Devon Global Impact Bond Fund (Wholesale) vs Norfolk Mortgage Trust Fund

The most material structural difference is asset class and liquidity profile. Devon Global Impact Bond Fund invests in publicly traded global fixed-interest securities with daily redemptions, while Norfolk Mortgage Trust Fund deploys capital into New Zealand private credit secured by first mortgages, with redemptions available only at exit following a 183-day notice period. This liquidity gap is significant: Devon's IM notes a general ability to suspend or defer redemptions, whereas Norfolk's IM specifies tiered gate triggers — suspension if requests exceed 5% of units within three months, and a mandatory investor meeting if requests exceed 20% of units on issue within three months.

Fee structures diverge sharply: Devon charges a management fee of 0.34% per annum versus Norfolk's 2.5% per annum. Target returns also differ in construction — Devon aims for "long-term total returns in excess of the index," whereas Norfolk targets "to exceed the Six-month term deposit rate (published by the RBNZ) by 1.4% per annum (after the deduction of fees and expenses)." Norfolk discloses an LVR cap of 75% on first-mortgage security; Devon's IM does not specify an equivalent leverage constraint. Norfolk has been operating since 2006 and is open to retail investors; Devon does not disclose an inception date in the extracted facts and is wholesale-only. Both funds are PIEs eligible for PIR taxation, structured as trusts, and supervised by New Zealand-regulated entities — Devon by NZ Guardian Trust, Norfolk by Public Trust. Minimum investment is NZD 10,000 for Devon and NZD 5,000 for Norfolk. Distributions are quarterly for Devon and monthly for Norfolk.

Always verify these details against the source IM or PDS before making any investment decision.