Devon Alpha Fund (Wholesale) vs Devon Trans-Tasman Fund (Wholesale)

The most material structural difference between these two funds is their performance fee arrangement. The Devon Alpha Fund discloses a hurdle rate of 12% alongside a target return of "Official Cash Rate (OCR) +5%," suggesting performance fees only apply above that hurdle threshold — though the specific performance fee percentage is not extracted from its IM. The Devon Trans-Tasman Fund discloses a performance fee of 10% but does not specify a hurdle rate or target return in the extracted facts; investors should consult the source IM for the precise calculation basis.

Both funds are managed by Devon Funds Management Limited, supervised by The New Zealand Guardian Trust Company Limited, structured as PIE unit trusts, and invest in Australasian equities — making asset class, legal structure, tax treatment, and management fee (0.87% for both) identical across the pair. Both distribute semi-annually and require a NZD 10,000 minimum investment.

One notable disclosure gap: the Devon Trans-Tasman Fund specifies daily redemptions, while the Devon Alpha Fund's IM does not state a redemption frequency in the extracted data. Both funds carry gate provisions allowing suspension or deferral of redemptions in certain circumstances, with broadly similar but not identically worded language across the two IMs.

In sum, the funds share the same manager, fee base, structure, and asset class, with the primary differentiators being the Alpha Fund's explicit return target and hurdle rate versus the Trans-Tasman Fund's disclosed performance fee rate and confirmed daily liquidity.

Always verify these details against each fund's current source IM or PDS before relying on them for any investment decision.