Perpetual Charitable Endowment Fund Updates

Continuous Disclosure and Important Information

PRODUCT DISCLOSURE STATEMENT (PDS)

The PDS summarises information about Perpetual Charitable Endowment Fund (Fund).

Download PDS

The additional information document contains further information including fees, fund operations, tax and general information.

Download additional information

Product Information Incorporated by Reference

The PDS refers to other information relevant to the Funds, which is ‘incorporated by reference’ and forms part of the PDS. This information should be read together with the main PDS document above.

Download Transaction costs and Buy-sell spreads

Details of current underlying specialist investment managers


Continuous Disclosure

Notice date

Nature of event or change

Impact of the change

 16 November 2017
 No performance fee cap applicable for any specialist investment managers 
Effective on and from 16 December 2017, no performance-related fee cap will be applicable for any specialist investment managers of Single and Multi-sector funds (unless otherwise agreed to in the agreement between the specialist investment manager and Perpetual).

 

Performance-related fees are payable when a specialist investment manager outperforms a defined performance hurdle (benchmark), for a defined period of time. The maximum performance-related fee rate up to 25% of outperformance for specialist investment managers (other than for alternative assets) still remains.  

 

For more details, refer to the Performance-related fees section in PDS. 

1 November 2017

Change to investment return objective

Following a strategic asset allocation review the following change will take effect from 1 November 2017:

Investment return objective
Will change from:
a total return (including distributions) of CPI +4.5% p.a. before fees and after the effect of franking credits over rolling 5 to 10 year periods

to:

a total return (including distributions) of CPI +4.5% p.a. before fees and after the effect of franking credits over rolling 10-year period.

For the full investment return objective, please refer to the PDS and SPDS dated 1 November 2017.

22 June 2017

Changes to the constitution of the Fund/s

Perpetual has made changes to the constitutions for our Funds to allow them to be operated as Attribution Managed Investment Trusts. These changes will apply only from the time an election is made by Perpetual to adopt the AMIT regime for the relevant Fund. We will provide notification on the website if/when this election occurs.

1 June 2017

PDS update

The replacement PDS has been issued. It contains updated information in relation to your investment including:

  • Fees and Costs
    Due to changes in ASIC Class Order [CO 14/1252], we have updated our disclosure in respect of the estimated management cost of the Fund/s This amount includes estimated indirect costs which are paid by the Funds, and are not a direct cost to you. The management fee you pay to Perpetual has not changed.   
  • Tax and the AMIT regime
    The Federal Government passed tax legislation in May 2016 applicable to eligible managed investment schemes. Where a managed investment scheme meets the eligibility requirements and Perpetual Investment Management Limited, as the responsible entity, makes an election to apply the new tax rules, the Fund will become an Attribution Managed Investment Trust (AMIT). For more details refer to the above AMIT update.
  • The benchmark used for the global component of the Real Estate Fund has changed from hedged to AUD to unhedged.
For a copy of the PDS to obtain this information click above, or ask us for a copy free of charge by contacting us on  1800 003 001.

26 May 2017

Proposed Changes to the constitution of the Fund/s

Perpetual is proposing making changes to the constitutions for our Funds to allow them to be operated as Attribution Managed Investment Trusts (AMIT)

Find out more here


Maximum Performance-related fees of specialist investment managers

Notice date 22 November 2016

The maximum performance fee payable to specialist investment managers and when they are payable is described in the ‘Fees and Costs’ section in the 'Additional information' document that should be read in conjunction with the PDS . For specialist investment managers other than for alternative assets, the maximum performance fee rate will change from a maximum of 15.4% of that outperformance, to up to 25% of outperformance.

Investment Manager Review

Notice date 4 August 2016

Perpetual has conducted a review of its specialist investment managers in the Australian and international share sectors and following the review will implement the following:

Changes to Australian Share Specialist Investment Manager Allocations

From 6 July 2016, a number of changes were made to the Australian Share Asset Class specialist investment managers portfolio allocations. Changes are summarised as follows:

- Removal of the Australian Share Asset classes full allocation to Perpetual Investments Economic Diversification Dividend Yield (EDDY) strategy; and

- Resulting from the removal of Perpetual Investments EDDY strategy, an increase in allocations to Perpetual Investments Concentrated Equity strategy and increases in allocations to specialist investment managers Cooper Investors, Kaplan Funds Management and Renaissance Asset Management.

The changes to portfolio allocations will  result in some differences to specialist investment manager performance fee arrangements.

The specialist investment managers may be entitled to performance fee arrangements that differ, and in some cases may be higher. Any increases to performance fee arrangements will take effect no sooner than 30 days after the date of this update. 

The ranges of specialist investment manager performance fees align with those disclosed in the PDS.

The above changes will flow on to any multi sector funds that invest in Australian shares.

Changes to International Share Specialist Investment Managers

In August 2016, a number of changes will be made to specialist investment managers for the International Share Asset Class. Changes are summarised as follows:

- The following specialist investment managers have had their portfolio allocations terminated effective 2 August 2016:

  - Perpetual Investments Economic Diversification Global Equities strategy

  - Aberdeen Asset Management

- The following specialist investment managers will be appointed and received portfolio allocations no later than 22 August 2016:

- Sustainable Growth Advisers

- RWC

- Barrow, Hanley, Mewhinney & Strauss

Those specialist investment managers who will be appointed may be entitled to performance fee arrangements that differ from those specialist investment managers who have been terminated. In some cases the performance fee arrangements may be higher.  Any increases to performance fee arrangements will take effect no sooner than 30 days after the date of this update. 

The ranges of specialist investment manager performance fees align with those disclosed in the PDS.

The above changes will flow on to any multi sector funds that invest in International Shares.

Details of the new specialist investment managers will be included here, once those managers have commenced management of the portfolios: Specialist investment managers information.