Devon Global Sustainability Fund (Wholesale) vs Midlands Income Wholesale Fund

The most material structural difference between these two funds is asset class and liquidity profile. Devon Global Sustainability Fund invests in listed global equities and offers daily redemptions, while Midlands Income Wholesale Fund invests in private credit secured by first mortgages and operates on an at-exit basis requiring 30 days' notice — a fundamentally less liquid structure. This difference shapes almost everything else about the two funds.

On returns, Devon targets "long-term total returns in excess of the index by investing in a selective portfolio of global equities," an index-relative growth objective. 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," an income-focused benchmark tied to prevailing deposit rates. Midlands pays quarterly distributions; Devon's IM does not specify a distribution frequency.

Both are PIE unit trusts eligible for PIR taxation. Devon's minimum investment is NZD 10,000 versus Midlands' NZD 100,000. Devon's management fee is disclosed at 0.95%; Midlands' IM does not specify a comparable figure on file. Midlands discloses an LVR cap of 75% and first-mortgage security; Devon's IM contains no equivalent credit-risk disclosures, as expected for an equity fund. Gate provisions differ in structure: Devon reserves a general suspension right, while Midlands specifies a precise 5%-of-units-on-issue threshold within any three-month window before instalment or deferred redemption applies. Supervisors differ — New Zealand Guardian Trust for Devon, Trustees Executors for Midlands.

Verify all details against each fund's current IM or PDS before making any investment decision.