Devon Alpha Fund is a australasian equities managed fund operated by Devon; PIE-structured; FMA risk indicator 5/7. Headline terms: annual fund charge 1.85% · minimum investment NZ$10,000 · distributions semi-annually. Compared with 57 other same-category funds on this site, the 1.85% annual fund charge sits above the same-category median of 1.00%.
PIE tax treatment — capped at your PIR (max 28%)
This fund is a Portfolio Investment Entity (PIE) under Subpart HM of the Income Tax Act 2007. Income is taxed at your Prescribed Investor Rate (10.5% / 17.5% / 28%), not your marginal income-tax rate. The fund manager calculates and pays the tax on your behalf — when your PIR is correct, you usually don't need to declare PIE income in your annual tax return. See our PIR guide and PIE tax basics for the full picture, or use the PIR calculator to confirm your rate.
Annual fund charge
1.30%
vs peer avg 0.91%
Risk indicator
4/7
1 = lower risk · 7 = higher risk
5-year return p.a.
4.66%
peer avg 4.91%
Fund size
NZ$140.4m
98% growth · 2% income
The Fund aims to generate capital growth over the long term by actively investing in a concentrated portfolio of New Zealand and Australian equities and holding cash when appropriate investment opportunities cannot be identified.
Benchmark track record
Compare Australasian Equities consistency →How Devon Alpha Fund performed against its own market-index benchmark each year, after fees and tax — from the FMA fund-update dataset. Historical track record, not current-year performance; past performance is not a guide to the future.
Beat its benchmark in 8 of 14 years
annual returns to 31 March 2026Since inception: 11.12% p.a. after fees & tax vs benchmark 6.24%.
How Devon Alpha Fund differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Investment style
- Actively managed, benchmarked to the Official Cash Rate (OCR) +5%.
- Top 3 holdings
- Macquarie Group Ltd (11.9%) · Port of Tauranga Ltd (9.2%) · James Hardie Industries-CDI (8.1%)
Key facts
Fund start date
3 June 2010
Min. investment
NZ$10,000
Subsequent: NZ$100
Distributions
Semi-annually
Tax structure
PIE
Capped at your PIR (max 28%)
Performance fee
From the Product Disclosure Statement.
Performance fee paid (last published): 0.54%
The first 1% of gross return above the hurdle rate of return up to 13% per annum, then 15% of the gross return thereafter. There is a cap on the performance fee of 3%. Hurdle rate: 12% p.a. Subject to high water mark. Calculated and accrued in the daily unit price and paid annually on 31 March each year.
Investment policy
From the Statement of Investment Policy and Objectives (SIPO).
Strategic asset allocation ranges
| Asset class | Target | Min | Max |
|---|---|---|---|
| New Zealand shares (Australasian Equities) | — | 0% | 100% |
| Australian shares (Australasian Equities) | — | 0% | 100% |
| Cash or cash equivalent securities | — | 0% | 100% |
Responsible-investment approach
Devon applies ESG integration and active ownership strategies. They use MSCI Portfolio ESG Analytics and Portfolio Carbon Analytics tools for quarterly screening, are a signatory to the UN-supported PRI, and are a member of the RIAA. Derivatives used within funds are also covered by the Responsible Investment Policy to prevent indirect economic exposure to excluded companies.
Derivatives policy
Derivatives are listed as authorised investments across most funds and may be used for currency management purposes. If and when derivative products are used within the funds, these products are also covered by Devon's Responsible Investment Policy.
Reading between the lines
Plain-English summary of the scheme's disclosed conflicts and performance-fee mechanics, drawn from the OMI and PDS. Factual restatement — no opinion.
- Devon discloses that its ultimate parent, Investment Services Group Limited (ISG), provides administration, accounting, IT, legal, marketing, and HR services to the Funds and receives a portion of the total fund charge in return.
- Devon acknowledges this ISG arrangement is a related-party transaction that could conflict with investor interests, and any related-party benefit requires advance approval from the Supervisor.
- Devon charges performance fees across four funds ranging from 10% of outperformance above a benchmark hurdle to a tiered structure on the Devon Alpha Fund capped at 3% of fund value; all are subject to a high water mark.
- Devon staff are restricted to investing in Australasian equities only through the Funds themselves, though existing holdings at employment commencement and non-executive board member investments are permitted under declaration and conflict-check requirements.
