Fund-vs-fund · Australasian Equities
Clarity Trans-Tasman Value Fund vs Devon Alpha 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 fees. Devon Alpha Fund charges an annual fund charge of 1.30%, compared with 1.06% for the Clarity Trans-Tasman Value Fund — a 24 basis point gap that compounds meaningfully over time in a category where both funds hold almost identical growth asset allocations (each at 98.31%) and carry the same risk indicator of 4 out of 7.
On a five-year returns basis, the Clarity fund returned 5.78% per annum against Devon Alpha's 4.66% per annum, though past performance is not a reliable indicator of future returns and these figures are after fees, so the gross performance differential may differ from the net figures shown.
Portfolio construction diverges noticeably. Devon Alpha is more concentrated, with its top five holdings accounting for roughly 44% of the fund, led by Macquarie Group (11.87%), Port of Tauranga (9.19%), and James Hardie Industries (8.08%). Clarity's top five holdings represent approximately 24% of the fund, with BHP Group (6.89%) and ANZ Group Holdings (6.32%) at the top — suggesting a more diversified, value-oriented approach consistent with the fund's name. Infratil Ltd appears in both portfolios, though at materially different weights (8.04% in Devon Alpha versus 3.32% in Clarity).
Fund size is broadly comparable: Devon Alpha at NZD 140.4 million, Clarity at NZD 132.6 million. Neither fund is a KiwiSaver scheme account vehicle based on data provided.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on this comparison.
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 Trans-Tasman Value 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
5.78%
Upper half over 5 years
Devon
4.66%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Clarity
NZ$133m
Upper half by size
Devon
NZ$140m
Upper half by size
| Metric | Clarity | Devon | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.06% | 1.30% | Lower is better |
| Risk indicator (1–7) | 4 | 4 | Higher = more volatility |
| 5-year return p.a. | 5.78% | 4.66% | Higher is better (past not future) |
| Fund size | NZ$133m | NZ$140m | 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
Clarity weight in shared
3.3%
of Clarity Trans-Tasman Value Fund top 10 is shared
Devon weight in shared
8.0%
of Devon Alpha Fund top 10 is shared
| Holding | Clarity | Devon |
|---|---|---|
 Infratil Ltd NZ | 3.32% | 8.04% |
"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 Trans-Tasman Value Fund
The Fund will provide actively managed exposure to New Zealand and Australian equities. The Fund aims to generate a better return than the benchmark over the medium to long term. It employs a value investing strategy, typically favouring companies which offer higher earnings yields. We intend for the Fund to make quarterly income distributions.Full Clarity Clarity Trans-Tasman Value Fund profile →
Devon
Devon Alpha Fund
A concentrated portfolio of approximately 10-15 select companies listed on the New Zealand and Australian share markets. The Alpha Fund does not follow an equity index and is actively managed. When appropriate investment opportunities cannot be identified, the Alpha Fund may hold cash or cash equivalent securities. The Alpha Fund aims to generate capital growth over the long term.Full Devon Devon Alpha Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Common questions
What's the difference between the Clarity Trans-Tasman Value Fund and the Devon Alpha Fund?
Which fund has lower fees, Clarity Trans-Tasman Value Fund or Devon Alpha 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?
