WealthFocus Investment Advantage Updates

Product Disclosure

Product Disclosure Statement (PDS)

Download PDS

Download Features Book

Download Investment Book



The following documents form part of the PDS:

PDS update 1 December 2018 - Fees and other costs

PDS update 1 November 2017 - Fees and other costs

Details of latest transaction costs and current buy/sell spreads for each investment option

Commencement date for each investment option

Details of current underlying investment managers



Other Documents

Management costs for financial year ended 30 June 2018

Management costs for financial year ended 30 June 2017

Direct Debit Request service agreement

Online Account Access conditions of use

Our privacy policy

APIR codes for each investment option

WealthFocus Perpetual Ethical SRI – Full holdings disclosure

Product Ruling 2008/62

Product Ruling 2012/7

Product Ruling 2015/4

Product Ruling 2018/4



Additional Information about certain complex funds

ASIC requires information about specific benchmarks and disclosure principles to be provided for certain funds that may be considered relatively complex and/or which pursue particular investment strategies that may result in increased risk due to their use of derivatives for certain purposes, leverage (gearing) and/or short selling.



Aspect Diversified Futures investment option

BlackRock Tactical Growth investment option

Perpetual SHARE-PLUS Long-Short investment option

Platinum Asia investment option

Platinum International investment option



CONTINUOUS DISCLOSURE

There is currently no continuous disclosure information.


Notice date Nature of change Impact of change Further info
6 June 2019

Update on the van Eyk Blueprint funds.
Macquarie Investment Management Limited, the Responsible Entity of the underlying van Eyk Blueprint funds have provided an update on the wind up of the funds.

Investors in the Fund have been provided with an update on the fund wind-up by letter dated 4 June 2019. The letter includes correspondence from the responsible entity of the underlying van Eyk Blueprint funds, Macquarie Investment Management Limited, dated 30 May 2019. Please contact us if you have not received your update and would like to request a copy.

N/A

1 March 2019

PDS update

The replacement WealthFocus PDS has been issued. It contains updated information in relation to your investment in WealthFocus Investment Advantage including:
- investment option name changes
- changes to investment option profiles
- removal of investment options
- external dispute resolution

Further information in respect of the above is set out in this summary.

For a copy of the PDS to obtain this information can be found on this page or contact us for a copy free of charge at 1800 022 033.

1 December 2018

Cash investment option rebate update. The management fee rebate for the Perpetual Cash investment option was reduced from 0.35% to 0.15% pa in November 2018. However, this reduced rebate will take effect from 1 March 2019 and Perpetual is currently covering the 0.20% pa difference so the effective net fee to investors is 0.22% until then.

The management fee rebate change on 1 November 2018 will take effect from 1 March 2019.

For full details on fees and costs, read the PDS together with the 1 December 2018 PDS update.

1 December 2018

PDS Update:Management Costs information

In this update we replace the information in the PDS on management costs. Generally the management costs information have been updated for

• changes in indirect costs in certain investment options, and  
• the fee changes in the WealthFocus Perpetual Cash investment option that occurred in August and November 2018.

The information in the PDS and Features Book on management costs is replaced by the information in the attached flyer.

Refer to the attached flyer.
For full details on fees and costs, read the PDS together with this update.

27 November 2018

Update on the van Eyk Blueprint investment options.
Macquarie Investment Management Limited, the Responsible Entity of the underlying van Eyk Blueprint funds have provided an update on the wind up of the funds. Please refer to the attached letters.

Investors with holdings in these options

View letters

van Eyk Blueprint High Growth
van Eyk Blueprint Balanced
van Eyk Blueprint Capital Stable

2 October 2018

Fee change for WealthFocus Perpetual Cash

Refer to PDS Features Book, fee rebate - page 12. The changes to the investment fee and estimated effective total net annual cost  are as follows:                                 
Perpetual Cash investment option;
Investment fee:
Gross fee     0.57%pa
Fee rebate  0.15%pa
Net fee 0.42%pa


Estimated effective 
total net annual cost:  0.45%.

