Norfolk Mortgage Trust Fund vs PG High Conviction Fund

The most material structural difference is asset class: Norfolk Mortgage Trust Fund deploys capital into private credit secured by first mortgages on New Zealand property, while PG High Conviction Fund invests in Australasian equities — placing the two funds at opposite ends of the risk-return spectrum in terms of underlying exposure and volatility profile.

On return expectations, 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)" — a benchmark-relative, income-oriented objective. PG High Conviction's IM does not specify a comparable target return string. Norfolk's maximum LVR is capped at 75% and security is limited to first mortgages; PG's IM discloses no equivalent lending constraints, consistent with an equity mandate.

Fee structures diverge notably. Norfolk charges a 2.5% management fee with no disclosed performance fee. PG charges 1.2% management plus a 10% performance fee, meaning total costs depend on returns achieved. Norfolk's minimum investment is NZD 5,000 versus PG's NZD 1,000.

Liquidity terms also differ. Norfolk requires 183 days' redemption notice and suspends redemptions if requests exceed 5% of units in any three-month window (with a unitholder meeting triggered above 20%). PG offers redemptions "at any time" subject to a $10 million rolling four-week gate per investor account — a materially more liquid structure for most investors. Both are PIE-eligible trusts with monthly distributions, supervised by different entities (Public Trust vs. New Zealand Guardian Trust).

Always verify these details against each fund's current source IM or PDS before relying on them for investment decisions.