Devon Trans-Tasman Fund (Wholesale) vs Midlands Income Wholesale Fund

The most material structural difference is asset class and liquidity profile. Devon Trans-Tasman Fund invests in Australasian listed equities and processes redemptions daily, whereas the Midlands Income Wholesale Fund holds private credit secured by first mortgages and operates on an at-exit basis requiring 30 days' notice — a fundamentally less liquid structure. This distinction drives much of what follows.

On gate provisions, Devon's IM uses broad discretionary language — redemptions "may be deferred or suspended in some circumstances" — while Midlands specifies a defined trigger: if withdrawal requests within any 3-month period exceed 5% of units on issue, Midlands may redeem by instalments or defer to a period it sets. One fund's gates are principle-based; the other's are rule-based.

Both are PIE unit trusts eligible for PIR taxation. Devon's management fee is 0.87% with a 10% performance fee; Midlands discloses no performance fee in its IM and targets an income return that "exceeds the average 3 month term deposit rate advertised by all relevant New Zealand registered banks" — a relative income benchmark rather than a capital-growth objective. Midlands caps LVR at 75% and requires first-mortgage security; Devon's IM does not specify equivalent credit risk controls, consistent with its listed-equity mandate. Minimum investment differs significantly: Devon requires NZ$10,000 versus Midlands' NZ$100,000. Distributions are semi-annual for Devon and quarterly for Midlands. Midlands' FSP number is not on file for this comparison. Devon has been verified as Auckland-based; Midlands is Hastings-based with an inception date of July 2021.

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