Devon Dividend Yield Fund (Wholesale) vs Norfolk Mortgage Trust Fund

The most material structural difference is asset class: Devon Dividend Yield Fund holds listed equities, while Norfolk Mortgage Trust Fund deploys capital into private credit secured by first mortgages with a disclosed maximum LVR of 75%. This distinction drives almost every other difference between the two funds.

Liquidity terms reflect that divergence sharply. Devon offers daily redemptions, subject to a general suspension power where the manager notes "we have the ability, in certain circumstances to suspend or defer redemptions." Norfolk requires 183 days' notice for redemption and applies a formalised gate: the manager may suspend if requests exceed 5% of units within three months, and must call an investor meeting if requests exceed 20% of units on issue within that window.

On fees, Devon charges 0.62% management fee plus a 10% performance fee; Norfolk charges 2.5% management fee and discloses no performance fee. Norfolk publishes an explicit 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 specify a stated target return in the extracted data. Both are PIE structures and PIR-eligible. Devon distributes quarterly; Norfolk distributes monthly. Devon's minimum investment is NZ$10,000 versus Norfolk's NZ$5,000. Norfolk has been operating since 2006 and is not wholesale-only; Devon's equivalent disclosure is not specified in the extracted data. Both are supervised trusts, with Devon overseen by NZ Guardian Trust and Norfolk by Public Trust.

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