Devon Alpha Fund (Wholesale) vs Norfolk Mortgage Trust Fund

The most material structural difference is asset class and return profile. Devon Alpha Fund invests in Australasian equities targeting "Official Cash Rate (OCR) +5%" with a 12% hurdle rate before performance fees apply, while Norfolk Mortgage Trust Fund deploys capital into first-mortgage private credit, targeting returns that "exceed the Six-month term deposit rate (published by the RBNZ) by 1.4% per annum (after the deduction of fees and expenses)." Devon Alpha carries equity market risk; Norfolk carries credit and property-secured lending risk with an LVR cap of 75% — a figure Devon's IM does not specify, given its equity mandate.

Liquidity terms differ meaningfully. Devon Alpha processes redemptions on request but may suspend or defer them without a defined threshold trigger. Norfolk imposes a 183-day redemption notice period and suspends redemptions if requests exceed 5% of units within three months, with a mandatory investor meeting required if requests breach 20% of units on issue.

Management fees diverge sharply: Devon Alpha charges 0.87% versus Norfolk's 2.5%. Distribution frequency also differs — Devon Alpha pays semi-annually; Norfolk pays monthly. Both are PIE structures eligible for PIR taxation and are supervised (Devon by NZ Guardian Trust; Norfolk by Public Trust). Both are domiciled in Auckland. Minimum investment is lower for Norfolk ($5,000) than Devon Alpha ($10,000). Norfolk discloses an inception date of 2006; Devon's IM does not specify one. Norfolk is not wholesale-only; Devon Alpha is positioned as a wholesale fund.

Verify all details against each fund's current source IM or PDS before making any investment decision.