Perpetual Select Investments Updates

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

See attached flyer

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

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

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

Termination of Investment options

Effective 21 October we are terminating the following investment options within the Select Investment Funds:

• Select Geared Australian Share Fund
• Select Geared High Growth Fund

Please refer to the letter on Select Investment Funds terminations for more information.

This incorporated document has now been replaced with 7 September 2020 information now available. Buy/sell spread for Select Growth Fund has been amended from 0.30%/0.00% to 0.27%/0.00%.

Effective 1 October 2020, there are a number of changes to:

• Fees and rebates on Select Investment Funds
• Investment Guidelines and CPI investment return objectives for some investment options
• The Standard Risk Measure (SRM) and minimum suggested timeframes on some investment options

Please read the flyers on Changes to Investments and Changes to Fees for more information.

Download the Select Investment Funds Changes letter.

This incorporated document has now been replaced with 10 July 2020 information now available.

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

This incorporated document has now been replaced with 19 June 2020 information now available.

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

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

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

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

The Select Investment Funds PDS has been reissued.

The PDS contains updated fees and costs information. In addition, it also contains changes in the basis for calculating the base fee rebate from month-end balance to average daily balance over the quarter.

From 1 July 2019, the basis for calculating the base fee rebate will be changed from month-end balance to average daily balance over the quarter.

For the period 1 July 2008 to 30 June 2019, we have calculated the base management fee rebate based on the average daily balance instead of the month end balance. Investors that were negatively impacted by this error you will be notified separately and will receive a compensation payment.

You can download the ‘Changes to calculation of the base fee rebate” letter that was sent to investors here.

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

• International Share Fund
• Real Estate Fund
• Geared High Growth Fund

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.

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

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

Effective from 1 February 2018, the buy spreads of the following funds will be reduced:

• Australian Share Fund
• Geared Australian Share Fund
• Real Estate Fund

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.  

1 November 2017

PDS Update:
Update to investment options

Effective 1 November 2017, some investment options will have 

• Revised investment ranges
• Revised updated investment objective
• Benchmark changes

The investment options with changes are:

Multi asset

Conservative, Diversified, Balanced, Growth, Geared High Growth

Single asset

Real Estate, International Share Fund

This follows our strategic asset allocation review.  Read the attached notice for details about these changes.

29 September 2017

AMIT Regime

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

22 June 2017

Changes to the constitution of the Fund/s

1 June 2017

PDS update

The replacement Select Investment Funds 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 above AMIT update.
• The benchmark used for the global component of the Real Estate Fund has changed from hedged to AUD to unhedged.

26 May 2017

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)

17 March 2017                      

Perpetual Select Investment Funds – Fixed Income:

Change of buy/sell spread

Effective 18 April 2017, the buy/sell spread for the fixed income investment option will change as follows:

The new buy/sell spread reflects increased transaction costs involved with fixed income investment option.

The increased spread will not impact your current investments, only future investments and switches into fixed income investment option.

The buy/sell spread for all other investment options remain unchanged.

Buy/sell spreads may change from time to time. The current buy-sell spread for each investment option is available on this page under the section: Product Information Incorporated by Reference

From 22 December 2016                       

Investment changes to the single-asset class investment options of Select Investments

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

•       Australian Share (Perpetual Select Australian Share Fund)
• Geared Australian Share (Perpetual Select Geared Australian Share Fund)
•       International Share (Perpetual Select International Share Fund)
•       Fixed Income (Perpetual Select Fixed Income Fund)
• Real Estate (Perpetual Select Real Estate Fund).

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%.

22 November 2016                       

Investment changes to the single-asset class investment options of Select Investments

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

•       Australian Share (Perpetual Select Australian Share Fund)

• Geared Australian Share (Perpetual Select Geared Australian Share Fund)

•       International Share (Perpetual Select International Share Fund)

•       Fixed Income (Perpetual Select Fixed Income Fund)

• Real Estate (Perpetual Select Real Estate Fund).

• Increasing maximum cash limits from 10% to 20%
• Decreasing respective minimum asset class limits from 90% to 80%.

22 November 2016

Maximum Performance-related fees of specialist investment managers

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

This change will be effective from the issue date of the next PDS, expected to be issued in April 2017. 

4 August 2016

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.

1 October 2015

Changes to investment objectives, allocations and risk level for certain investment options in Select Investment Funds

Effective 1 October 2015, the target allocations and ranges, as well as the target objectives for some investment options have changed for the following investment options:

• Conservative
• Diversified
• Balanced
• Growth

The risk level of the following investment options have also been updated:

• Conservative
• Diversified
• Fixed Income
• Real Estate

View further information