Generated 2026-05-28 from Devon Investment Funds (Scheme number SCH10753) OMI (dated 2026-04-02). The verbatim disclosures appear in full below — this summary is a navigation aid, not a substitute.
Scheme disclosures
From the Other Material Information (OMI) document. Scheme-level — applies to every fund in this scheme.
Trustee / Supervisor
The New Zealand Guardian Trust Company Limited
Auditor
PricewaterhouseCoopers (PwC)
Custodian
BNP Fund Services Australasia Pty Limited (for all Funds except Devon Global Sustainability Fund and Devon Global Impact Bond Fund, for which the Supervisor holds scheme property directly by holding units in underlying Wellington Funds)
Conflicts disclosed
6
In OMI
Conflicts of interest disclosed in OMI
- All staff can only invest in the New Zealand and Australian share markets via the Funds, to prevent personal trading conflicts.
- Employees who own listed Australasian equities at the commencement of their employment are not required to divest those securities, but must declare each security held on their semi-annual trading declaration.
- Non-executive Board members may invest in Australasian equities provided no conflict exists and they do not hold material information in relation to those equities.
- Staff and Board members are free to invest in International (ex-Australasian) shares provided no conflict of interest exists.
- Devon's parent ISG provides services to the Funds and receives a portion of the total fund charge, constituting a related-party arrangement that could conflict with the interests of investors.
- Devon is prohibited from entering into a transaction that provides for a related party benefit unless approved by the Supervisor in advance.
How this fund compares to peers
Mechanical comparison vs the 58 other australasian equities funds in our cohort. Source: FMA Disclose register via Sorted Smart Investor. Past performance is not a reliable indicator of future returns.
Annual fund charge
1.30%
Category median: 1.01%
Pricier than most peers (top 88% by fee)
5y return p.a. (after fees)
+4.66%
Category median: +1.68%
Above peer median (66th percentile)
Fund size
NZ$140.4m
Category median: NZ$74.1m
68th percentile by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$633
Compounded charge over 5 years (excl. returns)
$138 more than peer median
Read the full fee-vs-peers breakdown →
Mechanical scores only — no opinion or recommendation. Different funds suit different investor goals. ManagedFundsNZ is not a Financial Advice Provider. Read the current PDS and consider speaking to a licensed financial adviser.
Top 10 holdings
As at the latest published quarterly fund update (via Sorted Smart Investor).
| Holding | % of fund |
|---|---|
 Macquarie Group Ltd | 11.87% |
| PO Port of Tauranga Ltd | 9.19% |
| JH James Hardie Industries-CDI | 8.08% |
 Infratil Ltd | 8.04% |
 Goodman Group | 7.26% |
 Summerset Group Holdings Ltd | 6.61% |
 Freightways Group Ltd | 5.59% |
| RT Rio Tinto Ltd | 5.54% |
 Fisher & Paykel Healthcare Ltd | 5.13% |
| AL Aristocrat Leisure Ltd | 5.02% |
Documents
- Supporting document288 kB · file fingerprint recorded
- Product Disclosure Statement504 kB · file fingerprint recorded
Also via Sorted Smart Investor
FMA Disclose mirrors and historical files from Sorted.
- DEVON ALPHA FUND (FND667) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 1.05 KB
- Artesian Greenand Sustainable Bond Fund (NZD)Product Disclosure Statement 10 Dec 24.pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 388.54 KB
- 2026 March Devon Alpha Fund.pdf The quarterly update published by the provider PDF, 1.01 MB
- Devon Responsible Investment Policy.pdf Devon Responsible Investment Policy April 2024 PDF, 3.81 MB
- Devon Investment Funds Product Disclosure Statement 2 April 2026.pdf Additional product disclosure statement from the provider PDF, 396.03 KB
- Devon Funds Management Other Material Information 2 April 2026.pdf This document contains important information that is not otherwise available on the register. It is intended to be read in conjunctio
- Devon Investment Funds SIPO 2 April 2026.pdf Statement of investment policy and objectives PDF, 230.49 KB
About this category
Funds investing primarily in shares listed on the NZX (New Zealand) or ASX (Australia), or both as Trans-Tasman portfolios. Includes active stock-pickers and passive index trackers.
About Devon
Active NZ and Australasian equities manager with dividend, alpha and trans-Tasman strategies.
