Norfolk Mortgage Trust Fund vs PG Conservative Fund

The most material structural difference between these two funds is the depth of disclosed information: Norfolk Mortgage Trust Fund's IM provides a comprehensive set of verified terms, while PG Conservative Fund's available data is marked "not_on_file from PDS" across every field beyond basic identifiers, making a balanced side-by-side comparison impossible on most dimensions.

On what can be compared: both are PIE-structured trusts domiciled in Auckland, both carry PIR eligibility, and both have a minimum investment below $10,000 — Norfolk at NZ$5,000 versus PG Conservative at NZ$1,000. Both are supervised trusts, Norfolk by Public Trust and PG Conservative by The New Zealand Guardian Trust Company Limited.

Where only Norfolk discloses: its asset class is private credit secured by first mortgages with an LVR cap of 75%. Its target return is "to exceed the Six-month term deposit rate (published by the RBNZ) by 1.4% per annum (after the deduction of fees and expenses)." Management fees are 2.5% p.a., distributions are monthly, and redemptions require 183 days' notice with gate provisions triggered if requests exceed 5% of units within any three-month period. Norfolk has operated since 2006 and is open to retail as well as wholesale investors. None of these terms are on file for PG Conservative Fund — its asset class, target return, fees, redemption terms, and track record are all undisclosed in the extracted data.

Readers should verify all details directly against each fund's current IM, PDS, or SIPO before relying on any of the above.