Fund-vs-fund · Australasian Equities
Amova Concentrated Equity Fund vs Devon Dividend Yield Fund
Both are Australasian Equities funds available to NZ retail investors. Numbers below are sourced from the FMA Disclose register via Sorted Smart Investor and reflect the latest published quarterly fund updates.
Why these two differ
The most material structural difference between these two funds is their risk profile and the concentration of their portfolios. The Amova Concentrated Equity Fund carries a risk indicator of 5, one step higher than the Devon Dividend Yield Fund's indicator of 4, and its name signals an intentionally concentrated approach — its five disclosed top holdings each carry weights between 7.59% and 11.90%, with Infratil Limited alone representing 11.9% of the portfolio. Devon's top five holdings are more evenly spread, ranging from 4.26% to 5.14%, suggesting broader diversification within the same Australasian Equities category. Both funds hold an identical growth assets allocation of 98.31%.
On fees, Devon charges 1.39% per annum against Amova's 1.15%, a 24-basis-point difference that compounds meaningfully over time. The five-year return picture diverges sharply: Devon records 5.45% per annum against Amova's 0.65%, though past performance does not indicate future returns and the measurement periods should be confirmed against each fund's latest Quarterly Fund Update before drawing conclusions. Devon's fund size is approximately NZD 16.4 million versus Amova's NZD 13.2 million — both relatively small pools, which can affect liquidity and operational scale. Note that the PDS URLs embedded in the source data do not appear to correspond to these specific funds by name, so document provenance warrants independent checking.
Always verify all figures, fees, and fund details against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
Comparison generated 2026-07-05 from each fund's FMA Disclose QFU facts as at that date. If the underlying facts change, this narrative is withheld until it is regenerated — the tables on this page always reflect the current data.
What's different at a glance
- Amova Concentrated Equity Fund charges 0.24% lower in annual fund charges (1.15% vs 1.39%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
Where each fund sits in its cohort
Percentile rank vs all 58 australasian equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Amova
1.15%
Upper half of cohort
Devon
1.39%
Highest 8% of cohort
5-year return p.a.
Past performance — not a predictor
Amova
0.65%
Lower half over 5 years
Devon
5.45%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Amova
NZ$13m
Smallest 15% in cohort
Devon
NZ$16m
Smallest 18% in cohort
| Metric | Amova | Devon | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.15% | 1.39% | Lower is better |
| Risk indicator (1–7) | 5 | 4 | Higher = more volatility |
| 5-year return p.a. | 0.65% | 5.45% | Higher is better (past not future) |
| Fund size | NZ$13m | NZ$16m | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 98% / 2% | More growth = higher long-run return + volatility |
| NZ tax structure | PIE (PIR-capped) | PIE (PIR-capped) | PIE = simpler. FIF = annual return. |
| Currency hedging | — | — | Hedged smooths NZD/foreign FX moves at a small cost. |
| Responsible investment screening | No | No | Specific exclusions live in each fund's SIPO. |
| Available via | Direct | Direct | Platforms accepting retail subscriptions. |
Portfolio overlap
How many top-10 positions both funds hold, and at what weight. Computed from each fund's most recently disclosed top-10 holdings — exact-name matched (Microsoft Corp. = Microsoft Corporation), with a Cash / Cash & Equivalents collapse rule.
What each fund says it does
Amova
Amova Concentrated Equity Fund
The fund aims to outperform the RBNZ Official Cash Rate plus 5.0% per annum over a rolling three-year period before fees, expenses and taxes. This fund aims to provide investors with concentrated exposure to New Zealand and Australian equity markets from an actively managed investment portfolio.Full Amova Amova Concentrated Equity Fund profile →
Devon
Devon Dividend Yield Fund
The Fund invests in a select portfolio of New Zealand and Australian listed equity securities chosen for their attractive dividend yields, with some growth prospects to maintain the dividend yield and capital value in real terms.Full Devon Devon Dividend Yield Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Common questions
What's the difference between the Amova Concentrated Equity Fund and the Devon Dividend Yield Fund?
Which fund has lower fees, Amova Concentrated Equity Fund or Devon Dividend Yield Fund?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
