Devon Diversified Income Fund (Wholesale) vs Midlands Income Wholesale Fund

The most material structural difference between these two funds is liquidity. Devon Diversified Income Fund offers daily redemptions with a broadly worded gate — "we have the ability, in certain circumstances to suspend or defer redemptions" — while Midlands Income Wholesale Fund requires 30 days' notice and processes redemptions only at exit, with an explicit gate triggered when withdrawal requests exceed 5% of units on issue within any three-month period and Midlands determines deferral serves investors' general interests. This makes Midlands meaningfully less liquid by design.

The funds also diverge sharply on asset class and risk profile. Devon is a multi-asset income fund with no disclosed LVR or security-type constraints; Midlands is a private credit fund lending exclusively against first mortgages at a maximum LVR of 75%. 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," while Devon discloses no equivalent target-return benchmark in the extracted facts.

On fees, Devon discloses a management fee of 0.52%; Midlands' IM does not specify a management fee percentage in the extracted data. The minimum investment differs substantially — NZD 10,000 for Devon versus NZD 100,000 for Midlands, which is explicitly wholesale-only. Both are PIE unit trusts eligible for PIR taxation, pay quarterly distributions, and launched prior to this comparison, though only Midlands discloses an inception date (July 2021). Supervisors differ: New Zealand Guardian Trust (Devon) versus Trustees Executors Limited (Midlands).

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