Effective 31 August 2018, the gross investment fee for Perpetual Cash was lowered from 1.05%pa to 0.57%pa. Effective from 30 November 2018, the fee rebate for Perpetual Cash will be lowered from 0.35%pa to 0.15%pa. The net impact of these changes is that the net investment fee for Perpetual Cash has lowered from 0.70%pa to 0.42%pa.

28 September 2018

The Trustee has decided to close ten investment options to new investors from 28 September 2018. These closed options will then be removed from the WealthFocus investment menu on 18 February 2019. The closing investment options are:                   
*Aberdeen Actively Hedged International Equity
*AMP Capital Global Equity Value
*BT International Share
*Grant Samuel Epoch Global Equity Shareholder Yield (Unhedged)
*Morningstar Balanced Real Return
*Morningstar Conservative Real Return
*Perennial Value Shares
*Solaris Core Australian Equity
*UBS Defensive Investment
*Walter Scott Global Equity (Hedged)

These investment options will be closed to new investors from 28 September 2018.

Existing investors in these options are able to transact up until 3pm 18 February 2019. Any investments remaining in the closed options after 18 February 2019 will be invested prorata across any other investment options held. If an existing investor only holds closed options, the account will be closed and money will be returned.

View Letter to existing investors

19 September 2018

Management Costs - Figures for FY 2018

The Management Costs for the Fund/s including estimated indirect costs, for the year ended 30 June 2018 is attached. This is additional information to help investors understand fees and costs on a year by year basis. This information does not update the PDS

See flyer attached

4 September 2018

The investment manager Aberdeen Asset Management Limited, has changed its name to Aberdeen Standard Investments Australia Limited.

Refer to PDS - Investment Book dated 1 May 2017 page 14 and Perpetual WealthFocus Investment Manager Information flyer page 1.

N/A

3 September 2018

Change to the external dispute resolution (EDR) scheme to which you can refer complaints that remain unresolved after having dealt with our internal complaints process. From 1 November 2018, any external complaints should be referred to the Australian Financial Complaints Authority (AFCA). Please refer to the attached flyer for contact details.

Refer to PDS - dated 1 May 2017 page 8.

N/A

31 August 2018

We have lowered the WealthFocus Perpetual Cash investment option investment fee from 1.05% to 0.57% pa effective from 31 August 2018.

Refer to 1 November 2017 PDS Update: Fees and Costs information page 3.

N/A

1 June 2018

The underlying fund, Perpetual Ethical SRI, has enhanced its ethical exclusions and SRI screening process by:
- adding in additional categories of investments to be excluded;
- broadening the definition of negative corporate governance behaviour for SRI screening; and
- disclosing that derivative counterparties are now subject to ethical exclusions and SRI screening.

Refer to the Investment Book page 25 & 26.

The word "ethical' has been added to the Objective section of the Perpetual Ethical SRI Investment Option Profile. This should now read:
Aims to provide long-term capital growth and regular income through investment in quality shares of ethical and socially responsible companies. The fund aims to outperform the S&P/ASX300 Accumulation Index (before fees and taxes) over rolling three-year periods.

Refer to PDS Investment Book dated 1 May 2017 page 12 and Investment Book pages 25 & 26.

See letter attached

1 June 2018

The investment guidelines for the Perpetual Diversified Income Investment Option has been updated:
Old - Cash and investment grade securities (0-100%)
New - Cash and investment grade securities (75-100%)

The investment guidelines for the Perpetual Dynamic Fixed Income Investment Option has been updated:
Old - Cash and investment grade securities (0-100%)
New - Cash and investment grade securities (75-100%)

Refer to PDS Investment Book dated 1 May 2017 page 6.

N/A

7 May 2018

BT Property Securities Investment Option - The underlying fund, BT Wholesale Property Securities Fund, has changed its name to Pendal Property Securities Fund.

