Devon Trans-Tasman Fund (Wholesale) vs Norfolk Mortgage Trust Fund

The most material structural difference is asset class and return profile: Devon Trans-Tasman Fund holds Australasian listed equities, while Norfolk Mortgage Trust Fund deploys capital into private credit secured by first mortgages, targeting returns that "exceed the Six-month term deposit rate (published by the RBNZ) by 1.4% per annum (after the deduction of fees and expenses)." Devon carries no stated return target, reflecting equity market variability; Norfolk's income-focused mandate comes with an LVR cap of 75%, which Devon's IM does not specify as a relevant metric.

Liquidity terms differ significantly. Devon offers daily redemptions, whereas Norfolk requires 183 days' notice and processes redemptions at exit. Norfolk's gate provisions are more granular — suspensions trigger at 5% of units redeemed within three months, with a mandatory investor meeting if requests exceed 20% — compared to Devon's broader discretionary language: "we may defer or suspend redemptions in some circumstances."

On fees, Norfolk's management fee of 2.5% materially exceeds Devon's 0.87%, though Devon adds a 10% performance fee that Norfolk does not appear to charge. Norfolk distributes monthly versus Devon's semi-annual schedule. The minimum investment is lower for Norfolk ($5,000 vs. $10,000). Both are PIE-structured unit trusts, PIR-eligible, and Auckland-based. Norfolk has a disclosed inception date of 2006; Devon's IM does not specify one. Supervisors differ: New Zealand Guardian Trust (Devon) versus Public Trust (Norfolk).

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