Harbour Australasian Equity Income Fund
Managed by Harbour Harbour Australasian Equity Income Fund is a australasian equities managed fund operated by Harbour; PIE-structured; FMA risk indicator 4/7. Headline terms: annual fund charge 1.03% · distributions quarterly. Compared with 57 other same-category funds on this site, the 1.03% annual fund charge sits in line with the same-category median of 1.00%.
PIE tax treatment — capped at your PIR (max 28%)
This fund is a Portfolio Investment Entity (PIE) under Subpart HM of the Income Tax Act 2007. Income is taxed at your Prescribed Investor Rate (10.5% / 17.5% / 28%), not your marginal income-tax rate. The fund manager calculates and pays the tax on your behalf — when your PIR is correct, you usually don't need to declare PIE income in your annual tax return. See our PIR guide and PIE tax basics for the full picture, or use the PIR calculator to confirm your rate.
Annual fund charge
1.10%
vs peer avg 0.91%
Risk indicator
4/7
1 = lower risk · 7 = higher risk
5-year return p.a.
2.81%
peer avg 4.91%
Fund size
NZ$34.9m
98% growth · 2% income
To provide returns by investing in higher dividend yielding companies in the New Zealand and Australian markets. The Fund is designed to generate quarterly income from a diversified portfolio of Australasian equities that pay sustainable and growing dividend yields, as well as holding cash and fixed interest securities.
Benchmark track record
Compare Australasian Equities consistency →How Harbour Australasian Equity Income Fund performed against its own market-index benchmark each year, after fees and tax — from the FMA fund-update dataset. Historical track record, not current-year performance; past performance is not a guide to the future.
Beat its benchmark in 5 of 11 years
annual returns to 31 March 2026Since inception: 10.8% p.a. after fees & tax vs benchmark 12.07%.
How Harbour Australasian Equity Income Fund differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Benchmark
- 60% S&P/ASX Industrials Index (equally weighted and 90% hedged to NZD) and 40% S&P/NZX 50 Portfolio Index
- Top 3 holdings
- Contact Energy (9.8%) · Infratil (9.6%) · Mainfreight (6.6%)
Key facts
Fund start date
1 November 2011
Distributions
Quarterly
Tax structure
PIE
Capped at your PIR (max 28%)
Investment policy
From the Statement of Investment Policy and Objectives (SIPO).
Strategic asset allocation ranges
| Asset class | Target | Min | Max |
|---|---|---|---|
| Cash and cash equivalents & NZ Fixed Interest | 10% | 0% | 35% |
| Australasian Equities | 90% | 65% | 100% |
Responsible-investment approach
Harbour integrates ESG factors directly into portfolio analysis using its proprietary Corporate Behaviour Survey, augmented by external ESG specialists and broker research. For most directly managed Funds, companies that do not meet a baseline standard of responsible behaviour are excluded. Active ownership through company engagement and proxy voting is also undertaken. Fund-specific exclusions (e.g. large carbon emitters, gambling, firearms, human/animal rights violations) apply to certain Funds as outlined in Harbour's ESG Policy.
Derivatives policy
The use of derivatives is governed by the Harbour Derivative Risk Statement (DRS), which covers permitted uses, controls and compliance processes. Derivatives are not to be considered in isolation but as part of the overall investment strategy; leveraged instruments must not result in effective exposure exceeding the maximum permitted asset allocation range, and all derivative positions must be measured on a delta-adjusted basis.
Reading between the lines
Plain-English summary of the scheme's disclosed conflicts and performance-fee mechanics, drawn from the OMI and PDS. Factual restatement — no opinion.
- Harbour acknowledges that FirstCape Group directors and employees may invest in Harbour funds, creating a potential conflict where their personal holdings could influence decisions made on behalf of fund investors.
- Harbour uses its 100% parent, FirstCape Group Limited, to provide staffing and banking services to the funds; Harbour states these arrangements are conducted on arms-length commercial terms.
- Retail funds invest into related Harbour Wholesale Funds, which charge an additional management fee; Harbour discloses this wholesale fee is fully rebated to the retail fund so investors are not charged twice.
- The Harbour Long Short Fund and Harbour Australasian Equity Focus Fund charge performance fees (15% and 10% respectively above their hurdle rates) with no annual reset, meaning a perpetual high-water mark must be exceeded before fees apply; the Long Short Fund has no cap on the fee amount.
Generated 2026-05-28 from Harbour Investment Funds OMI (dated 2026-05-14). The verbatim disclosures appear in full below — this summary is a navigation aid, not a substitute.
Scheme disclosures
From the Other Material Information (OMI) document. Scheme-level — applies to every fund in this scheme.
Trustee / Supervisor
The New Zealand Guardian Trust Company Limited (Guardian Trust)
Auditor
PricewaterhouseCoopers
Custodian
Apex Investment Administration (NZ) Limited
Conflicts disclosed
4
In OMI
Conflicts of interest disclosed in OMI
- Directors and employees of FirstCape Group companies may invest in Harbour funds from time to time, and decisions made by directors or employees may be influenced by their investment in Harbour funds.
