Perpetual Select Investments Updates

Continuous Disclosure and Important Information

Product Disclosure Statement (PDS)

The PDS contains detailed information about the Perpetual Select Investment Funds such as the benefits, risks and fees and charges.

Download PDS

Product Information Incorporated by Reference

The PDS refers to other information relevant to the product (information which is ‘incorporated by reference’) which can be found below. This incorporated information forms part of the PDS and should be read together with the main PDS document above.

Download Transaction costs and Buy-sell spreads

Download Management Costs for FY2017

Details of current underlying specialist investment managers

Other Documents

These documents are relevant to features offered in select investment funds.

Direct Debit Request Service Agreement

Online Account Access conditions of use

Privacy Policy

Our privacy policy

Perpetual’s Privacy Policy has been updated as of March 2014 to include information about how you may access and seek correction of personal information held by us, make a complaint to us if you have concerns about how we have handled your personal information, how we will deal with such complaints and whether we may disclose personal information to overseas recipients.

Product Updates

We may update information in the PDS by issuing a supplementary PDS. However, if product updates are not materially adverse we will notify you via our website. Any updates should be read together with the main PDS document above.

Continuous Disclosure

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.

Other continuous disclosure notices

Notice date

Nature of event or change

Impact of the change

1 February 2018
Reduction of Buy spreads

Effective from 1 February 2018, the buy spreads of the following funds will be reduced:

  • Australian Share Fund
  • Geared Australian Share Fund
  • Real Estate Fund
Find out more here
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

PDS Update:
Update to investment options

Effective 1 November 2017, some investment options will have 

  • Revised investment ranges
  • Revised updated investment objective
  • Benchmark changes

The investment options with changes are:

Multi asset

Conservative, Diversified, Balanced, Growth, Geared High Growth

Single asset

Real Estate, International Share Fund

This follows our strategic asset allocation review.  Read the attached notice for details about these changes.

29 September 2017

AMIT Regime

Perpetual has elected into the Attribution Managed Investment Trust (AMIT) Regime for the year ending 30 June 2018 and subsequent years.


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 Select Investment Funds 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

17 March 2017                      

Perpetual Select Investment Funds – Fixed Income:

Change of buy/sell spread

Effective 18 April 2017, the buy/sell spread for the fixed income investment option will change as follows:

Current buy/sell spread %

New buy/sell spread %

0.13 / 0.00%

0.14 / 0.00%

 

The new buy/sell spread reflects increased transaction costs involved with fixed income investment option.

The increased spread will not impact your current investments, only future investments and switches into fixed income investment option.

The buy/sell spread for all other investment options remain unchanged.

Buy/sell spreads may change from time to time. The current buy-sell spread for each investment option is available on this page under the section: Product Information Incorporated by Reference

From 22 December 2016                       

Investment changes to the single-asset class investment options of Select Investments

From 22 December 2016, we are making changes to the following single-asset class investment options:

  •       Australian Share (Perpetual Select Australian Share Fund)
  • Geared Australian Share (Perpetual Select Geared Australian Share Fund)
  •       International Share (Perpetual Select International Share Fund)
  •       Fixed Income (Perpetual Select Fixed Income Fund)
  • Real Estate (Perpetual Select Real Estate Fund).

The changes will impact investment guidelines by:

  • Increasing maximum cash limits from 10% to 20%
  • Decreasing respective minimum asset class limits from 90% to 80%.
There are no changes made to the targets, benchmarks and investment objectives of these investment options.

22 November 2016                       

Investment changes to the single-asset class investment options of Select Investments

Effective 22 December 2016, we are making changes to the following single-asset class investment options:

  •       Australian Share (Perpetual Select Australian Share Fund)

  • Geared Australian Share (Perpetual Select Geared Australian Share Fund)
  •       International Share (Perpetual Select International Share Fund)

  •       Fixed Income (Perpetual Select Fixed Income Fund)

  • Real Estate (Perpetual Select Real Estate Fund).

The changes will impact investment guidelines by:

  • Increasing maximum cash limits from 10% to 20%
  • Decreasing respective minimum asset class limits from 90% to 80%.

There are no changes made to the targets, benchmarks and investment objectives of these investment options.

22 November 2016

Maximum Performance-related fees of specialist investment managers


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

This change will be effective from the issue date of the next PDS, expected to be issued in April 2017. 

1 October 2015

Changes to investment objectives, allocations and risk level for certain investment options in Select Investment Funds

Effective 1 October 2015, the target allocations and ranges, as well as the target objectives for some investment options have changed for the following investment options:

 

  • Conservative
  • Diversified
  • Balanced
  • Growth

 

The risk level of the following investment options have also been updated:

  • Conservative
  • Diversified
  • Fixed Income
  • Real Estate

 

View further information