Devon Dividend Yield Fund (Wholesale) vs PCG Diversified New Zealand Private Debt Fund

The most material structural difference between these two funds is asset class and return profile. Devon Dividend Yield Fund (Wholesale) invests in listed equities and targets income through dividends, while PCG Diversified New Zealand Private Debt Fund holds private credit secured by first mortgages, targeting "Reserve Bank of New Zealand Official Cash Rate + 4.0% (net of management fees and fund costs and before tax)" — a floating, benchmark-linked return that has no equivalent disclosure in Devon's IM.

Liquidity terms diverge significantly. Devon offers daily redemptions, with a general caveat that the manager has "the ability, in certain circumstances to suspend or defer redemptions." PCG's redemptions are at the manager's discretion with proceeds paid within ten business days of acceptance, and a formal gate applies for up to 365 days if redemption requests in any three-month period exceed 5% of units on issue — a materially more restrictive structure.

Entry thresholds also differ: Devon's minimum is NZD 10,000 versus PCG's NZD 125,000. Management fees are 0.62% (Devon) versus 0.75% (PCG); Devon additionally charges a 10% performance fee, whereas PCG's IM does not disclose a performance fee. Both funds are PIE-eligible unit trusts domiciled in Auckland, and both distribute income — Devon quarterly, PCG monthly. Devon's supervisor is New Zealand Guardian Trust; PCG's is Public Trust. PCG's IM carries a verified inception date of March 2022; Devon's IM does not specify one. FSP details are on file for Devon (FSP1581) but not recorded for PCG.

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