Fund-vs-fund · Australasian Equities
Devon Dividend Yield FundvsSummer Australian Equities
Devon Dividend Yield Fund (fund size NZ$16.4 million, annual fund charge 1.39%) and Summer Australian Equities (fund size NZ$17.5 million, annual fund charge 1.02%) are both Australasian equities managed funds, as shown on Sorted Smart Investor on 22 May 2026; Devon Dividend Yield Fund's 1-year return after fees and tax was 13.62% for the year to 31 March 2026, per its quarterly fund update filed on FMA Disclose.
How much do these two overlap?
They hold 12 of the same securities. If you held both, roughly 13.0% 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 | Devon Dividend | Summer Australian | Min weight |
|---|---|---|---|
| BHP Group Ltd | 2.82% | 9.69% | 2.82% |
| Rio Tinto | 3.56% | 2.72% | 2.72% |
| Santos Ltd | 2.09% | 2.13% | 2.09% |
| National Australia Bank | 1.36% | 3.35% | 1.36% |
| AUB Group Ltd | 1.61% | 0.77% | 0.77% |
| APA Group | 2.77% | 0.75% | 0.75% |
| Cleanaway Waste Management Ltd | 1.90% | 0.71% | 0.71% |
| Coles Group | 1.07% | 0.55% | 0.55% |
| Vulcan Steel | 1.55% | 0.45% | 0.45% |
| Ampol Ltd | 3.06% | 0.41% | 0.41% |
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.
Devon Dividend Yield Fund
Summer Australian Equities
No platform availability confirmed. Usually means it is bought directly from the manager — check their site.
Why these two differ
The most material structural difference between these two funds is their risk profile and geographic emphasis. Summer Australian Equities carries a risk indicator of 5, one step higher than Devon Dividend Yield Fund's indicator of 4, despite both funds allocating roughly 98% to growth assets. This divergence likely reflects Summer's concentrated exposure to Australian large-caps — BHP Group (9.69%), Commonwealth Bank of Australia (7.10%), and Westpac Banking Corporation (4.68%) dominate its top holdings — while Devon's portfolio leans toward a broader mix of New Zealand-listed dividend-paying names such as ANZ Group Holdings (5.14%), Genesis Energy (4.70%), and Turners Automotive Group (4.33%), with no single position exceeding 5.14%.
On fees, Summer charges 1.02% per annum against Devon's 1.39%, a 37-basis-point difference that compounds meaningfully over time. Devon's higher fee is not explained by the data available in this snapshot. On five-year returns, Summer recorded 8.01% per annum versus Devon's 5.45%, though past performance is not a reliable indicator of future returns and the two portfolios are not directly comparable given their differing geographic tilts.
Fund sizes are similar — Devon at approximately NZD 16.4 million and Summer at approximately NZD 17.5 million. The Summer fund's PDS references a KiwiSaver scheme, meaning it may be accessed through a KiwiSaver scheme account; Devon's structure in this snapshot does not explicitly indicate KiwiSaver eligibility.
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
- 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 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
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 16% 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 | Direct | Direct | Platforms accepting retail subscriptions. |
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?
