The Perpetual Pure Equity Alpha Fund is an absolute return portfolio of the best share opportunities we have identified (both long and short), and is managed by one of Australia's most experienced equity teams.
The Fund aims to generate positive returns with minimal volatility over equity market cycles. By combining both long (to hold) and short (to sell) positions the Fund is able to take advantage of rising and falling markets and provide some protection against falling markets.
We employ our tried and proven bottom-up stock selection process for both long and short positions. Through fundamental company research, we aim to identify opportunities to buy quality, undervalued companies. On the short side of the portfolio we opportunistically target stocks that we expect will underperform. We rarely short the index, we short companies.
More opportunities to manage downside risk
The Fund’s ability to invest in Perpetual’s highest conviction long and short ideas means that portfolio performance can be better cushioned during periods of market weakness.
Absolute return focus
By taking long and short positions, the Fund is better able to generate positive returns in both rising and falling markets.
Flexibility and conviction
Our bottom-up company research generates the insights that drive our high conviction stock selection. The Fund is not limited by index weightings or market capitalisation.
Specialist shorting expertise
Perpetual’s equity team has a highly experienced shorting investment capability. This skill and experience has helped the Fund identify shorting opportunities that have added to returns.
The Fund is able to take advantage of rising and falling markets, and provides useful protection for investors against falling markets.
Boral case study: building a position in cyclical companies
Shares in manufacturing and building supplies company Boral recently hit an all-time high. Head of Equities, Paul Skamvougeras, explains how he assesses investment opportunities.
Keeping an open mind on market themes
While it's hard to completely divorce your macro view from bottom-up stock picking, FY21 proved that it is a skill worth having. Portfolio Manager Anthony Aboud on the importance of keeping an open mind on market themes.
WHAT ARE THE RISKS?
All investments carry risk. While it is not possible to identify every risk relevant to your investment, we have provided details of the risks that may affect your investment in the relevant product disclosure statement (PDS) or offer document.
You can find PDSs and other documents in our resources section. The relevant PDS, offer documents and forms can also be found in the sections below:
> Investment | > Superannuation | > Retirement
Performance as at 31/12/2021
Returns as at 31/12/2021
|Growth %||Distribution %||Total %|
Unit Prices as at 24/01/2022
|Cents per Unit||0.100|
Fund Commencement Date
Target Market Determination (TMD)
About this fund
Perpetual Investment Management Limited
5 years or longer
Aims to generate positive returns over a market cycle irrespective of market conditions by investing in both long and short positions of predominantly Australian shares.
Utilising Perpetual's proven investment process, the Fund will adopt the same disciplined investment approach as is used across Perpetual's equity funds. Our conservative bottom-up approach to stock picking is core to the investment approach for this Fund, allowing the portfolio manager to identify and select stocks for both the long and short positions of the Fund. The investment process is based on comprehensive internal company research using four filters:
- sound management
- conservative debt levels
- quality of business and
- recurring earnings.
The Fund's portfolio is then created within specific investment guidelines and a risk-controlled framework. The Fund will predominantly invest in Australian shares (both long and short), cash may be used defensively to preserve capital and it can invest opportunistically (both long and short) in global shares. Derivatives may be used in managing the Fund.
|Minimum Initial Investment||$25,000|
|With Savings Plan|
|Minimum Initial Investment||$25,000|
|Minimum Additional Investment||$2,000|
|Management Fee (p.a.)||1.28%. Refer to PDS for Management Costs. *|
|Performance Fee (p.a.)||20.50% of outperformance.*|
|Buy / Sell Spread||0.2% / 0.2%|
|Cash||0 - 100%|
|Net Share Exposure||-20 - 100%|
|Gross Share Exposure||0 - 200%|
|Net Global Share Exposure||-10 - 20%|
|June 30, December 31|
Perpetual Wholesale Funds feature Perpetual’s leading investment management capabilities. They are designed for individual and wholesale investors, and super fund trustees, with $25,000 or more to invest. You can also invest through investor directed portfolio services.
Making an investmentReview the Product Disclosure Statement (PDS) and related documents to ensure you understand how the fund works and the risks involved.
Apply for Perpetual Wholesale funds
Apply for Perpetual Pure series funds
Mailing and application details address
Send your completed application & identification documents to:
Perpetual Wholesale Funds
GPO Box 4171, Sydney NSW 2001
If applying to Perpetual Pure Series Funds:
Perpetual Pure Series Funds
GPO Box 4171, Sydney NSW 2001
All forms, offer documents and PDS’s can be found in Forms, PDS's and Offer Documents page in our Resources section.
If you are an institutional investor
Please contact one of our institutional relationship managers or phone 1800 110 941.
Years of experience: 26
Years at Perpetual: 18 (split in 2 periods)
Paul is the Head of Equities and the Portfolio manager for the Concentrated Equity, Pure Equity Alpha and Pure Value strategies.
Paul rejoined Perpetual Asset Management Australia in February 2010 as a Portfolio Manager, having previously spent seven years with Perpetual. He began his career with Perpetual in 1994 in a back office role, moving into a dealing role after three years, working his way up to the Head Dealer role.
Between stints at Perpetual, Paul spent seven years working at CPH/Ellerston Capital, where he had portfolio management responsibilities for an Australian long/short strategy for the first four years and a global long/short strategy for the last three years. Paul also recruited and managed two analysts within his team.
Paul gained international experience, spending 18 months in London, as well as expertise in investing and trading various asset classes ranging from equities, commodities, currencies and fixed interest.
Paul has a Bachelor of Economics from Macquarie University and is a Member of the Institute of Chartered Accountants.
Years of experience: 22
Years at Perpetual: 9
Anthony is the Portfolio Manager - Industrial Shares, SHARE-PLUS Long-Short and an Analyst.
Anthony has been with Perpetual for 9 years. Prior to joining Perpetual, he worked at Ellerston Capital for two years, where he was the Portfolio Manager for the Ellerston Capital Global Equity Management Fund. Before that, he spent 3 years as an analyst working on a long/short strategy. Prior to joining Ellerston Capital, Anthony worked as an Analyst at UBS Investment Bank for 8 years.
Anthony has a Bachelor of Economics from the University of Sydney and has earned the right to use the Chartered Financial Analyst designation.
Have any questions?
Call your Perpetual Business Development Manager on 1800 062 728.
The Perpetual Wholesale Industrial Share Fund, Australian Equities strategy received a Morningstar Analyst RatingTM of ‘Bronze’ as of 15-09-2021.
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