BT Australian Share Investment Option - The underlying fund, BT Wholesale Australian Share Fund, has changed its name to Pendal Australian Equity Fund.

BT International Share Investment Option - The underlying fund, BT Wholesale International Share Fund, has changed its name to Pendal International Share Fund.

The name changes to the investment options and underlying funds will be updated in the next issue of the PDS.

Refer to PDS - Investment Book dated 1 May 2017 pages 3, 8, 9 & 15 respectively and Features Book dated 1 May 2017 pages 15, 16, 33 & 34.

N/A

7 May 2018

The investment manager BT Investment Management (Institutional) Limited, has had a change of name to Pendal Institutional Limited.

Refer to PDS - Investment Book dated 1 May 2017 pages 8, 9 & 15 and Perpetual WealthFocus Investment Manager Information flyer page 2.

N/A

20 December 2017

Update to inquiries and complaints

We have updated our procedures to now be able to receive complaints relating to your investment irrespective of whether you invest directly with Perpetual or invest via a platform.

See attached flyer


1 November 2017

PDS Update: Management Costs information

In this update, we replace information in the PDS on management costs to:

• Consolidate the prior fee update on 3 July 2017 and 31 August 2017, and updated the estimated indirect costs in investment options.

Generally, the management costs information has been updated due to movements in indirect costs.

The information in the PDS and Features Book on management costs is replaced by the information in the attached flyer.

Refer to the attached flyer.

For full details on fees and costs, read the PDS together with this update.     

9 October 2017

Management Costs – Figures for FY 2017

The Management Costs for the Fund/s including estimated indirect costs, for the year ended 30 June 2017 is attached.

This is additional information to help investors understand fees and costs on a year by year basis.

This information does not update the PDS.

See flyer attached

9 October 2017

PDS Update: Transaction Cost document updated

This incorporated document has been replaced with 30 June 2017 information now available.

See document attached

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.
29 September 2017
Changes to the investment guidelines for Morningstar Balanced Real Return,  Morningstar Conservative Real Return and Morningstar Growth Real Return Investment Options.
Refer to Investment Book dated 1 May 2017 pages 19, 20 and 22.
Refer to the attached flyers
Morningstar Balanced Real Return
Morningstar Conservative Real Return
Morningstar Growth Real Return
31 August 2017 Changes to the investment objective, investment guidelines and a reduction in the management fee (gross fee) for BlackRock Balanced Investment Option.
Refer to Features Book dated 1 May 2017 page 16 and Investment Book dated 1 May 2017 page 21.
Refer to the attached flyer
22 August 2017 Return of capital payments on the van Eyk Blueprint investment options
Investors/members with holdings in these options

View letters:

• van Eyk Blueprint High Growth

• van Eyk Blueprint Balanced

• van Eyk Blueprint Capital Stable

18 July 2017 We refer to an error in our Investment Book for BlackRock Balanced investment option -investment guideline - Cash footnote. The footnote is recorded as 11 however it should be 17. Refer to PDS - Investment Book dated 1 May 2017 page 21. Cash footnote should read:                          
Capital allocation to cash may include cash, cash equivalents (including other BlackRock managed investment schemes) and allocation to investment strategies that have a cash benchmark, which may be used to implement security selection and active asset allocation views.
3 July 2017 The underlying Platinum Asia and Platinum International Funds have lowered their management costs. As a result the WealthFocus management fee (gross fee) will be lowered from 2.75% to 2.56% pa. Refer to 'Estimated Management Costs' table starting on page 15 of current PDS - Features Book. n/a
26 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.
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. See attached flyer
1 May 2017 PDS update

The replacement WealthFocus PDS has been issued.  It contains updated information in relation to your investment in WealthFocus Investment Advantage and WealthFocus Wholesale Investment Advantage including:                         - fees  and costs information following changes to ASIC Class Order [CO 14/1252].  The information on indirect costs and other costs have been updated in line with those changes       

- tax changes
- investment options   

Further information in respect of the above is set out in this letter.

