Devon Australian Fund (Wholesale) vs Midlands Income Wholesale Fund

The most material structural difference is asset class and liquidity profile. Devon Australian Fund invests in Australasian equities — a listed, mark-to-market asset class — while Midlands Income Wholesale Fund deploys capital into private credit secured by first mortgages with a maximum LVR of 75%. This distinction drives nearly every other difference between the two funds.

Redemption terms reflect that gap directly. Devon offers daily redemptions, subject to a broadly stated suspension power: "we have the ability, in certain circumstances to suspend or defer redemptions." Midlands requires 30 days' notice and redeems at exit, with a more specific gate: withdrawals exceeding 5% of units on issue within any three-month window may be deferred or paid by instalments at the manager's discretion. Midlands' minimum investment is $100,000 against Devon's $10,000, and distributions are quarterly versus Devon's semi-annual cadence.

Both funds share the same legal structure (unit trust) and tax treatment (PIE, PIR-eligible). Management fees differ: Devon discloses 0.87%; Midlands' IM does not publish a comparable percentage figure. Midlands states a target return of "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"; Devon's IM does not specify a stated target return. Devon's supervisor is New Zealand Guardian Trust; Midlands' is Trustees Executors Limited. Midlands' FSP number is not on file here; Devon is registered as FSP1581.

Verify all details against each fund's current IM or PDS before relying on this summary.