Devon Global Impact Bond Fund (Wholesale) vs Midlands Income Wholesale Fund

The most material structural difference is asset class and liquidity profile. Devon's fund invests in listed global fixed interest securities with daily redemptions, while Midlands operates in private credit secured by first mortgages, requiring 30 days' notice and offering redemptions only at exit. This illiquidity distinction is compounded by meaningfully different gate provisions: Devon reserves a general ability to "suspend or defer redemptions," whereas Midlands specifies a precise threshold — gates trigger when withdrawal requests on the same holding exceed 5% of units on issue within three months, with redemptions then staggered or deferred at Midlands' discretion.

The funds also differ substantially on minimum investment (Devon: NZ$10,000; Midlands: NZ$100,000) and management fees (Devon: 0.34% per annum; Midlands does not disclose a fee figure in the extracted data). Target returns are framed differently: Devon seeks "long-term total returns in excess of the index," while 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." Midlands discloses an LVR cap of 75% on first-mortgage security; Devon's IM does not specify equivalent credit or collateral constraints, consistent with its listed-market mandate.

Both funds share PIE status, quarterly distributions, unit trust structure, and New Zealand-based management. Supervisors differ: Devon uses New Zealand Guardian Trust; Midlands uses Trustees Executors Limited. Midlands has a verified inception date of July 2021; Devon's inception date is not disclosed in the extracted data.

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