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.
Perpetual Wholesale SHARE-PLUS Long-Short Fund
Pricing & Performance
Performance as at 30/11/2019
Returns as at 30/11/2019
| Growth % | Distribution % | Total % | |
|---|---|---|---|
| 1 month | 1.12 | -- | 1.12 |
| 3 month | 3.13 | -- | 3.13 |
| 6 month | 2.17 | 2.99 | 5.16 |
| 1 year | 10.92 | 5.31 | 16.24 |
| 3 year | 2.37 | 6.91 | 9.28 |
| 5 year | 0.05 | 7.26 | 7.31 |
| 10 year | 4.14 | 6.56 | 10.70 |
Distributions
| Frequency | Half Yearly |
| Cents per Unit | 7.678 |
| Reinvestment Price | 2.621 |
Fund Commencement Date
| March 2003 |
Fund Profile
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
- in the case of industrial shares, 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).
Derivatives may be used in managing the fund.
(The Fund primarily holds long positions in Australian Shares but may have up to 20% exposure to share listed on or proposed to be listed on any global exchange. The Fund primarily holds short positions in Australian Shares but may have up to 10% exposure to short positions in global shares.)
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 |
Awards and recognition
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Anthony Aboud
Portfolio Manager
Industrial Shares (50%), SHARE-PLUS Long-Short, AnalystBEc, CFAYears of experience: 20
Years at Perpetual: 7
Anthony is the Portfolio Manager - Industrial Shares (50%), SHARE-PLUS Long-Short and an Analyst.
Anthony has been with Perpetual for 6 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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