For a copy of the PDS to obtain this information can be found on this page or contact us for a copy free of charge at 1300 022 033.
29 March 2017 We have been notified by BlackRock that the underlying BlackRock Global Small Cap Fund is terminating on 29 March 2017. This will mean that the WealthFocus BlackRock Global Small Cap investment option will also be terminating.

This will impact existing WealthFocus BlackRock Global Small Cap members. The option is closed to applications and withdrawals effective immediately. We will write to existing  members setting out their options shortly.

Refer attached flyer.
15 March 2017 The Standard Risk Measures have changed for some of our Investment Options. Please refer to the flyer under further information for the specific investment option

Refer to PDS Part 2 - Investment Book dated 17 April 2015. Investment Options profiles from page 5-26.

Refer attached flyer.
20 December 2016

Some of the investment options offered on WealthFocus will be closing in February 2017. Investors in these options are able to give instructions on what they’d like done with their holdings in these options either by:

  • completing and returning a switch form or
  • making a switch request online by using online account access.

Existing investors in these options have until 3pm on 9 February 2017 to give instructions. If we don’t hear from them the default choices outlined in our letter sent in October will apply.

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1 October 2016 Change of performance benchmark for AMP Capital Global Property Securities from FTSE EPRA/NAREIT Developed Rental Index Hedged in AUD Net TRI to FTSE EPRA/NAREIT Developed Index Hedged in AUD Net TRI. Refer to PDS - Investment Book dated 17 April 2015 page 8. N/A
30 September 2016 Change to the investment guidelines for BlackRock Balanced Investment Option Refer to PDS - Investment Book dated 17 April 2015 page 24. Refer to attached flyer
4 October 2016

The Responsible Entity / Trustee have decided to close ten investment options to new investors from 4 October 2016. These closed options will then be removed from the WealthFocus investment menu on 10 February 2017.

The closing investment options are:

  • Arnhem Australian Equity
  • BlackRock Monthly Income
  • BlackRock Scientific Australian Equity
  • Colonial First State Equity Income
  • Goldman Sachs Australian Infrastructure and Property Equity
  • Ibbotson Australian Shares Active
  • Ironbark Global Property Securities
  • Maple-Brown Abbott Australian Share
  • OnePath Tax Effective Income
  • Zurich Investments Global Thematic Share

 

Any investments remaining in the closed options after 9 February 2017 will be invested or returned to relevant investors as notified to them.

Existing investors in these options have until 9 February 2017 to provide instructions to us about what they would like done with their current holdings in the closing investment options.

View Letter

31 August 2016 Change the investment guidelines for BlackRock Scientific Diversified Stable Investment Option Refer to PDS Part 2 - Investment Book dated 17 April 2015 page 22.

Refer attached flyer

1 July 2016 Change to the investment guidelines for Ibbotson Balanced Growth Investment Option - refer flyer. The underlying fund has  changed its name to Morningstar Balanced Real Return Fund. The fund name will remain on WealthFocus as Ibbotson Balanced Growth until we next roll our PDS. Refer to PDS - Investment Book dated 17 April 2015 page 23.

Refer attached flyer

1 July 2016 Change to the investment guidelines for Ibbotson Conservative Growth Investment Option - refer flyer. The underlying fund has  changed its name to Morningstar Conservative Real Return Fund. The fund name will remain on WealthFocus as Ibbotson Conservative Growth until we next roll our PDS. Refer to PDS - Investment Book dated 17 April 2015 page 22.

Refer attached flyer

1 July 2016 Change to the investment guidelines for Ibbotson Growth Investment Option - refer flyer. The underlying fund has  changed its name to Morningstar Growth Real Return Fund. The fund name will remain on WealthFocus as Ibbotson Growth until we next roll our PDS. Refer to PDS - Investment Book dated 17 April 2015 page 25.

