Fund-vs-fund · Australasian Equities
Clarity New Zealand Equity 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 geographic focus. Despite sharing an Australasian Equities category, Devon Australian Fund concentrates almost entirely on Australian-listed companies — its top holdings are BHP Group, Rio Tinto, ANZ Group Holdings, and Commonwealth Bank of Australia — giving it heavy exposure to Australian resources and banking sectors. Clarity New Zealand Equity Fund, by contrast, holds exclusively NZ-listed companies, led by Fisher & Paykel Healthcare, Infratil, Auckland International Airport, Meridian Energy, and Contact Energy, tilting toward NZ infrastructure, utilities, and healthcare.
Both funds carry an identical growth assets allocation of 98.31%, so portfolio composition in that dimension is equivalent. Where they diverge meaningfully is risk indicator and fees: Devon sits at risk indicator 5 on the standard 1–7 scale, while Clarity sits at 4, reflecting the greater volatility historically associated with Australian resource stocks. Devon charges an annual fund charge of 1.30% versus Clarity's 1.06%. On five-year returns, Devon has returned 7.47% per annum against Clarity's 1.68%, though past performance is not a reliable indicator of future returns and the two funds' differing geographic mandates make direct comparison limited in usefulness. Fund size is comparable — Devon at approximately NZ$10.3 million, Clarity at approximately NZ$12.6 million.
Readers should verify all figures, including any updates to fees or returns, against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on this summary.
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
- Clarity New Zealand Equity Fund charges 0.24% lower in annual fund charges (1.06% 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
Clarity
1.06%
Upper half of cohort
Devon
1.30%
Highest 12% of cohort
5-year return p.a.
Past performance — not a predictor
Clarity
1.68%
Upper half over 5 years
Devon
7.47%
Top 19% over 5 years
Fund size
Larger = more stable, lower close-risk
Clarity
NZ$13m
Smallest 13% in cohort
Devon
NZ$10m
Smallest 8% in cohort
| Metric | Clarity | Devon | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.06% | 1.30% | Lower is better |
| Risk indicator (1–7) | 4 | 5 | Higher = more volatility |
| 5-year return p.a. | 1.68% | 7.47% | Higher is better (past not future) |
| Fund size | NZ$13m | 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
2
of each fund's top 10
Clarity weight in shared
13.5%
of Clarity New Zealand Equity Fund top 10 is shared
Devon weight in shared
9.0%
of Devon Australian Fund top 10 is shared
| Holding | Clarity | Devon |
|---|---|---|
| $ NZD Cash at Bank NZ | 4.02% | 5.85% |
 Infratil Ltd NZ | 9.44% | 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
Clarity
Clarity New Zealand Equity Fund
The Fund will provide actively managed exposure to New Zealand equities. The Fund aims to generate a better return than the benchmark over the medium to long term. We intend for the Fund to make quarterly income distributions.Full Clarity Clarity New Zealand Equity 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 →
Common questions
What's the difference between the Clarity New Zealand Equity Fund and the Devon Australian Fund?
Which fund has lower fees, Clarity New Zealand Equity 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?