- Actual or perceived conflicts of interest for directors and employees of FirstCape Group companies can arise from any competing interests, and employees are required to disclose and register potential or actual conflicts of interest to FirstCape so that these can be effectively managed.
- Directors are required to disclose conflicts of interest at the beginning of each meeting, and these are recorded in the meeting minutes.
- Harbour may use related parties to provide services to the Funds, including staffing services and banking facilities and services, all conducted on arms' length commercial terms.
How this fund compares to peers
Mechanical comparison vs the 58 other australasian equities funds in our cohort. Source: FMA Disclose register via Sorted Smart Investor. Past performance is not a reliable indicator of future returns.
Annual fund charge
1.10%
Category median: 1.01%
Mid-pack — cheaper than 33% of peers
5y return p.a. (after fees)
+2.81%
Category median: +1.68%
Above peer median (56th percentile)
Fund size
NZ$34.9m
Category median: NZ$74.1m
34th percentile by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$538
Compounded charge over 5 years (excl. returns)
$43 more than peer median
Read the full fee-vs-peers breakdown →
Mechanical scores only — no opinion or recommendation. Different funds suit different investor goals. ManagedFundsNZ is not a Financial Advice Provider. Read the current PDS and consider speaking to a licensed financial adviser.
Top 10 holdings
| Holding | % of fund |
|---|---|
 Contact Energy | 9.84% |
 Infratil | 9.64% |
 Mainfreight | 6.58% |
 EBOS Group | 4.48% |
 Freightways Group | 4.19% |
 Precinct Properties Group | 4.02% |
 Spark New Zealand | 4.01% |
| $ JPM AUD Cash | 3.44% |
 Vital Healthcare Property Trust | 3.40% |
| TG Transurban Group | 3.19% |
Documents
- 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
- Supporting document4083 kB · file fingerprint recorded
- Supporting document4147 kB · file fingerprint recorded
- Supporting document3785 kB · file fingerprint recorded
- Quarterly Fund Update570 kB · file fingerprint recorded
- Other Material Information434 kB · file fingerprint recorded
- Statement of Investment Policy763 kB · file fingerprint recorded
- Product Disclosure Statement964 kB · file fingerprint recorded
- Product Disclosure Statement973 kB · file fingerprint recorded
- Product Disclosure Statement1288 kB · file fingerprint recorded
Also via Sorted Smart Investor
FMA Disclose mirrors and historical files from Sorted.
- HARBOUR AUSTRALASIAN EQUITY INCOME FUND (FND1424) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 1.58 KB
- Harbour Investment Funds PDS Diversified Funds.pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 963.93 KB
- Fund Update Harbour Australasian Equity Income Fund Mar 2026.pdf The quarterly update published by the provider PDF, 194.94 KB
- T.Rowe Price Global Equity Growth Fund (RUT)2016.pdf T. Rowe Price Global Equity Fund financial statements 30 June 2016 PDF, 5.55 MB
- Harbour NZ Fixed Interest Funds (RUT)2016.pdf Retail Harbour Fixed Interest Funds Financial statements 30 June 2016 PDF, 6.77 MB
- Harbour Australasian Equity Funds (RUT)2016.pdf Retail Harbour Equity Funds Financial Statements 30 June 2016 PDF, 7.11 MB
- Harbour Investment Funds PDS Australasian Equities and Fixed Interest Funds.pdf Additional product disclosure statement from the provider PDF, 1.26 MB
- Harbour Investment Fund PDS Global Funds 18 May 2026.pdf Additional product disclosure statement from the provider PDF, 1,015.88 KB
- Harbour ESG Policy 18 May 2026.pdf Harbour - Environmental, Social and Governance Policy - 18 May 2026 PDF, 403.73 KB
- Harbour Investment Funds Other Material Information 18 May 2026.pdf Other Material Document PDF, 433.01 KB
- Harbour Investment Funds Statement of Investment Policy and Objectives 18 May 2026.pdf Statement of investment policy and objectives PDF, 793.94 KB
About this category
Funds investing primarily in shares listed on the NZX (New Zealand) or ASX (Australia), or both as Trans-Tasman portfolios. Includes active stock-pickers and passive index trackers.
About Harbour
Active equity, fixed income and multi-asset manager with a sustainability-aware overlay.
See all funds from Harbour →Common questions
Questions people ask about Harbour Australasian Equity Income Fund
Drawn from Google's "People also ask" panel and answered with reference to the fund's filed PDS, Fund Update and FMA Disclose data. Not personal financial advice — for guidance specific to your situation, consult an authorised financial adviser.
How does an equity income fund work?
An equity income fund invests primarily in shares (equities) selected for their potential to pay dividends or distributions. The Harbour Australasian Equity Income Fund holds approximately 98.31% growth assets and 1.69% income assets, with dividends from companies like Contact Energy (8.32% of the fund) and Infratil (8.88%) contributing to investor returns alongside any capital appreciation or depreciation.
What is the difference between equity fund and income fund?
An equity fund invests in shares with the primary goal of capital growth, while an income fund prioritises regular cash distributions (dividends or interest). The Harbour Australasian Equity Income Fund blends both approaches: it selects equities for dividend-paying potential, but its asset mix remains heavily weighted to growth assets (98.31%), meaning capital movements may have a material effect on overall returns.
