ETF
The Smart Australian Mid Cap ETF is designed to track the return (before tax, fees and other expenses) of the S&P/ASX MidCap 50 Index. The Index is comprised of companies listed on the ASX and included in the S&P/ASX 100 Index, but excludes companies included in the S&P/ASX 50 Index.Full Smartshares Smart Australian Mid Cap 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 Mid Cap ETF?
Which fund has lower fees, Harbour Sustainable NZ Shares Fund or Smart Australian Mid Cap 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?
