PERPETUAL SHARE-PLUS LONG-SHORT FUND

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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.

 

CONTINUOUS DISCLOSURE & PDS

FSG FOR DIRECT INVESTORS

More about this fund

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Features and benefits

  • OUTSTANDING TRACK RECORD

    The Fund has outperformed the Australian sharemarket over the longer term and with lower levels of risk.

  • 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.

  • 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.

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 31/03/2021

Returns as at 31/03/2021

  Growth % Distribution % Total %
1 month 4.59 -- 4.59
3 month 8.57 -- 8.57
6 month 28.60 0.12 28.72
1 year 40.58 3.19 43.77
3 year 1.71 6.22 7.93
5 year 2.52 5.98 8.50
10 year 3.59 6.55 10.14

Unit Prices as at 22/04/2021

Entry
2.947
Exit
2.935
View price history

Distributions

Frequency Half Yearly
Cents per Unit 0.257
Reinvestment Price 2.679
View distributions history

Fund Commencement Date

March 2003

Fund Profile

Details & Fees

About this fund

  • Fund Manager

    Perpetual Investment Management Limited

  • Asset Class

    Australian shares

  • 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

  1. 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

    > Find out more about Perpetual Wholesale Funds

  2. 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

    Individual Investors

    Financial Advisers

     

    Send your completed application & identification documents to:

    Perpetual Wholesale 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.

    Downloads

  3. If you are an institutional investor

     

    Please contact one of our institutional relationship managers or phone 1800 110 941. 

    Got a question?

    Institutional Sales Team

Perpetual Investment Management Limited ABN 18 000 866 535 AFSL 234426 and/or Perpetual Superannuation Limited ABN 84 008 416 831 AFSL 225246 are the issuers of the Funds. You should consider the relevant Fund product disclosure statement or other offer document before deciding whether to invest.

Returns have been calculated using exit prices after taking into account all ongoing fees, and assuming reinvestment of distributions. No allowance has been made for entry fees, exit fees or where applicable taxation. Future returns may bear no relationship to the historical information displayed. The returns shown represent past returns only and are not indicative of future returns of a Fund. Returns on a Fund can be particularly volatile in the short term and in some periods may be negative.


Awards and recognition

© 2014 Morningstar, Inc. All rights reserved. Neither Morningstar, nor its affiliates nor their content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. To the extent that any of this information constitutes advice, it is general advice and has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 and/or Morningstar Research Limited (subsidiaries of Morningstar, Inc.) without reference to your objectives, financial situation or needs. You should consider the advice in light of these matters and, if applicable, the relevant Product Disclosure Statement (in respect of Australian products) or Investment Statement (in respect of New Zealand products) before making any decision to invest. Neither Morningstar, nor Morningstar's subsidiaries, nor Morningstar's employees can provide you with personalised financial advice. To obtain advice tailored to your particular circumstances, please contact a professional financial adviser. Please refer to our Financial Services Guide (FSG) for more information www.morningstar.com.au/fsg.asp

The Fund's investment universe allows it to invest from time to time directly or indirectly in stocks listed on sharemarket exchanges outside of Australia. To help manage the risk profile of the Fund relative to the Australian sharemarket, exposure to stocks listed outside of Australia is limited to 20% and any non-Australian dollar assets may be hedged to the Australian dollar.

 

The net market exposure is the value of the Fund's long positions minus the value of its short positions. The Fund primarily holds short positions in Australian Shares but may have up to 10% exposure to short positions in global shares.