Devon Global Impact Bond Fund (Wholesale) vs PCG Diversified New Zealand Private Debt Fund

The most material structural difference between these two funds is asset class and underlying risk profile. The Devon Global Impact Bond Fund invests in listed global fixed-interest securities, targeting "long-term total returns in excess of the index by investing in a diverse portfolio of global bonds." The PCG Diversified New Zealand Private Debt Fund lends against first-mortgage security in the New Zealand private credit market, targeting "Reserve Bank of New Zealand Official Cash Rate + 4.0% (net of management fees and fund costs and before tax)" — a floating, OCR-linked return versus Devon's index-relative objective.

Liquidity terms differ meaningfully. Devon offers daily redemptions, though it reserves the general ability to "suspend or defer redemptions" in certain circumstances. PCG processes redemptions at the manager's discretion with proceeds paid within ten business days of acceptance, and its gate provisions are more precisely defined: redemptions can be suspended for up to 365 days if aggregate requests in any three-month period exceed 5% of units on issue, or under a range of named market conditions. PCG's minimum investment of NZ$125,000 is substantially higher than Devon's NZ$10,000. Management fees also diverge — Devon at 0.34% versus PCG at 0.75%. Both are PIE unit trusts eligible for PIR taxation. Devon distributes quarterly; PCG monthly. Devon is supervised by NZ Guardian Trust; PCG by Public Trust. PCG's IM confirms a March 2022 inception date; Devon's PDS does not specify one.

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