Fund-vs-fund · International Equities
Harbour T. Rowe Price Global Equity Fund vs Smart US Large Growth ETF
Both are International 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 how they access global equity markets. The Smart US Large Growth ETF (Smartshares) is essentially a single-holding wrapper: 99.96% of its portfolio is invested in the Vanguard Growth ETF, a US-listed passive vehicle tracking large-cap US growth stocks. The Harbour T. Rowe Price Global Equity Fund, by contrast, holds a directly managed, diversified portfolio of individual global equities — its five largest disclosed positions are Nvidia (5.83%), Alphabet (4.32%), Apple (4.22%), Microsoft (4.09%), and Amazon (2.79%) — reflecting active stock selection across international markets.
This structural difference flows through to fees and risk profiling. Smartshares charges 0.51% per annum; Harbour charges 1.21% — a 70-basis-point gap that compounds materially over time. Despite this, Harbour carries a lower FMA risk indicator (5 versus 6 for Smartshares), likely reflecting its broader geographic diversification compared to Smartshares' concentrated US growth exposure. Growth asset allocation is identical at 98.31% for both funds.
On five-year returns, Smartshares recorded 17.88% per annum against Harbour's 8.16%, though past performance does not indicate future returns, and the Smartshares figure reflects a period of exceptional outperformance by US large-cap growth stocks specifically. Both funds are similarly sized, at NZD 591 million and NZD 684 million respectively.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on this comparison.
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 US Large Growth ETF charges 0.70% lower in annual fund charges (0.51% vs 1.21%).
- 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 81 international equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Harbour
1.21%
Highest 21% of cohort
Smartshares
0.51%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Harbour
5.66%
Lower half over 5 years
Smartshares
13.81%
Top 8% over 5 years
Fund size
Larger = more stable, lower close-risk
Harbour
NZ$599m
Largest 14% in cohort
Smartshares
NZ$500m
Largest 16% in cohort
| Metric | Harbour | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.21% | 0.51% | Lower is better |
| Risk indicator (1–7) | 5 | 6 | Higher = more volatility |
| 5-year return p.a. | 5.66% | 13.81% | Higher is better (past not future) |
| Fund size | NZ$599m | NZ$500m | 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.
What each fund says it does
Harbour
Harbour T. Rowe Price Global Equity Fund
The Fund invests primarily in a portfolio of securities of companies which are traded, listed or due to be listed, on recognised exchanges and/or markets throughout the world. It may include securities of companies traded on recognised exchanges of developing countries.Full Harbour Harbour T. Rowe Price Global Equity Fund profile →
Smartshares
Smart US Large Growth ETF
The Smart US Large Growth ETF is designed to track the return (before tax, fees and other expenses) of the CRSP US Large Cap Growth Index. The Index is comprised of large US growth companies.Full Smartshares Smart US Large Growth 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
- + 8 more on the fund page
Smartshares
Common questions
What's the difference between the Harbour T. Rowe Price Global Equity Fund and the Smart US Large Growth ETF?
Which fund has lower fees, Harbour T. Rowe Price Global Equity Fund or Smart US Large Growth 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?
