MyFarm KiwiFruit Fund vs Norfolk Mortgage Trust Fund

The most material structural difference is investor eligibility and regulatory framework. MyFarm KiwiFruit Fund is wholesale-only, restricting access to eligible wholesale investors under the Financial Markets Conduct Act, while Norfolk Mortgage Trust Fund is open to retail and wholesale investors alike, structured as a PIE trust supervised by Public Trust, with PIR-eligible returns — a meaningful tax distinction that MyFarm's IM does not address.

Return objectives differ substantially in nature. MyFarm targets a "long-term total return, including cash distributions and capital growth, of 10% p.a.," blending income and appreciation from kiwifruit orchards — classified as property rather than credit. Norfolk's objective is narrower and explicitly benchmarked: "to exceed the Six-month term deposit rate (published by the RBNZ) by 1.4% per annum (after the deduction of fees and expenses)," reflecting its private-credit, first-mortgage strategy with a disclosed LVR cap of 75%. MyFarm's IM does not specify an LVR limit or security type.

Liquidity terms also diverge. MyFarm offers quarterly redemptions with quarterly distributions. Norfolk distributes monthly but requires 183 days' redemption notice and operates on an at-exit basis, with gate provisions triggered if requests exceed 5% of units in any three-month window, or a mandatory investor meeting if requests exceed 20%. MyFarm's IM discloses no equivalent gate mechanism.

Norfolk discloses a 2.5% management fee and a $5,000 minimum investment and has operated since 2006; MyFarm discloses neither fee nor minimum, and its AUM is inferred at NZD 210 million rather than verified from its IM.

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