Refer attached flyer

1 July 2016 Ibbotson Australian Shares Active Investment Option - The underlying fund has changed its name to Morningstar Australian Shares Fund. The fund name will remain on WealthFocus as Ibbotson Australian Shares Active until we next roll our PDS. N/A

N/A

1 July 2016 Ibbotson Associates Australia Limited, Morningstar's investment management business in Australia, has been renamed Morningstar Investment Management Australia Limited. Perpetual WealthFocus Investment Manager Information

N/A

23 May 2016 The Standard Risk Measures have changed for some of our Investment Options. Please refer to the flyer under further information for the specific investment options.



Refer to PDS - Investment Book dated 17 April 2015. Investment Options profiles from page 5-26.

Refer attached flyer.

16 May 2016 For Aspect Diversified Futures, the "Investment approach" has been amended as follows:                                                     Aspect takes a quantitative and systematic approach to investment management. Aspect has no market sector or directional preference, and markets are selected on the basis of diversification, liquidity and transaction costs. Aspect’s trend-following systems operate in over 140 of the most liquid global futures and forward markets and employ a quantitative process to collect, process and analyse market data in order for the model to determine a view of the trend following opportunities in each market in the portfolio. By maintaining a comparatively small exposure to any individual contract, Aspect achieves sector and contract diversification, thereby allowing a wide range of opportunities to be exploited and maximising expected long-term risk-adjusted returns. The fund aims to minimise unintentional currency exposure.



The fund uses derivatives (exchange-traded futures and over-the-counter foreign exchange forward contracts) to implement its investment strategy.



The fund strategy can and does take short exposures through the futures and forward markets traded.



The face value of the fund’s combined long and short positions will frequently be greater than 100% of the fund’s net asset value and as a result, the fund will be leveraged.



Refer to PDS - Investment Book dated 17 April 2015 page 26.

N/A

16 May 2016 The Perpetual Industrial Share Investment Option changes include:        



;



1. Investment Objectives    







Replace as follows:



Aims to provide long-term capital growth and regular income through investment in quality industrial shares. The fund aims to outperform the S&P/ASX 300 Industrials Accumulation Index (before fees and taxes) over rolling three-year periods.







2. Investment Guidelines      
       



           



Replace as follows:



Industrial Shares*   90-100%



Cash   0-10%







*The underlying fund invests primarily in shares listed on or proposed to be listed on any recognised Australian exchange but may have up to 10% exposure to shares listed on or proposed to be listed on any recognised global exchange. Currency hedges may be used from time to time.
Refer to PDS - Investment Book dated 17 April 2015 page 15.

N/A

1 April 2016

Goldman Sachs Australian Infrastructure Investment Option name change to Goldman Sachs Australian Infrastructure & Property Equity Investment Option.

Name change.

N/A

29 February 2016

Ibbotson Growth Investment Option is closed to all new investors effective 29 February 2016 until further notice.

New investors only

N/A

11 January 2016

For Ibbotson Growth, under "Investment approach" the stated long term average exposure of 50% to growth assets and 50% to income assets respectively is replaced as follows: "An actively managed diversified trust with a long term average exposure of around 70% to growth assets such as shares, property and alternative investments and around 30% exposure to income assets such as cash and fixed interest. The trust will be invested dynamically across managed funds, direct securities, exchange traded funds, foreign exchange contracts and/or derivatives. The trust aims to deliver real returns whilst preserving capital over the targeted investment horizon".

Refer to PDS - Investment Book dated 17 April 2015 page 25.



TBA

1 January 2016

Correction to investment guidelines

Investors in Ibbotson Conservative Growth



The investment guideline for Cash is 10-70%

1 December 2015

Change of investment guidelines for BlackRock Balanced Investment Option.

View change 



n/a

1 December 2015

Change of an index performance benchmark for BlackRock Balanced Investment Option.

