WealthFocus Investment Advantage
Important information & continuous disclosure
For more detailed information on Perpetual WealthFocus Investment Advantage.
Other relevant information about this investment
The following links provide incorporated information which form part of the Perpetual WealthFocus Investment Advantage PDS:
- The current buy/sell spread for each Investment Option
- The commencement date for each Investment Option
- Direct Debit Request Service Agreement
- Online Account Access conditions of use
- Details of current underlying investment managers
Additional information about the investment management policy and details of the underlying portfolio for the property Investment Option:
- Perpetual Property Income Investment Option*
*ASIC Regulatory Guide 46 Unlisted Property Schemes: Improving disclosure for retail investors requires additional information about the investment management policy and details of a fund's investment portfolio to be provided on a regular basis where the fund's exposure to unlisted property exceeds or is likely to exceed 50% of its non-cash assets. The previously issued quarterly reports providing such information in relation to the Perpetual Property Income Investment Option will no longer be produced given the underlying Perpetual Wholesale Property Income Fund's exposure to unlisted property is unlikely to reach the 50% threshold for the foreseeable future. However, exposure to unlisted property will continue to be monitored in the underlying fund and the report will be reinstated should the underlying fund again become subject to these reporting requirements.
You should read this information in conjunction with the PDS - more information on the WealthFocus Investment Advantage offering
Closure and wind up of Perpetual Property Securities and Perpetual Property Income Investment Options
The Perpetual Property Securities and Perpetual Property Income Investment Options are being closed and wound up. These Investment Options closed to all transactions on 15 May (final cut-off for transactions was 3pm on 14 May).
Effective 21 June 2013, the investment managers of the following investment options will be replaced with the new investment managers listed in the following table. The management costs and buy/sell spreads shown in the following table will apply from that time onwards.
|Current investment manager||Management cost 1||New investment manager||Management cost 1||Buy/sell spread|
|All Star IAM Australian Share||2.14%||CFS Equity Income||2.25%||0.40%/0.0%
|BlackRock Scientific International Equity||2.15%||Grant Samuel Epoch Global Equity Shareholder Yield (unhedged)||2.15%
|GMO Global Equity||2.15%||Magellan Global||2.38%||0.20%/0.0%|
1. Management cost excluding abnormal operating expenses and performance fees
Fund closures and wind-ups
The following Investment Options will be closed and wound up on 21 June 2013. These options are now closed to applications and will close to redemptions from 3pm 12 June 2013.
ING Managed Growth
BlackRock Indexed Australian Listed Property
We are permitted to be reimbursed from the Investment Options for the operating expenses incurred in the day-to-day operations of the Investment Options (such as audit fees, regulatory costs and the cost of offer documents). From 1 July 2013, a proportion of these costs, set at 0.03% pa, will be added to the management costs of the Investment Options (other than suspended Investment Options).
Perpetual Property Income
From 1 September 2012 Perpetual will not be rebating the management charges attributable to the Property Fund’s investments in unlisted property trusts.
Perpetual will rebate management fees associated with investments in underlying funds. Unlisted property trusts do not fall into this category. Unlisted property trusts currently account for approximately 22% of the value of the Fund.
Wellington Management Company, LLP (Wellington Management) appointed to manage international fixed income from 1 August 2012
Wellington Management has been appointed as an external specialist investment manager from 1 August 2012 to manage the international fixed income assets in the following Investment Options:
• Perpetual Wholesale Conservative Growth Fund
• Perpetual Wholesale Diversified Growth Fund
• Perpetual Wholesale Balanced Growth Fund
Information about Wellington Management can be found at:
Vanguard management fee changes
Effective 1 August 2012, the management fee for the Vanguard Investment Options will change as follows:
|Vanguard International Shares Index (Hedged)||1.70%||1.58%|
|Vanguard Australian Property Securities Index||1.50%||1.45%|
|Vanguard Australian Shares Index||1.50%||1.40%|
Change to investment guidelines for the following Investment Options as at 1 August 2012:
Perpetual Balanced Growth
Perpetual Diversified Growth
Perpetual Conservative Growth
MFS Global Equity - change of Investment Manager
From July 2012 MFS Institutional Advisors, Inc.will replace BNP Paribas Investment Partners as the Investment Manager.
