Implemented Portfolios

The information in the PDS and Additional Information about fees and costs is replaced by the information in the attached document. For full details on fees and costs, read the PDS together with this update.

The Standard Risk Measure (SRM) for Funds may change over time for various reasons, including from review of the underlying capital market assumptions that are used in their calculation and future changes to asset allocations by the investment manager.

Effective 25 September, the SRM has changed, following an annual review.

SPDS Update:

Update to investment profiles

Following a review of the investment strategies, changes to the following will take effect from 1 March 2023 for the Implemented Fixed Income Portfolio:

• Investment guidelines

• objective

A Supplementary Product Disclosure Statement is now available incorporating the above changes.

Please read the attached flyer for details about these changes

Implemented_Investment Changes Flyer

Changes to buy/sell spreads

Effective 1 February 2023, the buy/sell spreads for the funds have changed. Please see “Transaction costs and Buy-Sell Spreads” document.

Transaction costs and Buy-Sell Spreads

PDS Update: Fees and Costs information

The information in the PDS about fees and costs is replaced by the information in the attached document. For full details on fees and costs, read the PDS together with this update.

PDS Update: Implemented Fixed Income Portfolio profile changes

See attached flyer for details.

PDS Update: Transaction Cost and buy/sell spread document updated

This incorporated document has now been replaced with 1 February 2022 information now available.

Changes to SRM

The Standard Risk Measure (SRM) for Funds may change over time for various reasons, including as a result of reviews of the underlying capital market assumptions that are used in their calculation and future changes to asset allocations by the investment manager.

Effective 1 October, the SRM has changed, following an annual review.

Updated disclosure regarding distribution payments

Updates to disclosure to clarify that distribution components may include capital.

See attached flyer

Changes to Buy/Sell Spreads

Effective 1 April 2021, the buy/sell spreads for the funds have changed. Please see “Transaction costs and Buy/Sell Spreads document.

Update to Specialist Investment Manager Information

The details of current underlying specialist investment managers have been updated. For further information see attached flyer.

PDS Update

The replacement PDS has been issued effective 1 January 2021.

For a copy of the PDS please click above, or ask us for a copy free of charge by contacting us.

PDS Update: Transaction Cost & Buy/Sell spread document updated

This incorporated document has now been replaced with 1 January 2021 information now available.

Update to Specialist Investment Manager Information

The details of current underlying specialist investment managers have been updated. For further information see attached flyer.

Management Fee changes

Effective 1 January 2021, there are changes to the management fee of Implemented Portfolios as follows:

More information.

PDS Update: Transaction Cost & Buy/Sell spread document updated

This incorporated document has now been replaced with 3 July 2020 information now available.

For further information see attached flyer.

PDS Update: Transaction Cost & Buy/Sell spread document updated

This incorporated document has now been replaced with 29 May 2020 information now available.

For further information see attached flyer.

PDS Update: Transaction Cost & Buy/Sell spread document updated

This incorporated document has now been replaced with 24 April 2020 information now available.

For further information see attached flyer.

PDS Update: Transaction Cost & Buy/Sell spread document updated

This incorporated document has now been replaced with 20 March 2020 information now available.

For further information see attached flyer.

Fixed Income Currency Hedging 

From 25 October 2019 - The investment approach of the Implemented Fixed Income Portfolio has been amended to include active currency management of international assets.

Reduction of Buy spreads

Effective from 1 May 2019, the buy spreads of the following funds will be reduced:

• International Share Portfolio

• Real Estate Portfolio

For further information please see the attached flyer.

Introduction of tobacco securities investment restriction on Australian Shares & International Shares asset classes

From 31 January 2019, for Australian and international shares asset classes, Perpetual will not permit its specialist investment managers (including itself) to invest in companies that are manufacturers of cigarettes and other tobacco products as defined under Global Industry Classification Standard 302030 as a Tobacco company.

For all asset classes other than Australian and international shares, we consider a specialist investment managers’ policies and practices regarding environmental, social and governance (ESG) factors and labour standards only to the extent that they may have an effect on the manager’s style and investment performance. We will neither choose nor exclude a specialist investment manager solely on their ESG and labour standards policies/practices (except for managers of Australian and international shares), but such policies/practices will contribute to our overall assessment of the manager’s style and capability.

PDS Update: Transaction Cost & Buy/Sell spread document updated

This incorporated document has now been replaced with 30 June 2018 information now available.

For further information see attached flyer.

Change to external dispute resolution (EDR) scheme

From 1 November 2018, there will be a change to the EDR scheme which unresolved complaints can be referred to.

Please refer to this transitional disclosure for more information.

Reduction of Buy spreads

Effective from 1 February 2018, the buy spreads of the Implemented Portfolio Australian Share and Implemented Real Estate Fund will be reduced.

Find out more here

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. 

Change to Fixed Income and Real Estate Benchmarks

Following a strategic asset allocation review the following changes will take effect from 1 November 2017:

Fixed Income benchmark will change from:

50% Bloomberg AusBond Composite 0+Yr Index and 50% Barclays Capital Global Aggregate Index (hedged to AUD)

to: 

50% Bloomberg AusBond Composite 0+Yr Index and 50% Bloomberg Barclays Global Aggregate Index (hedged to AUD.

Real Estate benchmark will change from:

50% S&P/ASX 300A-REIT Accumulation Index and 50% FTSE EPRA/NAREIT Global Real Estate Index

to:

50% S&P/ASX 300A-REIT Accumulation Index and 50% FTSE EPRA/NAREIT Developed Index –Net Return (unhedged to AUD)

AMIT Regime

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

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.

PDS update

The replacement 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 below 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 631 381.

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

Investment changes to the single-asset class investment options

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

• Australian Share (Implemented Australian Share Portfolio)

• International Share (Implemented International Share Portfolio)

• Fixed Income (Implemented Fixed Income Portfolio)

• Real Estate (Implemented Real Estate Portfolio).

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.

Maximum Performance-related fees of specialist investment managers

The maximum performance 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 fee rate will change from a maximum of 15.4% of that outperformance, to up to 25% of outperformance.

Investment Manager Review

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.

Standard risk measure

The Standard Risk Measure (SRM) for Funds may change over time for various reasons, including as a result of reviews of the underlying capital market assumptions that are used in their calculation and future changes to asset allocations by the investment manager.

Effective 11 August, the SRM has changed, following an annual review.