Norfolk Mortgage Trust Fund vs PG New Zealand Bond Fund

The most material structural difference is investment strategy and underlying collateral. Norfolk Mortgage Trust Fund deploys capital exclusively into first-mortgage-secured private credit loans, with a verified LVR cap of 75% and 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)." PG New Zealand Bond Fund invests in New Zealand fixed interest securities; its IM does not specify an LVR cap or collateral structure, reflecting a different risk and return profile by design.

Liquidity terms differ materially. Norfolk requires 183 days' notice for redemptions and the manager may suspend withdrawals if requests exceed 5% of units within a three-month period, with a mandatory investor meeting triggered above 20%. PG offers redemptions at request, processed within 10 business days, subject to a $10 million per-account rolling four-week cap — a meaningfully shorter and more defined liquidity window.

Fee structures diverge sharply: Norfolk charges a verified management fee of 2.50% per annum versus PG's inferred 0.65%. Both are PIE-eligible, trust-structured, open to retail and wholesale investors, and distribute monthly. Minimum investment is $5,000 for Norfolk and $1,000 for PG. Norfolk has a verified inception date of 2006; PG's inception date is not on file. Norfolk's supervisor is Public Trust; PG's is The New Zealand Guardian Trust Company Limited. PG's FSP number is not on file, whereas Norfolk is registered as FSP31523.

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