Fund-vs-fund · Australasian Equities
Devon Trans-Tasman Fund vs Fisher Funds New Zealand Growth Fund
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 Fisher Funds New Zealand Growth Fund carries a risk indicator of 5, one step higher than the Devon Trans-Tasman Fund's indicator of 4, on the standard 1–7 scale. This reflects meaningfully different expected return variability despite both funds allocating 98.31% to growth assets — an identical figure that makes the risk-indicator divergence worth examining closely against each fund's SIPO and investment strategy disclosures.
Both sit in the Australasian Equities category, yet their geographic focus differs. Devon's fund spans both New Zealand and Australian securities, with its top five holdings drawn from each side of the Tasman — ANZ Group Holdings and Goodman Group are Australian-listed names. Fisher Funds' top holdings are concentrated in New Zealand-listed equities, with no Australian names appearing in its disclosed top five.
The five-year return figures diverge sharply: Devon reports 6.08% per annum against Fisher Funds' 1.47% per annum, though past returns are not a reliable indicator of future performance. On fees, Fisher Funds charges 1.42% annually versus Devon's 1.36%. Fund sizes are comparable — Devon at approximately NZD 154.2 million, Fisher Funds at approximately NZD 160.6 million.
Concentration also differs: Fisher Funds' top two holdings (Fisher & Paykel Healthcare at 18.39% and Infratil at 14.65%) represent a substantially larger combined weight than Devon's equivalent pair (7.18% and 6.62%).
Verify all figures against each fund's current PDS 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
- Devon Trans-Tasman Fund charges 0.06% lower in annual fund charges (1.36% vs 1.42%).
- 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
1.36%
Highest 9% of cohort
Fisher Funds
1.42%
Highest 6% of cohort
5-year return p.a.
Past performance — not a predictor
Devon
6.08%
Upper half over 5 years
Fisher Funds
1.47%
Lower half over 5 years
Fund size
Larger = more stable, lower close-risk
Devon
NZ$154m
Upper half by size
Fisher Funds
NZ$161m
Upper half by size
| Metric | Devon | Fisher Funds | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.36% | 1.42% | Lower is better |
| Risk indicator (1–7) | 4 | 5 | Higher = more volatility |
| 5-year return p.a. | 6.08% | 1.47% | Higher is better (past not future) |
| Fund size | NZ$154m | NZ$161m | 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
5
of each fund's top 10
Devon weight in shared
24.6%
of Devon Trans-Tasman Fund top 10 is shared
Fisher Funds weight in shared
51.2%
of Fisher Funds New Zealand Growth Fund top 10 is shared
| Holding | Devon | Fisher Funds |
|---|---|---|
 Infratil Ltd NZ | 7.18% | 14.65% |
 Fisher & Paykel Healthcare Ltd NZ | 6.62% | 18.39% |
 Auckland International Airport Ltd NZ | 3.86% | 7.50% |
 Summerset Group Holdings Ltd NZ | 3.53% | 6.71% |
 Contact Energy Ltd NZ | 3.40% | 3.91% |
"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 Trans-Tasman Fund
The Fund invests in a select portfolio of well researched companies which are primarily New Zealand and Australian listed companies. The Trans-Tasman Fund is actively managed, which means the holdings and returns may differ considerably from its benchmark.Full Devon Devon Trans-Tasman Fund profile →
Fisher Funds
Fisher Funds New Zealand Growth Fund
The fund focuses on growth of your investment over the long term by investing in quality New Zealand companies which can consistently produce increasing earningsFull Fisher Funds Fisher Funds New Zealand Growth Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Devon
LiveLast verified 2026-05-08
Fisher Funds
LiveLast verified 2026-05-08
Common questions
What's the difference between the Devon Trans-Tasman Fund and the Fisher Funds New Zealand Growth Fund?
Which fund has lower fees, Devon Trans-Tasman Fund or Fisher Funds New Zealand Growth 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?
