Fund-vs-fund · Australasian Equities
Castle Point Trans-Tasman Fund vs Devon Australian 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 five-year return profile. Devon Australian Fund returned 7.47% per annum over five years, while Castle Point Trans-Tasman Fund returned 0.91% over the same period — a gap of over six percentage points annually. Both funds carry an identical risk indicator of 5 (on a scale of 1 to 7) and an identical growth asset allocation of 98.31%, so this return divergence is not explained by differences in risk positioning or asset-class exposure at the aggregate level.
On fees, Castle Point charges 1.08% annually versus Devon's 1.30%, a 22 basis point difference that compounds meaningfully over time. Fund sizes are comparable: Devon sits at approximately NZD 10.3 million and Castle Point at approximately NZD 12.0 million.
Portfolio construction reveals a significant geographic and sector tilt. Devon's top holdings are concentrated in large-cap Australian resources and banking names — BHP, Rio Tinto, ANZ Group, and Commonwealth Bank — while Castle Point's top five are entirely New Zealand-listed companies across healthcare, infrastructure, airports, energy, and consumer goods, with Fisher & Paykel Healthcare alone at 16.03%. Note that the PDS URL recorded for Devon in this data snapshot appears to reference a different fund document; investors should treat Devon's PDS link with caution until confirmed.
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
- Castle Point Trans-Tasman Fund charges 0.22% lower in annual fund charges (1.08% vs 1.30%).
- 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
Castle Point
1.08%
Upper half of cohort
Devon
1.30%
Highest 12% of cohort
5-year return p.a.
Past performance — not a predictor
Castle Point
0.91%
Lower half over 5 years
Devon
7.47%
Top 19% over 5 years
Fund size
Larger = more stable, lower close-risk
Castle Point
NZ$12m
Smallest 9% in cohort
Devon
NZ$10m
Smallest 8% in cohort
| Metric | Castle Point | Devon | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.08% | 1.30% | Lower is better |
| Risk indicator (1–7) | 5 | 5 | Higher = more volatility |
| 5-year return p.a. | 0.91% | 7.47% | Higher is better (past not future) |
| Fund size | NZ$12m | NZ$10m | 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.
Matching holdings
1
of each fund's top 10
Castle Point weight in shared
9.9%
of Castle Point Trans-Tasman Fund top 10 is shared
Devon weight in shared
3.1%
of Devon Australian Fund top 10 is shared
| Holding | Castle Point | Devon |
|---|---|---|
 Infratil Ltd NZ | 9.92% | 3.14% |
"Min weight" = the smaller of the two weights — a conservative read of how much exposure you'd have to that position if you held both funds.
What each fund says it does
Castle Point
Castle Point Trans-Tasman Fund
The Fund invests in New Zealand and Australian Listed Companies and is benchmarked to the S&P/NZX 50 Index (incl Imputation Credits). The performance objective of the Fund is to outperform the benchmark over rolling five-year periods after all fees (and other expenses) but before tax.Full Castle Point Castle Point Trans-Tasman Fund profile →
Devon
Devon Australian Fund
A select portfolio of companies which are primarily Australian listed companies. The Australian market offers exposure to a number of sectors that are not available in New Zealand. The Australian Fund is actively managed, which means the holdings and investment returns may differ considerably from its benchmark. The Fund tends to be fully invested in shares but can hold cash.Full Devon Devon Australian Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Castle Point
Common questions
What's the difference between the Castle Point Trans-Tasman Fund and the Devon Australian Fund?
Which fund has lower fees, Castle Point Trans-Tasman Fund or Devon Australian 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?
