Devon Sustainability Fund (Wholesale) vs Midlands Income Wholesale Fund

The most material structural difference is asset class and liquidity profile. Devon Sustainability Fund invests in Australasian listed equities with daily redemptions and no notice period required, while Midlands Income Wholesale Fund operates in private credit secured by first mortgages, requires 30 days' notice, and processes redemptions only at exit. These differences cascade into meaningfully different risk, return, and accessibility characteristics.

Both funds are structured as PIE unit trusts, are PIR-eligible, and are supervised by independent trustees — Devon by The New Zealand Guardian Trust Company Limited, Midlands by Trustees Executors Limited. Both carry gate provisions, though their triggers differ materially: Devon's IM states redemptions may be "suspended or deferred" in certain unspecified circumstances, while Midlands discloses a precise 5%-of-units-on-issue threshold within any 3-month window before instalment or deferred redemption may apply.

Minimum investment diverges significantly: Devon requires NZD 10,000 versus Midlands' NZD 100,000. Management fees are disclosed for Devon at 0.87%; Midlands' IM does not specify a comparable fee figure on file here. Devon distributes semi-annually; Midlands distributes quarterly. Midlands discloses a maximum LVR of 75% on its mortgage security and a target return described verbatim as "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"; Devon's IM does not state an equivalent target return or LVR metric, as these are not applicable to its equity mandate.

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