Devon Diversified Income Fund (Wholesale) vs Norfolk Mortgage Trust Fund

The most material structural difference is asset class and liquidity profile. Devon Diversified Income Fund is a multi-asset income PIE investing across a range of income-generating assets, with daily redemptions available (subject to a general suspension power). Norfolk Mortgage Trust Fund is a private credit PIE lending exclusively via first-registered mortgages, with a 183-day redemption notice period and at-exit liquidity; its gate provisions are more precisely defined — redemptions may be suspended if requests exceed 5% of units within three months, and a unitholder meeting must be called if requests exceed 20% of units on issue. Devon's IM describes its gate more broadly: "we have the ability, in certain circumstances to suspend or defer redemptions."

On fees, the funds differ significantly: Devon charges 0.52% per annum versus Norfolk's 2.5%. Norfolk discloses a specific target return — "to exceed the Six-month term deposit rate (published by the RBNZ) by 1.4% per annum (after the deduction of fees and expenses)" — whereas Devon's IM does not state a comparable verbatim target return figure. Norfolk caps lending at 75% LVR on first-mortgage security; Devon's IM does not specify an equivalent credit constraint, reflecting its broader multi-asset mandate.

Both are PIE structures eligible for PIR tax treatment, both are unit trusts (Norfolk described simply as "Trust"), and both are Auckland-based. Devon's minimum investment is NZ$10,000 versus Norfolk's NZ$5,000. Distributions differ: Devon pays quarterly; Norfolk pays monthly. Norfolk has been operating since 2006 and is not wholesale-only; Devon's wholesale status is noted but inception date is not disclosed in the extracted data.

Always verify these details against each fund's current IM or PDS before making any investment decision.