Norfolk Mortgage Trust Fund vs PG Balanced Fund

The most material structural difference is asset class and transparency of terms: Norfolk Mortgage Trust Fund is a documented private credit fund lending against first-mortgage security with a verified LVR cap of 75%, while PG Balanced Fund's IM provides no disclosed asset class, target return, fee structure, LVR limits, or investment strategy details in the extracted data — making a like-for-like comparison across most dimensions impossible.

On the facts available, both funds share a PIE trust structure, both are PIR-eligible, and both are open to retail as well as wholesale investors, with Public Trust supervising Norfolk and The New Zealand Guardian Trust Company Limited supervising PG Balanced Fund.

Where Norfolk's terms are fully specified, PG Balanced Fund's are not. Norfolk discloses a target return "to exceed the Six-month term deposit rate (published by the RBNZ) by 1.4% per annum (after the deduction of fees and expenses)", a 2.5% management fee, monthly distributions, a minimum investment of NZ$5,000, a 183-day redemption notice period, and gate provisions that can suspend redemptions if requests exceed 5% of units within a three-month window. PG Balanced Fund discloses only a NZ$1,000 minimum investment; its fees, target return, distribution frequency, redemption terms, and gate provisions are not on file. Norfolk has operated since 2006; no inception date is recorded for PG Balanced Fund.

Readers should verify all details directly against each fund's current IM, PDS, or SIPO before placing any reliance on this summary.