Fund-vs-fund · Australasian Equities
Clarity Trans-Tasman Value FundvsDevon Alpha Fund
Clarity Trans-Tasman Value Fund (fund size NZ$132.6 million, annual fund charge 1.06%) and Devon Alpha Fund (fund size NZ$140.4 million, annual fund charge 1.30%) are both Australasian equities managed funds, as shown on Sorted Smart Investor on 22 May 2026; for the year to 31 March 2026 their 1-year returns after fees and tax were 13.87% and −0.22%, per their quarterly fund updates filed on FMA Disclose.
How much do these two overlap?
They hold 13 of the same securities. If you held both, roughly 26.4% of your money would be in the same companies — so the diversification you get from holding the pair is smaller than holding two funds suggests.
| Shared holding | Clarity Trans-Tasman | Devon Alpha | Min weight |
|---|---|---|---|
| AUD Cash at Bank | 3.34% | 5.02% | 3.34% |
| Infratil | 3.32% | 8.04% | 3.32% |
| a2 Milk | 2.96% | 3.23% | 2.96% |
| Contact Energy | 2.43% | 4.78% | 2.43% |
| Macquarie Group | 2.39% | 11.87% | 2.39% |
| Summerset Group | 2.21% | 6.61% | 2.21% |
| GOODMAN GROUP | 1.95% | 7.26% | 1.95% |
| Freightways | 1.84% | 5.59% | 1.84% |
| Sky City Entertainment Group | 1.53% | 4.32% | 1.53% |
| Port of Tauranga | 1.30% | 9.19% | 1.30% |
Min weight is the smaller of the two weightings — if you hold both funds, that is the floor of your exposure to that position. Direct holdings only: anything either fund holds through an underlying fund or ETF is not counted, so the real overlap can only be higher. From each fund's FMA Disclose full portfolio filing.
Where you can buy these
Platform availability confirmed within the last 180 days. This is a statement of availability, not a recommendation — ManagedFundsNZ is not a Financial Advice Provider. Check the current PDS before investing.
Clarity Trans-Tasman Value Fund
No platform availability confirmed. Usually means it is bought directly from the manager — check their site.
Devon Alpha Fund
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 57 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%
Top 24% 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. |
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?
