The Perpetual SHARE-PLUS Long-Short Fund invests in companies we believe will rise in value and takes short positions in companies we believe will fall in value.
The Fund offers investors a broader set of investment opportunities: it can take long (to hold) and short (to sell) positions in companies and may hold up to 35% of the portfolio in cash.
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.
Features and benefits
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OUTSTANDING TRACK RECORD
The Fund has outperformed the Australian sharemarket over the longer term and with lower levels of risk.
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Greater flexibility in implementing ideas
By taking long and short positions the Fund has the flexibility to generate returns from rising and falling share prices.
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Rigorous research is the engine for stock selection
Perpetual’s bottom-up company research generates the insights that drive our stock selection for both long and short positions. We focus on quality and value to identify companies with the greatest return potential.
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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.
Fund Resources
Lessons learned over the last twelve months
As we head into the new financial year, we feel really excited by the stocks and exposures in both the long and short book. However, if FY21 has taught us anything it is to keep an open mind and learn from where we got things wrong.
Spotting the gaps and value traps
As a fundamental value manager, one way we can add value is avoiding stocks which look cosmetically cheap but are in fact value traps.of both our Australian and international businesses to deliver a unique and relevant product to market.
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
Perpetual Wholesale SHARE-PLUS Long-Short Fund
Pricing & Performance
Performance as at 31/08/2021
Returns as at 31/08/2021
| Growth % | Distribution % | Total % | |
|---|---|---|---|
| 1 month | 2.64 | -- | 2.64 |
| 3 month | 5.32 | -- | 5.33 |
| 6 month | 13.93 | -- | 13.94 |
| 1 year | 35.43 | 0.13 | 35.57 |
| 3 year | 5.88 | 3.23 | 9.11 |
| 5 year | 4.51 | 5.12 | 9.63 |
| 10 year | 5.45 | 6.46 | 11.92 |
Distributions
| Frequency | Half Yearly |
| Cents per Unit | 0.005 |
| Reinvestment Price | 3.068 |
Fund Commencement Date
| March 2003 |
Fund Profile
Target Market Determination (TMD)
Details & Fees
About this fund
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Fund Manager
Perpetual Investment Management Limited
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Asset Class
Australian shares
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Suggested Length
5 years or longer
Investment Objective
Aims to: provide long-term capital growth and income through investment in quality shares and taking short positions predominantly in selected Australian shares; and outperform the S&P/ASX 300 Accumulation Index (before fees and taxes) over rolling three-year periods.
Investment Approach
Perpetual researches companies of all sizes using consistent share selection criteria. Perpetual's priority is to select those companies that represent the best investment quality and are appropriately priced. In determining investment quality, investments are carefully selected on the basis of four key investment criteria:
- conservative debt levels
- sound management
- quality business and
- recurring earnings.
In addition, Perpetual aims to take short positions predominantly in Australian shares that it believes will fall in value. The short positions are determined based on each stock's expected returns and the investment constraints (designed to reduce the risks associated with taking short positions).
The Fund may have up to 20% exposure to investments in international shares.
The Fund may have up to 10% exposure to short positions in international shares.
Derivatives may be used in managing the Fund.
Investment Details
| Minimum Initial Investment | $25,000 |
| With Savings Plan | |
| Minimum Initial Investment | $25,000 |
| Monthly Minimum | $100 |
| Minimum Additional Investment | $2,000 |
Fees
| Entry | Nil |
| Exit | Nil |
| Management Fee (p.a.) | 0.99%. Refer to PDS for Management Costs. |
| Performance Fee (p.a.) | 13.98% of outperformance* |
| Buy / Sell Spread | 0.2% / 0.2% |
| *The performance fee is equal to 13.98% of the difference between the Fund's daily return and its performance hurdle. The performance hurdle for this fund is the S&P/ASX 300 Accumulation Index plus 2% per annum. Further information is available within the PDS. | |
Investment Guidelines
| Australian shares | 90 - 125% |
| Cash | 0 - 35% |
| Australian shares (net) | 65 - 100% |
| Short Positions | 0 - 25% |
Distribution
| Half Yearly |
| June 30, December 31 |
How to Invest
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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.
> Continuous disclosure and updates for Perpetual Wholesale Funds
> Continuous disclosure and updates for Perpetual Pure Series Funds
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Making an investment
Review the Product Disclosure Statement (PDS) and related documents to ensure you understand how the fund works and the risks involved.Online Application
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
> Customer Identification Requirements
All forms, offer documents and PDS’s can be found in Forms, PDS's and Offer Documents page in our Resources section.
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If you are an institutional investor
Please contact one of our institutional relationship managers or phone 1800 110 941.
Got a question?
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Anthony Aboud
Portfolio Manager
Industrial Shares, SHARE-PLUS Long-Short, Pure Equity Alpha, AnalystBEc, CFAYears of experience: 22
Years at Perpetual: 9Anthony 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.
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Sean Roger
Deputy Portfolio Manager
SHARE-PLUS Long-Short, AnalystYears of experience: 9
Years at Perpetual: 8Sean Roger is the Deputy Portfolio Manager for the Perpetual Share Plus Long-Short Fund.
Sean joined Perpetual in February 2013 as a Graduate Accountant. He joined the Investments team in August 2014 as an Equities Dealer and was appointed an Equities Analyst in January 2016 where he was responsible for covering a number of stocks in the gaming and agricultural sectors.
Sean has a Bachelor of Accounting from the University of Technology, Sydney and has completed the Chartered Accountants program.
Have any questions?
Call your Perpetual Business Development Manager on 1800 062 728.
Awards and recognition
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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