Reading through the update, I must be missing or misreading something :
"The investment in CBL has been a relatively small part of our equity funds (not in the top 10 holdings)."
https://www.nzx.com/announcements/312804
According to the last SPH, Harbour owned 16.966m shares in CBL.
Using sp of $3.04 as at 31 Dec 2017, valuation = $51.58m
Their Australasian Equity Fund had $230m, NZ Equity Fund had $140m and other equity related funds (Income & Beta) ahd $110m = $480m in total.
$51.58m on $480m > 10%
Something smells.