Norfolk Mortgage Trust Fund vs PG Strategic Growth Fund

The most material structural difference between these two funds is asset class: Norfolk Mortgage Trust Fund deploys capital into New Zealand private credit secured by first mortgages, while PG Strategic Growth Fund invests in international equities — a distinction that drives fundamentally different risk, return, and liquidity profiles.

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 modest, benchmark-relative objective consistent with its secured lending mandate. PG Strategic Growth Fund's IM does not specify a comparable target return figure. Norfolk's LVR cap is disclosed at 75%; PG's IM does not specify an equivalent constraint, as equity funds typically do not use this metric.

Fee structures diverge meaningfully. Norfolk charges a 2.5% management fee with no disclosed performance fee. PG charges 1.2% management fee plus a 10% performance fee, meaning total cost depends heavily on fund performance.

Liquidity terms also differ. Norfolk requires 183 days' redemption notice with a gate triggered when requests exceed 5% of units in any three-month period; PG permits redemptions at any time but applies a $10 million per-investor rolling four-week gate. Norfolk's minimum investment is NZD 5,000 versus NZD 1,000 for PG. Both are PIE-eligible, PIR-applicable, monthly-distributing trust structures open to retail investors. Norfolk has a disclosed inception date of 2006; PG's IM does not state one. Supervisors differ: Public Trust (Norfolk) versus New Zealand Guardian Trust Company Limited (PG).

Always verify these details against the current source IM or PDS before making any investment decision.