Hunter Diversified Private Credit Fund vs Norfolk Mortgage Trust Fund

The most material structural difference is return positioning and fee load. Hunter targets "4% per annum higher than the New Zealand Official Cash Rate over a rolling 3-year period" at a 0.83% management fee, while Norfolk targets "to exceed the Six-month term deposit rate (published by the RBNZ) by 1.4% per annum (after the deduction of fees and expenses)" at a 2.5% management fee — a spread materially above Hunter's. Investors evaluating net-of-fee outcomes should weigh both the gross target premium and the fee drag independently.

Access and liquidity differ significantly. Hunter requires a NZD 100,000 minimum and is restricted to wholesale investors; Norfolk's minimum is NZD 5,000 and wholesale_only is false, making it accessible to a broader investor base. Hunter offers monthly redemptions, though gate provisions allow suspensions of up to six months and partial or zero redemptions under liquidity stress. Norfolk operates on an at-exit basis with 183 days' notice required, and the manager may suspend redemptions if requests exceed 5% of units in any three-month window, or call an investor meeting if requests exceed 20% of units on issue.

Norfolk discloses an LVR cap of 75% secured by first mortgage; Hunter's IM does not specify an equivalent LVR constraint. Both are PIE-structured unit trusts, PIR-eligible, and domiciled in Auckland. Hunter's supervisor is NZ Guardian Trust; Norfolk's is Public Trust. Norfolk has the longer track record, incepting in 2006 versus Hunter's December 2016 inception. Distributions are quarterly for Hunter and monthly for Norfolk.

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