Artesian Green & Sustainable Bond Fund (Wholesale) vs Midlands Income Wholesale Fund

The most material structural difference is liquidity and asset class. Artesian Green & Sustainable Bond Fund invests in listed fixed-interest securities and offers daily redemptions, while Midlands Income Wholesale Fund deploys capital into private credit secured by first mortgages and operates on an at-exit basis requiring 30 days' notice. This illiquidity distinction is compounded by Midlands' more prescriptive gate provision: withdrawals exceeding 5% of units on issue within any three-month period may be redeemed by instalments or deferred entirely at the manager's discretion. Artesian's gate language is broader but less specific — "the ability, in certain circumstances, to suspend or defer withdrawals."

Target returns also differ materially in form. Artesian states its objective as "to outperform the benchmark net of fees through active management" — a relative, benchmark-referenced goal. Midlands targets "income return pre-tax (but after fees and expenses) at a level which exceeds the average 3 month term deposit rate advertised by all relevant New Zealand registered banks" — an absolute income hurdle.

The minimum investment gap is significant: Artesian requires NZ$10,000 versus Midlands' NZ$100,000. Both are PIE unit trusts distributing quarterly, and both are wholesale-only. Artesian charges a management fee of 0.34% with no performance fee; Midlands' IM does not specify a management fee percentage on file. Midlands discloses an LVR cap of 75% on first-mortgage security; Artesian's PDS does not specify an equivalent credit constraint. Artesian has been operating since March 2026; Midlands since July 2021.

Always verify all details against the source IM or PDS before relying on this summary.