Fund-vs-fund · Australasian Equities
Devon Dividend Yield Fund vs Summer Australian Equities
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 risk profile: the Devon Dividend Yield Fund carries a risk indicator of 4 (out of 7), while Summer Australian Equities sits at 5, signalling that Summer's fund has historically exhibited wider return variability. This distinction matters even though both funds allocate nearly all assets to growth — Devon at 98.31% and Summer at 98.37% — because it likely reflects differences in geographic concentration and portfolio construction rather than asset-class mix.
Devon's portfolio blends Australian and New Zealand names, with Rio Tinto (6.2%), Genesis Energy (5.88%), Kiwi Property Group (5.19%), Freightways (4.97%), and Port of Tauranga (4.33%) among its largest positions, suggesting a tilt toward income-oriented, domestically listed stocks consistent with its dividend-yield mandate. Summer's top holdings are concentrated in large-cap Australian companies — BHP (9.69%), Commonwealth Bank (7.1%), Westpac (4.68%), ANZ (4.06%), and CSL (3.52%) — reflecting a more index-proximate Australian equity exposure with heavier financial-sector weight.
On fees, Devon charges 1.07% annually versus Summer's 1.02%, a modest difference. Summer's disclosed five-year return is 8.01% per annum compared with Devon's 7.08%, though past returns are not indicative of future performance. Fund sizes are comparable: Devon at approximately NZD 17.3 million and Summer at NZD 17.5 million. Summer's PDS references a KiwiSaver scheme account structure; Devon's appears to be a standalone managed fund.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on this comparison.
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
- Summer Australian Equities charges 0.37% lower in annual fund charges (1.02% vs 1.39%).
- 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
1.39%
Highest 8% of cohort
Summer
1.02%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Devon
5.45%
Upper half over 5 years
Summer
8.01%
Top 15% over 5 years
Fund size
Larger = more stable, lower close-risk
Devon
NZ$16m
Smallest 18% in cohort
Summer
NZ$17m
Smallest 20% in cohort
| Metric | Devon | Summer | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.39% | 1.02% | Lower is better |
| Risk indicator (1–7) | 4 | 5 | Higher = more volatility |
| 5-year return p.a. | 5.45% | 8.01% | Higher is better (past not future) |
| Fund size | NZ$16m | NZ$17m | 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 | InvestNow · 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
Devon weight in shared
3.6%
of Devon Dividend Yield Fund top 10 is shared
Summer weight in shared
2.7%
of Summer Australian Equities top 10 is shared
| Holding | Devon | Summer |
|---|---|---|
| RT Rio Tinto Ltd AU | 3.56% | 2.72% |
"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 Dividend Yield Fund
The Fund invests in a select portfolio of New Zealand and Australian listed equity securities chosen for their attractive dividend yields, with some growth prospects to maintain the dividend yield and capital value in real terms.Full Devon Devon Dividend Yield Fund profile →
Summer
Summer Australian Equities
The Summer Australian Equities fund invests mostly in Australian shares, and can invest in New Zealand listed shares where the company has meaningful operations in Australia. We aim to achieve long-term returns (before fees, taxes and other expenses) greater than the S&P/ASX 200 Accumulation Index, 50% hedged to the New Zealand dollar.Full Summer Summer Australian Equities profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Common questions
What's the difference between the Devon Dividend Yield Fund and the Summer Australian Equities?
Which fund has lower fees, Devon Dividend Yield Fund or Summer Australian Equities?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
