Harbour Income Fund is a diversified managed fund operated by Harbour; PIE-structured; FMA risk indicator 3/7. Headline terms: annual fund charge 0.63% · distributions monthly. Compared with 66 other same-category funds on this site, the 0.63% annual fund charge sits below the same-category median of 0.99%.
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
0.66%
vs peer avg 1.10%
Risk indicator
3/7
1 = lower risk · 7 = higher risk
5-year return p.a.
3.18%
peer avg 3.77%
Fund size
NZ$293.6m
53% growth · 47% income
To exceed the Official Cash Rate (OCR) plus 3.5% pa over rolling 3-year periods. The Fund will invest in a range of fixed income securities, private credit and equity securities selected to generate income while managing downside risk.
Benchmark track record
Compare Diversified consistency →How Harbour 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 2 of 7 years
annual returns to 31 March 2026Since inception: 3.92% p.a. after fees & tax vs benchmark 4.59%.
How Harbour Income Fund differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Benchmark
- 68% S&P/NZX A Grade Corporate Bond Total Return Index; 16% S&P/ASX200 Industrials Index (100% hedged to NZ dollars); and 16% S&P/NZX Portfolio Index
- Top 3 holdings
- NZGS Index Linked Bond 3.00% 20/09/2030 (5.1%) · NZ Government Stock 15/05/2036 4.25% (3.8%) · ANZ NZD Cash (3.6%)
Key facts
Fund start date
28 October 2015
Distributions
Monthly
Tax structure
PIE
Capped at your PIR (max 28%)
Performance fee
From the Product Disclosure Statement.
Performance fee paid (last published): 0.00%
Performance fee is charged if the Harbour Income Fund invests in other Harbour Funds which charge a performance-based fee, and these other Funds earned more than their target and meet the criteria to charge a performance-based fee. We have taken the average of performance fees paid over the past 5 years, within these underlying Funds and applied this to the Fund's holding.
Investment policy
From the Statement of Investment Policy and Objectives (SIPO).
Strategic asset allocation ranges
| Asset class | Target | Min | Max |
|---|---|---|---|
| Cash and cash equivalents | 8% | 5% | 40% |
| NZ Fixed Interest | 50% | 20% | 90% |
| International Fixed Interest | 10% | 0% | 30% |
| Total Income Assets | 68% | 60% | 100% |
| Australasian equities | 32% | 0% | 40% |
| International equities | 0% | 0% | 20% |
| Total Growth Assets | 32% | 0% | 40% |
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 67 other diversified 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
0.66%
Category median: 0.99%
Cheaper than 78% of peers
5y return p.a. (after fees)
+3.18%
Category median: +3.27%
Below peer median (48th percentile)
Fund size
NZ$293.6m
Category median: NZ$57.5m
72th percentile by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$326
Compounded charge over 5 years (excl. returns)
$160 less 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 |
|---|---|
| NI NZGS Index Linked Bond 3.00% 20/09/2030 | 5.09% |
| NZ NZ Government Stock 15/05/2036 4.25% | 3.76% |
| $ ANZ NZD Cash | 3.60% |
| NZ NZ Government Stock 15/05/2028 0.25% | 3.33% |
 Contact Energy | 3.22% |
| RP Revolution Private Debt Fund (NZD) PIE | 3.08% |
 Infratil | 2.83% |
| PD PCG Diversified NZ Private Debt Fund PIE | 2.14% |
| NZ Government Index Link Bd 20/09/35 2.50% | 2.05% |
 Mainfreight | 1.99% |
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 Update500 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 INCOME FUND (FND1422) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 13.97 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 Income Fund Mar 2026.pdf The quarterly update published by the provider PDF, 214.79 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
Multi-asset funds that hold a mix of shares, bonds, cash and sometimes property in a single portfolio. The mix determines the risk profile — aggressive funds hold more shares, conservative funds hold more bonds and cash.
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 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.
Is a 7% return realistic?
Harbour Income Fund returned 3.76% p.a. after fees and before tax over the past 5 years, according to FMA Disclose data as at the latest QFU. Past returns do not indicate future performance; actual returns will depend on market conditions and the fund's asset allocation (~52.35% growth assets / 47.65% income assets). Check the current Product Disclosure Statement for more detail on expected return ranges.
What are the top rated income funds?
We compare managed funds by objective data including annual fund charge, risk indicator, asset mix, and historical returns rather than ratings. Harbour Income Fund has an annual fund charge of 0.66% p.a., which is below the peer-cohort average of 1.06% p.a., and a risk indicator of 3/7 on the FMA standardised scale. Use the FMA Disclose Register to compare funds across these metrics.
What is the best high income fund?
Funds in our coverage can be compared by annual fund charge, asset mix, risk indicator, and past returns on this page. Harbour Income Fund holds approximately 47.65% income assets and returned 3.76% p.a. after fees over 5 years as at the latest QFU. Check the current PDS to understand how the fund's income distribution strategy aligns with your circumstances.
Head-to-head
Compare Harbour Income Fund with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other Diversified 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 (3/7)
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 3 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 Income Fund?
Harbour 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 Income Fund?
It is a diversified managed fund. The fund has a income risk profile. Multi-asset funds that hold a mix of shares, bonds, cash and sometimes property in a single portfolio. The mix determines the risk profile — aggressive funds hold more shares, conservative funds hold more bonds and cash.
What are the fees for the Harbour Income Fund?
The annual fund charge for the Harbour Income Fund is 0.66% 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 Income Fund?
The risk indicator is 3/7 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 Income Fund a PIE fund?
Yes. The Harbour 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 Income Fund?
Fund size (assets under management) is NZ$294 million as at the latest Quarterly Fund Update. Asset mix is approximately 53% growth assets and 47% income assets.
What does the Harbour Income Fund invest in?
The latest published top holdings are: NZGS Index Linked Bond 3.00% 20/09/2030 (5.09%), NZ Government Stock 15/05/2036 4.25 (3.76%), ANZ NZD Cash (3.60%). 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 Income Fund?
The Harbour Income Fund is available via Harbour directly. Always read the current Product Disclosure Statement before investing.
Is a 7% return realistic?
Harbour Income Fund returned 3.76% p.a. after fees and before tax over the past 5 years, according to FMA Disclose data as at the latest QFU. Past returns do not indicate future performance; actual returns will depend on market conditions and the fund's asset allocation (~52.35% growth assets / 47.65% income assets). Check the current Product Disclosure Statement for more detail on expected return ranges.
What are the top rated income funds?
We compare managed funds by objective data including annual fund charge, risk indicator, asset mix, and historical returns rather than ratings. Harbour Income Fund has an annual fund charge of 0.66% p.a., which is below the peer-cohort average of 1.06% p.a., and a risk indicator of 3/7 on the FMA standardised scale. Use the FMA Disclose Register to compare funds across these metrics.
What is the best high income fund?
Funds in our coverage can be compared by annual fund charge, asset mix, risk indicator, and past returns on this page. Harbour Income Fund holds approximately 47.65% income assets and returned 3.76% p.a. after fees over 5 years as at the latest QFU. Check the current PDS to understand how the fund's income distribution strategy aligns with your circumstances.