Macquarie Income Opportunities Investment Option
The maximum allocation to the hybrid securities sector will be decreased from 30 per cent to 10 per cent, with effect from 2 April 2012.
Perpetual Australian Share
On 31 March 2012 the WealthFocus Investment Advantage Perpetual Australian Share Fund will be making a special distribution.
Changes to footnote 17 on page 32 of the PDS Part 2 dated 15 August 2011
17 The Fund gains its exposure to Australian shares by investing in an underlying fund/s which invest/s primarily in Australian listed or soon to be listed shares but may have up to 20% exposure to stocks outside Australia. The investment guidelines showing the Investment Option's maximum investment in international shares do not include this potential additional exposure. Short positions may be part of the underlying Australian share funds' strategy. Currency hedges may be used from time to time.
Change of investment guidelines for ING Managed Growth investment option
|Australian fixed interest||0||25|
|International fixed interest||0||26|
|Australian property securities||0||9|
|International property securities||0||11|
The investment approach for the Platinum Asia Investment Option have changed. The revised investment approach is as follows:
The fund primarily invests in the listed securities of Asian companies. The portfolio will ideally consist of 75 to 150 securities that Platinum believes to be undervalued by the market. Cash may be held when undervalued securities cannot be found. Platinum may short sell securities that it considers overvalued. The portfolio will typically have 50% or more net equity exposure. Currency exposures are actively managed.
Amendment to the investment guidelines for van Eyk Blueprint - Capital Stable Investment Option
|Listed property and infrastructure||0||15|
Amendment to the investment guidelines for van Eyk Blueprint - Balanced Investment Option
|Listed property and infrastructure||0||25|
Amendment to the investment guidelines for van Eyk Blueprint - High Growth Investment Option
|Listed property and infrastructure||0||30|
Amendment to the investment guidelines for Colonial First State Balanced Investment Option
|Fixed interest and cash||40%||60%|
|Global resource shares||5%||15%|
Wellington Management appointed to manage Perpetual International Shares from 15 August 2011
Wellington Management Company, LLP (Wellington Management) has been appointed as an external specialist investment manager from 15 August 2011 to manage the international shares asset class in the following Investment Options:
• Perpetual International Share
• Perpetual Conservative Growth
• Perpetual Diversified Growth
• Perpetual Balanced Growth
• Perpetual Split Growth
Information about Wellington Management can be found at:
The below funds may invest in underlying funds that charge a performance fee. If these performance fees occur, they will be an additional cost to you.
• WealthFocus Perpetual Balanced Growth
• Wealthfocus Perpetual Conservative Growth
• WealthFocus Perpetual Diversified Growth
Changes to Perpetual International Share profile from 15 August 2011
Aims to provide long-term growth through investment in international shares.
The Fund primarily invests in publicly traded, or to be listed, global equity securities, including emerging markets.
The focus is on investing in stocks of companies the investment manager believes are solid but temporarily out-of-favour and provide above-average total return potential. The country and sector allocations within the Fund are a result of the stock selection process.
The currency exposure of the Fund is typically unhedged, although currency hedging may be used to protect investments at the discretion of the investment manager.
Derivatives may be used in managing the Fund.
Anti-Money Laundering/Counter-Terrorism Financing
Further details about the Anti-Money Laundering/Counter-Terrorism Financing laws and obtain forms ‘Customer identification form'.
The APIR codes for each Investment Option
Change of name for our managed investment scheme
The legal name of 'Perpetual's Investor Choice Fund' has been changed to 'Perpetual WealthFocus Investment Advantage Fund'.
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