# Devon Trans-Tasman Fund > Mechanical fund record. Sourced from the FMA Disclose register. ManagedFundsNZ does not give financial advice and does not publish opinion-based ratings. - **Manager:** Devon (Devon Funds Management Limited) - **Asset class:** Australasian Equities - **Structure:** NZ Portfolio Investment Entity (PIE) — investor tax capped at PIR (max 28%) - **Confidence tier:** C (Sorted Smart Investor → FMA Disclose) - **Last verified:** 2026-05-22 ## Summary The Devon Trans-Tasman Fund is a australasian equities managed fund run by Devon. Active NZ and Australasian equities manager with dividend, alpha and trans-Tasman strategies. ## Investment objective (from PDS) > This Fund aims to generate capital growth over the long term by actively managing your New Zealand and Australian equity investments. Source: Product Disclosure Statement dated 2026-04-02 (Tier A, lodged on FMA Disclose register). https://smartinvestor.sorted.org.nz/disclose-document/22477620a7c9051d/Devon-Investment-Funds-Product-Disclosure-Statement-2-April-2026.pdf ## Fund data - **Annual fund charge:** 1.36% p.a. (from the latest Quarterly Fund Update) - **5-year return (after charges, after tax at 28% PIR):** 6.08% p.a. - **Risk indicator:** 4/7 on the FMA-mandated standardised scale (1 = lower risk, 7 = higher risk) - **Fund size (AUM):** NZ$154 million - **Asset mix:** 98% growth assets · 2% income assets - **Fund started:** 30 September 1998 - **Minimum initial investment:** NZ$10,000 ## Top 10 holdings 1. Infratil Ltd — 7.18% 2. Fisher & Paykel Healthcare Ltd — 6.62% 3. ANZ Group Holdings Ltd — 5.46% 4. Goodman Group — 4.47% 5. A2 Milk Company Ltd — 4.28% 6. BHP Group Ltd — 4.04% 7. Auckland International Airport Ltd — 3.86% 8. Summerset Group Holdings Ltd — 3.53% 9. Contact Energy Ltd — 3.40% 10. Macquarie Group Ltd — 3.24% Holdings are disclosed in every Quarterly Fund Update; the full portfolio holdings file is available via the FMA Disclose register. ## Performance fee (from PDS) - **Performance fee paid (last published period):** 0.29% > 10% of the net return of the Fund (reflected in the unit price) over the 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 unhedged to NZD. Subject to high water mark. Calculated and accrued in the daily unit price and paid monthly based on the rolling annual returns. ## Additional terms (from PDS) - **Minimum subsequent investment:** NZ$100 - **Distribution cadence:** semi-annually ## Investment policy (from 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% | 50% | ### 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. Source: Statement of Investment Policy and Objectives dated 2026-04-02. https://smartinvestor.sorted.org.nz/disclose-document/5649585ac5fee1ae/Devon-Investment-Funds-SIPO-2-April-2026.pdf ## Scheme disclosures (from OMI) Scheme-level. The same disclosures apply 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 of interest disclosed in OMI:** 6 ### Conflicts of interest (verbatim from 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. ### Related-party transactions - **Investment Services Group Limited (ISG)** (ultimate parent of Devon Funds Management Limited) — Investment administration and investment operation services for the Funds; also certain operations and administrative functions including investment administration, accounting, legal support, IT, marketing and HR under a Service Level Agreement · ISG receives a portion of the total fund charge collected from the Funds to cover its services Source: Other Material Information document dated 2026-04-02. https://smartinvestor.sorted.org.nz/disclose-document/566756790cfafb97/Devon-Funds-Management-Other-Material-Information-2-April-2026.pdf ## How to invest Available via: Devon directly. Read the current Product Disclosure Statement (PDS) before investing. ## Sources - **FMA Disclose register** (primary): https://disclose-register.companiesoffice.govt.nz/search?searchType=ALL&q=Devon%20Trans-Tasman%20Fund - **Product Disclosure Statement:** /disclose-document/mdo382fdfd86545089179c530d8d64c27a5/Artesian-Greenand-Sustainable-Bond-Fund%28NZD%29Product-Disclosure-Statement-10-Dec-24.pdf - **Sorted Smart Investor** (cross-validation): https://smartinvestor.sorted.org.nz/kiwisaver-and-managed-funds/SCH10753/OFR10754/FND1505/ - **Manager website:** https://www.devonfunds.co.nz ## Citations (authoritative primary sources) - FMA Disclose register — https://disclose-register.companiesoffice.govt.nz/ (publisher: Financial Markets Authority, NZ) - Inland Revenue — PIE / PIR rules — https://www.ird.govt.nz/roles/portfolio-investment-entities - Financial Markets Conduct Act 2013 — https://www.legislation.govt.nz/act/public/2013/0069/latest/DLM4090578.html - Sorted Smart Investor (cross-validation only) — https://smartinvestor.sorted.org.nz/ ## This file - **Canonical HTML:** https://managedfunds.nz/funds/devon/trans-tasman/ - **Markdown (this file):** https://managedfunds.nz/funds/devon/trans-tasman/markdown.md - **Structured data (JSON):** https://managedfunds.nz/funds/devon/trans-tasman/data.json - **First published:** 2026-05-08 - **Last refreshed:** 2026-05-22 - **Reuse licence:** citation with link back to the canonical HTML is granted. No paid redistribution. Full terms: https://managedfunds.nz/llms-policy.txt --- ManagedFundsNZ is independent. We are not a Financial Advice Provider. This page is general information sourced from the FMA Disclose register; it is not personalised financial advice. Read the current PDS and consider talking to a licensed adviser before investing.