See all funds from Devon →Common questions
Questions people ask about Devon Alpha Fund
Drawn from Google's "People also ask" panel and answered with reference to the fund's filed PDS, Fund Update and FMA Disclose data. Not personal financial advice — for guidance specific to your situation, consult an authorised financial adviser.
What is a reasonable fund management fee?
Fund management fees vary by asset class and fund type. For Australasian equities funds, the peer-cohort average fee is 0.95% p.a., though individual funds range above and below this benchmark. Check the Product Disclosure Statement (PDS) and FMA Disclose register for specific fee comparisons across funds you're considering.
Does the 2% management fee in funds get charged annually?
Yes, fund management fees are charged annually as a percentage of your investment. Devon Alpha Fund's annual fund charge is 1.31% p.a., deducted from the fund's assets each year and reflected in the unit price.
What does PDS stand for?
PDS stands for Product Disclosure Statement. It's a key document that outlines the fund's investment strategy, risks, fees, and other material information. You should read the Devon Alpha Fund PDS before investing, available from the manager or via InvestNow.
Head-to-head
Compare Devon Alpha Fund with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other Australasian Equities funds
Same manager
Other funds by Devon
- Devon Trans-Tasman FundAustralasian Equities
- Devon Dividend Yield FundAustralasian Equities
- Devon Australian FundAustralasian Equities
FMA risk band
Same risk band (5/7)
See every NZ retail managed fund with the same standardised FMA risk indicator. Useful for peer-checking volatility-comparable funds outside this category.
View risk band 5 funds →AI & integrations
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Frequently asked questions
Mechanical Q&A grounded in the fund's PDS, SIPO, and latest QFU on the FMA Disclose register. Verify against the source before relying on any of this.
Who manages the Devon Alpha Fund?
Devon Alpha Fund is managed by Devon. Active NZ and Australasian equities manager with dividend, alpha and trans-Tasman strategies.
What asset class is the Devon Alpha Fund?
It is a australasian equities managed fund. Funds investing primarily in shares listed on the NZX (New Zealand) or ASX (Australia), or both as Trans-Tasman portfolios. Includes active stock-pickers and passive index trackers.
What are the fees for the Devon Alpha Fund?
The annual fund charge for the Devon Alpha Fund is 1.30% p.a., as reported in the latest Quarterly Fund Update sourced from the FMA Disclose register. Always check the current PDS for any additional fees.
What is the risk indicator for the Devon Alpha Fund?
The risk indicator is 4/7 on the standardised FMA-mandated scale, where 1 is lower risk and 7 is higher risk. The risk indicator is calculated from the fund's price volatility over the past five years and is published in every Quarterly Fund Update.
Is the Devon Alpha Fund a PIE fund?
Yes. The Devon Alpha Fund is structured as a New Zealand Portfolio Investment Entity (PIE). Investor tax on the fund's income is capped at the investor's Prescribed Investor Rate (PIR), which has a maximum of 28%. Most NZ-resident retail investors with a taxable income at or below NZ$48,000 qualify for a lower PIR.
How big is the Devon Alpha Fund?
Fund size (assets under management) is NZ$140 million as at the latest Quarterly Fund Update. Asset mix is approximately 98% growth assets and 2% income assets.
What does the Devon Alpha Fund invest in?
The latest published top holdings are: Macquarie Group Ltd (11.87%), Port of Tauranga Ltd (9.19%), James Hardie Industries-CDI (8.08%). Holdings are disclosed in each Quarterly Fund Update; the full portfolio holdings file is also available via the FMA Disclose register.
How can I invest in the Devon Alpha Fund?
The Devon Alpha Fund is available via Devon directly. Always read the current Product Disclosure Statement before investing.
What is a reasonable fund management fee?
Fund management fees vary by asset class and fund type. For Australasian equities funds, the peer-cohort average fee is 0.95% p.a., though individual funds range above and below this benchmark. Check the Product Disclosure Statement (PDS) and FMA Disclose register for specific fee comparisons across funds you're considering.
Does the 2% management fee in funds get charged annually?
Yes, fund management fees are charged annually as a percentage of your investment. Devon Alpha Fund's annual fund charge is 1.31% p.a., deducted from the fund's assets each year and reflected in the unit price.
What does PDS stand for?
PDS stands for Product Disclosure Statement. It's a key document that outlines the fund's investment strategy, risks, fees, and other material information. You should read the Devon Alpha Fund PDS before investing, available from the manager or via InvestNow.