Devon Alpha Fund (Wholesale) vs Midlands Income Wholesale Fund

The most material structural difference is asset class and the risk-return profile that flows from it. Devon Alpha Fund invests in Australasian equities, targeting "Official Cash Rate (OCR) +5%" with a performance hurdle of 12%, while Midlands Income Wholesale Fund is a private credit fund secured by first mortgages (LVR capped at 75%), targeting "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" — a considerably more modest and income-oriented benchmark.

Both are PIE-structured unit trusts eligible for PIR taxation, and both carry gate provisions, though the triggers differ materially. Devon's clause is broad and discretionary — redemptions may be suspended "in certain circumstances." Midlands applies a specific quantitative threshold: gate provisions activate only when withdrawal requests on the same holding exceed 5% of units on issue within any three-month window, with redemption then possible by instalments or at a manager-set date.

Minimum investment also diverges sharply: Devon requires NZD 10,000 versus Midlands' NZD 100,000. Devon distributes semi-annually; Midlands distributes quarterly with a 30-day redemption notice period. Management fees are disclosed for Devon at 0.87%; Midlands' IM does not specify a management fee percentage in the extracted data. Devon's supervisor is NZ Guardian Trust; Midlands uses Trustees Executors. Midlands discloses an inception date of July 2021; Devon's IM does not specify one. Midlands' FSP number is not on file.

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