Do income funds pay monthly?
Distribution frequency varies by fund and is set by the fund manager. Check the Harbour Australasian Equity Income Fund's Product Disclosure Statement (PDS) or contact Harbour Asset Management directly at https://www.harbourasset.co.nz for details on when and how often distributions are paid.
Are equity income funds a good investment?
Whether an equity income fund suits an investor depends on individual circumstances, risk tolerance, and time horizon. The Harbour Australasian Equity Income Fund carries a risk indicator of 4/7 on the FMA standardised scale and delivered a 5-year after-fee, pre-tax return of 4.34% p.a. as at the latest QFU; refer to the FMA Disclose register (https://disclose-register.companiesoffice.govt.nz/) and your financial adviser for suitability assessment.
Head-to-head
Compare Harbour Australasian Equity Income Fund with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other Australasian Equities funds
Same manager
Other funds by Harbour
- Harbour NZ Index Shares FundAustralasian Equities
- Harbour NZ Corporate Bond FundNZ Fixed Interest
- Harbour T. Rowe Price Global Equity FundInternational Equities
FMA risk band
Same risk band (4/7)
See every NZ retail managed fund with the same standardised FMA risk indicator. Useful for peer-checking volatility-comparable funds outside this category.
View risk band 4 funds →AI & integrations
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Frequently asked questions
Mechanical Q&A grounded in the fund's PDS, SIPO, and latest QFU on the FMA Disclose register. Verify against the source before relying on any of this.
Who manages the Harbour Australasian Equity Income Fund?
Harbour Australasian Equity Income Fund is managed by Harbour. Active equity, fixed income and multi-asset manager with a sustainability-aware overlay.
What asset class is the Harbour Australasian Equity Income Fund?
It is a australasian equities managed fund. Funds investing primarily in shares listed on the NZX (New Zealand) or ASX (Australia), or both as Trans-Tasman portfolios. Includes active stock-pickers and passive index trackers.
What are the fees for the Harbour Australasian Equity Income Fund?
The annual fund charge for the Harbour Australasian Equity Income Fund is 1.10% p.a., as reported in the latest Quarterly Fund Update sourced from the FMA Disclose register. Always check the current PDS for any additional fees.
What is the risk indicator for the Harbour Australasian Equity Income Fund?
The risk indicator is 4/7 on the standardised FMA-mandated scale, where 1 is lower risk and 7 is higher risk. The risk indicator is calculated from the fund's price volatility over the past five years and is published in every Quarterly Fund Update.
Is the Harbour Australasian Equity Income Fund a PIE fund?
Yes. The Harbour Australasian Equity Income Fund is structured as a New Zealand Portfolio Investment Entity (PIE). Investor tax on the fund's income is capped at the investor's Prescribed Investor Rate (PIR), which has a maximum of 28%. Most NZ-resident retail investors with a taxable income at or below NZ$48,000 qualify for a lower PIR.
How big is the Harbour Australasian Equity Income Fund?
Fund size (assets under management) is NZ$35 million as at the latest Quarterly Fund Update. Asset mix is approximately 98% growth assets and 2% income assets.
What does the Harbour Australasian Equity Income Fund invest in?
The latest published top holdings are: Contact Energy (9.84%), Infratil (9.64%), Mainfreight (6.58%). Holdings are disclosed in each Quarterly Fund Update; the full portfolio holdings file is also available via the FMA Disclose register.
How can I invest in the Harbour Australasian Equity Income Fund?
The Harbour Australasian Equity Income Fund is available via Harbour directly. Always read the current Product Disclosure Statement before investing.
How does an equity income fund work?
An equity income fund invests primarily in shares (equities) selected for their potential to pay dividends or distributions. The Harbour Australasian Equity Income Fund holds approximately 98.31% growth assets and 1.69% income assets, with dividends from companies like Contact Energy (8.32% of the fund) and Infratil (8.88%) contributing to investor returns alongside any capital appreciation or depreciation.
What is the difference between equity fund and income fund?
An equity fund invests in shares with the primary goal of capital growth, while an income fund prioritises regular cash distributions (dividends or interest). The Harbour Australasian Equity Income Fund blends both approaches: it selects equities for dividend-paying potential, but its asset mix remains heavily weighted to growth assets (98.31%), meaning capital movements may have a material effect on overall returns.
Do income funds pay monthly?
Distribution frequency varies by fund and is set by the fund manager. Check the Harbour Australasian Equity Income Fund's Product Disclosure Statement (PDS) or contact Harbour Asset Management directly at https://www.harbourasset.co.nz for details on when and how often distributions are paid.
Are equity income funds a good investment?
Whether an equity income fund suits an investor depends on individual circumstances, risk tolerance, and time horizon. The Harbour Australasian Equity Income Fund carries a risk indicator of 4/7 on the FMA standardised scale and delivered a 5-year after-fee, pre-tax return of 4.34% p.a. as at the latest QFU; refer to the FMA Disclose register (https://disclose-register.companiesoffice.govt.nz/) and your financial adviser for suitability assessment.