Fund-vs-fund · Australasian Equities
Devon Trans-Tasman Fund vs QuayStreet NZ Equity 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 Devon Trans-Tasman Fund carries a risk indicator of 4 (out of 7), while the QuayStreet NZ Equity Fund sits at 5, meaning QuayStreet's fund is rated as carrying higher volatility despite both funds allocating an identical 98.31% to growth assets. This divergence likely reflects differences in geographic concentration and stock-level volatility rather than asset class mix alone.
That distinction in risk is reinforced by the top holdings. Devon's largest positions — Infratil (7.18%), Fisher & Paykel Healthcare (6.62%), and ANZ Group Holdings (5.46%) — skew toward New Zealand-listed names. QuayStreet's disclosed top holdings are dominated by large-cap Australian names: BHP Billiton (11.21%), Commonwealth Bank of Australia (8.65%), and Westpac (6.81%), with no NZ-domiciled stock appearing in its top five. Investors seeking NZ-market concentration would find meaningfully different underlying exposure in each fund.
On fees, Devon charges 1.36% annually versus QuayStreet's 1.27%, a 9-basis-point difference. QuayStreet's five-year return is disclosed at 7.14% against Devon's 6.08%, though past returns are not indicative of future performance and the two funds' differing risk ratings complicate direct comparison. Both funds are similarly sized at approximately NZD 154–155 million. Note that the PDS URLs in the underlying data source appear to reference unrelated third-party documents, which may indicate a data mapping issue worth flagging.
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
- QuayStreet NZ Equity Fund charges 0.09% lower in annual fund charges (1.27% vs 1.36%).
- 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
QuayStreet
1.27%
Highest 15% of cohort
5-year return p.a.
Past performance — not a predictor
Devon
6.08%
Upper half over 5 years
QuayStreet
7.14%
Top 21% over 5 years
Fund size
Larger = more stable, lower close-risk
Devon
NZ$154m
Upper half by size
QuayStreet
NZ$155m
Upper half by size
| Metric | Devon | QuayStreet | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.36% | 1.27% | Lower is better |
| Risk indicator (1–7) | 4 | 5 | Higher = more volatility |
| 5-year return p.a. | 6.08% | 7.14% | Higher is better (past not future) |
| Fund size | NZ$154m | NZ$155m | 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
2
of each fund's top 10
Devon weight in shared
8.7%
of Devon Trans-Tasman Fund top 10 is shared
QuayStreet weight in shared
10.3%
of QuayStreet NZ Equity Fund top 10 is shared
| Holding | Devon | QuayStreet |
|---|---|---|
 ANZ Group Holdings Ltd AU | 5.46% | 5.79% |
 Macquarie Group Ltd AU | 3.24% | 4.56% |
"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 →
QuayStreet
QuayStreet NZ Equity Fund
The QuayStreet Australian Equity Fund invests predominantly in companies that are in the ASX 200 Index. The investment objective is to provide a level of return above the fund’s benchmark over the long term.Full QuayStreet QuayStreet NZ Equity Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Common questions
What's the difference between the Devon Trans-Tasman Fund and the QuayStreet NZ Equity Fund?
Which fund has lower fees, Devon Trans-Tasman Fund or QuayStreet NZ Equity 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?
