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 Smart NZ Mid Cap ETF is a passive, index-tracking exchange-traded fund while the Devon Alpha Fund is an actively managed fund — and this distinction drives most of the contrasts that follow.
Fee levels reflect that difference directly. The Smart NZ Mid Cap ETF charges 0.60% per annum; the Devon Alpha Fund charges 1.31% per annum, more than double. Despite the higher fee, the Devon Alpha Fund has returned 7.22% per annum over five years against the Smart NZ Mid Cap ETF's 2.16% — though past performance does not indicate future returns, and the gap in net-of-fee outcomes will depend heavily on future active management results.
Risk indicator ratings diverge as well: the Smart NZ Mid Cap ETF sits at 5 (higher volatility) versus Devon Alpha Fund's 4 (moderate-to-higher volatility), despite both funds holding 98.31% growth assets. This suggests differences in the volatility profile of their respective holdings rather than overall asset allocation. Both funds are similarly sized — approximately NZD 147 million and NZD 159 million respectively.
Portfolio construction differs in concentration and geography. Devon Alpha holds Macquarie Group (13.13%) and Infratil (11.98%) as its two largest positions, indicating meaningful Australian exposure at the top of the book. Smart NZ Mid Cap ETF leads with Mercury NZ (9.25%) and Chorus (8.38%), reflecting a tighter domestic focus. Freightways and Summerset appear in both portfolios. Note that Fund B's PDS URL in our snapshot appears to reference a different fund document; readers should verify this directly.
Always verify fees, returns, and holdings against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
Cached comparison generated 2026-05-21 from each fund's latest FMA Disclose QFU. Regenerated when the underlying facts change.
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?