Replace benchmark index UBS Global Investors ex-AUS NR (hedged in AUD) with FTSE EPRA/NAREIT Developed Rental Net TR Index (hedged in AUD) for BlackRock Balanced Investment Option.



n/a
17 November 2015 Change of investment strategy for Goldman Sachs Australian Infrastructure The changes will apply from 17 December 2015. Applications have been suspended until this time. Withdrawals may still be made. View attached
1 October 2015 The standard risk measure for the Perpetual Global Share Investment Option has increased from 6 – High to 7 – Very high. Clients with holdings in this investment option. n/a
1 October 2015 Effective 1 October 2015, the investment objective for Zurich Investments Global Thematic Share Investment Option will change from a five to a seven year period. Aims to provide long term capital growth with the benefits of global diversification. The fund aims to achieve risk adjusted returns that exceed the MSCI World (ex-Australia) Accumulation Index in $A (net dividends reinvested) over periods of seven or more years. n/a
30 September 2015 Change of investment guidelines for Perpetual Diversified Real Return Investment Option.  View changes n/a
30 September 2015 Change of investment guidelines for Perpetual Conservative Growth Investment Option. Effective 30 September 2015, the Investment guidelines for the Perpetual Conservative Growth Fund have been modified. The investment range for investments into Cash and enhanced cash is now 15-55%. Previously it was 15-45%. n/a
16 July 2015 Unit pricing has been suspended for the:
  • van Eyk Blueprint High Growth
  • van Eyk Blueprint Balanced
  • van Eyk Blueprint Capital Stable
Investors / members with holdings in these investment options View Letters:
1 July 2015 Change of investment guidelines for Schroder Balanced Investment Option. View changes n/a
30 April 2015 Change of performance benchmark for BlackRock Global Small Cap Change of performance benchmark from the S&P Global MidSmall Cap Index (unhedged in AUD) to the MSCI AC World Small Cap Index (unhedged in AUD).
1 April 2015 Change to Goldman Sachs Australian Infrastructure Investment Option benchmark New objective - To achieve a balance of income and medium-to-long term capital growth by investing primarily in Australian listed infrastructure and utilities securities. In doing so, we aim to outperform the Consumer Price Index ('CPI')* plus 4.0% over rolling three year periods.







*All groups CPI weighted average of eight capital cities produced quarterly by the Australian Bureau of Statistics
27 March 2015 Investment options closed and being wound up:
  • Alphinity Australian Share
  • AMP Capital Sustainable Share
  • CFS Balanced
  • Ibbotson International Shares Active (Unhedged)
  • Ironbark GTP Global Equity Thematic
  • Premium China
  • Schroder Global Emerging Markets
  • Templeton Global Equity
Investors / members with holdings in these investment options. View further information
30 January 2015 Perpetual International Share
  • Change to investment manager
  • Change to investment strategy
  • Change to name
  • Notification of reduction in management fee and introduction of performance fee from 17 April 2015
Investors / members with a holding in Perpetual International Share View further information
1 October 2014 Change of Investment Manager - Schroder Global Emerging Markets Investment Option Change of Investment Manager for the Schroder Global Emerging Markets Investment Option from Schroder Investment Management Australia Limited to Schroder Investment Management Ltd.
26 September 2014

Change in benchmark names

Following the sale of UBS’s bond index business to Bloomberg, the following indexes are being renamed:



UBS Bank Bill Index to Bloomberg AusBond Bank Bill Index



UBS Composite Bond Index to Bloomberg AusBond Composite Index

26 September 2014

Correction to investment guidelines

Investors in Perpetual Balanced Growth

The investment guideline for fixed income is 0-35%

15 August 2014

Macquarie Investment Management Limited, the responsible Entity of the funds: van Eyk Blueprint - Capital Growth, van Eyk Blueprint - Balanced, van Eyk Blueprint - High Growth has decided to commence termination of the funds.

No transactions are permitted until further notice

View letter

6 August 2014

Suspension of the following investment options effective immediately: van Eyk Blueprint – Capital Stable, van Eyk Blueprint – Balanced, van Eyk Blueprint – High Growth

No transactions are permitted

4 August 2014

Change to investment guidelines

Investors in Schroder Fixed Income

View further information