Fund-vs-fund · Australasian Equities
Devon Alpha Fund vs Smart NZ Mid Cap ETF
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 investment approach: the Devon Alpha Fund is an actively managed, concentrated portfolio targeting Australasian equities across both Australia and New Zealand, while the Smart NZ Mid Cap ETF is a passive, index-tracking exchange-traded fund restricted to mid-capitalisation New Zealand companies. This distinction drives most of the other contrasts visible in the data.
On fees, Devon Alpha charges an annual fund charge of 1.30%, more than double the Smart NZ Mid Cap ETF's 0.60%. Despite the higher fee, Devon Alpha has delivered a five-year return of 4.66% per annum against the ETF's 0.36% over the same period, though past returns are not a reliable indicator of future performance and the two portfolios are tracking different opportunity sets. Devon Alpha carries a risk indicator of 4 out of 7; the Smart NZ Mid Cap ETF sits at 5 out of 7, reflecting the narrower, mid-cap-only universe's greater volatility profile. Both funds hold approximately 98.31% growth assets and are similar in size — Devon Alpha at roughly NZD 140.4 million and the ETF at roughly NZD 132.6 million. Portfolio overlap is limited; Port of Tauranga appears in both top-five holdings lists, but Devon Alpha's largest position is the Australian-listed Macquarie Group at 11.87%, while the ETF's largest is Mercury NZ Ltd at 9.83%, underlining the geographic and market-cap differences in construction.
Always verify all figures 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
- Smart NZ Mid Cap ETF charges 0.70% lower in annual fund charges (0.60% 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
Devon
1.30%
Highest 12% of cohort
Smartshares
0.60%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
Devon
4.66%
Upper half over 5 years
Smartshares
0.36%
Lower half over 5 years
Fund size
Larger = more stable, lower close-risk
Devon
NZ$140m
Upper half by size
Smartshares
NZ$133m
Upper half by size
| Metric | Devon | Smartshares | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.30% | 0.60% | Lower is better |
| Risk indicator (1–7) | 4 | 5 | Higher = more volatility |
| 5-year return p.a. | 4.66% | 0.36% | Higher is better (past not future) |
| Fund size | NZ$140m | NZ$133m | 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
3
of each fund's top 10
Devon weight in shared
21.4%
of Devon Alpha Fund top 10 is shared
Smartshares weight in shared
15.3%
of Smart NZ Mid Cap ETF top 10 is shared
| Holding | Devon | Smartshares |
|---|---|---|
| PO Port of Tauranga Ltd NZ | 9.19% | 5.52% |
 Summerset Group Holdings Ltd NZ | 6.61% | 4.88% |
 Freightways Group Ltd NZ | 5.59% | 4.87% |
"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
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 →
Smartshares
Smart NZ Mid Cap ETF
The Smart NZ Mid Cap ETF is designed to track the return (before tax, fees and other expenses) of the S&P/NZX MidCap Index. The Index is comprised of companies listed on the NZX that are included in the S&P/NZX 50 Index but are not included in the S&P/NZX 10 Index.Full Smartshares Smart NZ Mid Cap ETF profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Common questions
What's the difference between the Devon Alpha Fund and the Smart NZ Mid Cap ETF?
Which fund has lower fees, Devon Alpha Fund or Smart NZ Mid Cap ETF?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
