Devon Dividend Yield Fund is a australasian equities managed fund operated by Devon; PIE-structured; FMA risk indicator 4/7. Headline terms: annual fund charge 1.19% · minimum investment NZ$10,000 · distributions quarterly. Compared with 57 other same-category funds on this site, the 1.19% 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
1.39%
vs peer avg 0.91%
Risk indicator
4/7
1 = lower risk · 7 = higher risk
5-year return p.a.
5.45%
peer avg 4.91%
Fund size
NZ$16.4m
98% growth · 2% income
The Fund invests in a well-researched portfolio of equities with the objective of generating an above market average dividend yield while providing some growth to maintain capital values in real terms.
Benchmark track record
Compare Australasian Equities consistency →How Devon Dividend Yield 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 7 of 13 years
annual returns to 31 March 2026Since inception: 9.06% p.a. after fees & tax vs benchmark 9.52%.
How Devon Dividend Yield Fund differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Benchmark
- 50:50 composite of the S&P/NZX50 (Gross) Index and the S&P/ASX200 (Accumulation) Index fully hedged to NZD
- Top 3 holdings
- ANZ Group Holdings Ltd (5.1%) · Genesis Energy Ltd (4.7%) · Turners Automotive Group Ltd (4.3%)
Key facts
Fund start date
20 December 2012
Min. investment
NZ$10,000
Subsequent: NZ$100
Distributions
Quarterly
Tax structure
PIE
Capped at your PIR (max 28%)
Performance fee
From the Product Disclosure Statement.
Performance fee paid (last published): 0.13%
10% of the net return of the Fund (reflected in the unit price) over the Fund's hurdle rate of return for the relevant period. Hurdle rate: 50:50 composite of the S&P/NZX50 (Gross) Index and the S&P/ASX200 (Accumulation) Index fully hedged. Subject to high water mark. Calculated and accrued in the daily unit price and paid monthly based on the rolling annual returns.
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% | 10% |
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
1.39%
Category median: 1.01%
Pricier than most peers (top 92% by fee)
5y return p.a. (after fees)
+5.45%
Category median: +1.68%
Above peer median (68th percentile)
Fund size
NZ$16.4m
Category median: NZ$74.1m
18th percentile by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$676
Compounded charge over 5 years (excl. returns)
$181 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 |
|---|---|
 ANZ Group Holdings Ltd | 5.14% |
 Genesis Energy Ltd | 4.70% |
| TA Turners Automotive Group Ltd | 4.33% |
 Ebos Group Ltd | 4.29% |
 Kiwi Property Group Ltd | 4.26% |
| PO Port of Tauranga Ltd | 3.98% |
| NP Napier Port Holdings Ltd | 3.78% |
| RT Rio Tinto Ltd | 3.56% |
| NZ NZME Ltd | 3.23% |
 Argosy Property Trust | 3.22% |
Documents
- Supporting document420 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 DIVIDEND YIELD FUND (FND1504) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 1.61 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 Dividend Yield Fund.pdf The quarterly update published by the provider PDF, 419.83 KB
- 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 Dividend Yield 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.
Is a dividend yield fund good?
A dividend yield fund pools capital into companies selected for income generation; suitability depends on your investment goals, time horizon, and risk tolerance. Devon Dividend Yield Fund holds ~98.31% growth assets and ~1.69% income assets, and is rated 4/7 on the FMA standardised risk indicator, meaning it carries moderate-to-higher volatility. Check the Product Disclosure Statement and your personal circumstances before investing.
Is a dividend yield fund a good investment?
Whether a dividend yield fund suits your needs depends on your financial goals and risk appetite. Devon Dividend Yield Fund delivered 7.08% p.a. after fees and before tax over 5 years (as at the latest QFU), though past performance is not a guarantee of future returns. Review the fund's PDS, risk indicator (4/7), and tax treatment (PIE structure) to determine if it aligns with your objectives.
Which dividend yield fund is best?
Compare dividend yield funds in our coverage using filters for annual fund charge, risk indicator, asset mix, and 5-year performance on this site. Devon Dividend Yield Fund charges 1.07% p.a. (compared to a peer-cohort average of 0.95% p.a.) and returned 7.08% p.a. after fees before tax over 5 years; use the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ to review other funds' performance and fees.
Head-to-head
Compare Devon Dividend Yield 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 Alpha FundAustralasian Equities
- Devon Australian FundAustralasian Equities
FMA risk band
Same risk band (4/7)
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 4 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 Dividend Yield Fund?
Devon Dividend Yield Fund is managed by Devon. Active NZ and Australasian equities manager with dividend, alpha and trans-Tasman strategies.
What asset class is the Devon Dividend Yield 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 Dividend Yield Fund?
The annual fund charge for the Devon Dividend Yield Fund is 1.39% 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 Dividend Yield 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 Dividend Yield Fund a PIE fund?
Yes. The Devon Dividend Yield 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 Dividend Yield Fund?
Fund size (assets under management) is NZ$16 million as at the latest Quarterly Fund Update. Asset mix is approximately 98% growth assets and 2% income assets.
What does the Devon Dividend Yield Fund invest in?
The latest published top holdings are: ANZ Group Holdings Ltd (5.14%), Genesis Energy Ltd (4.70%), Turners Automotive Group Ltd (4.33%). 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 Dividend Yield Fund?
The Devon Dividend Yield Fund is available via Devon directly. Always read the current Product Disclosure Statement before investing.
Is a dividend yield fund good?
A dividend yield fund pools capital into companies selected for income generation; suitability depends on your investment goals, time horizon, and risk tolerance. Devon Dividend Yield Fund holds ~98.31% growth assets and ~1.69% income assets, and is rated 4/7 on the FMA standardised risk indicator, meaning it carries moderate-to-higher volatility. Check the Product Disclosure Statement and your personal circumstances before investing.
Is a dividend yield fund a good investment?
Whether a dividend yield fund suits your needs depends on your financial goals and risk appetite. Devon Dividend Yield Fund delivered 7.08% p.a. after fees and before tax over 5 years (as at the latest QFU), though past performance is not a guarantee of future returns. Review the fund's PDS, risk indicator (4/7), and tax treatment (PIE structure) to determine if it aligns with your objectives.
Which dividend yield fund is best?
Compare dividend yield funds in our coverage using filters for annual fund charge, risk indicator, asset mix, and 5-year performance on this site. Devon Dividend Yield Fund charges 1.07% p.a. (compared to a peer-cohort average of 0.95% p.a.) and returned 7.08% p.a. after fees before tax over 5 years; use the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ to review other funds' performance and fees.