Perpetual Select Investments Updates
Continuous Disclosure and Important Information
Product Disclosure Statement (PDS)
The PDS contains detailed information about the Perpetual Select Investment Funds such as the benefits, risks and fees and charges.
Product Information Incorporated by Reference
The PDS refers to other information relevant to the product (information which is ‘incorporated by reference’) which can be found below. This incorporated information forms part of the PDS and should be read together with the main PDS document above.
Download Transaction costs and Buy-sell spreads
Management costs for previous financial year ended 30 June 2018
Details of current underlying specialist investment managers
Other Documents
These documents are relevant to features offered in select investment funds.
Direct Debit Request Service Agreement
Online Account Access conditions of use
Privacy Policy
Perpetual’s Privacy Policy has been updated as of March 2014 to include information about how you may access and seek correction of personal information held by us, make a complaint to us if you have concerns about how we have handled your personal information, how we will deal with such complaints and whether we may disclose personal information to overseas recipients.
Product Updates
We may update information in the PDS by issuing a supplementary PDS. However, if product updates are not materially adverse we will notify you via our website. Any updates should be read together with the main PDS document above.
Continuous Disclosure
Investment Manager Review
Notice date 4 August 2016
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.
Other continuous disclosure notices
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Notice date |
Nature of event or change |
Impact of the change |
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| 29 May 2019 |
Base fee rebate calculation |
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. |
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| 1 May 2019 |
Reduction of Buy spreads |
Effective from 1 May 2019, the buy spreads of the following funds will be reduced:
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| 31 January 2019 |
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. |
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| 1 October 2018 |
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. |
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| 11 September 2018 |
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. |
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| 1 February 2018 |
Reduction of Buy spreads |
Effective from 1 February 2018, the buy spreads of the following funds will be reduced:
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| 16 November 2017 |
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. |
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1 November 2017 |
PDS Update: |
Effective 1 November 2017, some investment options will have
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. |
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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. |
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22 June 2017 |
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. |
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1 June 2017 |
PDS update |
The replacement Select Investment Funds PDS has been issued. It contains updated information in relation to your investment including:
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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) Find out more here |
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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 |
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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:
The changes will impact investment guidelines by:
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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:
The changes will impact investment guidelines by:
There are no changes made to the targets, benchmarks and investment objectives of these investment options. |
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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. |
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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:
The risk level of the following investment options have also been updated:
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