Institutional Investors

Tactical Income

The Perennial Tactical Income Trust provides an actively managed exposure to a portfolio of Australian fixed interest securities.

Trust Objective

To provide investment returns that exceed the Trust's benchmark* by investing in a diversified portfolio of Australian income producing assets. The Trust aims to provide a total return (after fees) that exceeds the benchmark.

*UBS Bank Bill Index and UBS Composite Bond index (0+ years) equally weighted.

Back to Top 

Suitable Investor Profile

The Trust is suitable for investors seeking a relatively high level of capital security from a diversified portfolio of income producing securities and returns in excess of cash over the medium to long-term.

Back to Top 

Fund Facts

Investment Approach

Perennial Fixed Interest focuses on valuing the medium term economic outlook and market fundamentals using a disciplined decision-making framework. The process involves constantly assessing new information to refine Perennial Fixed Interest's view of value and compare that to current market prices. The degree to which market prices diverge from fair value, determines the level of conviction and the degree to which the portfolios deviate from benchmark. Perennial Fixed Interest employs multiple strategies to add value including modified duration and yield curve management, sector allocation and security selection.

Investment Strategy

The Trust invests in a range of interest bearing securities, including:

  • Cash;
  • Cash enhanced;
  • Australian fixed interest; and
  • Hybrid Securities.

Perennial Fixed Interest, the investment manager, will seek to add value by actively managing the maturity structure and credit exposure of the Trust based on their assessment of the economic environment, expected trends in market interest rates and the credit quality and relative value of individual securities.

The Trust is authorised to utilise derivative instruments for risk management purposes, subject to the specific restriction that they cannot be used to gear portfolio exposure.

Back to Top 

Investment Summary

Perennial Tactical Income Trust
Minimum Investment $25,000
Minimum Added Investment $5,000
Risk/Return Profile Moderate
Returns achieved mainly through Income
Income Distribution Quarterly
Minimum Recommended Investment Period 3 Years

Back to Top 

Unit Prices

Back to Top 

Distribution

Perennial Tactical Income Trust
Frequency As at Reinvested
NAV Price($)		 CPU Fund Payment CPU * Discounted Capital Gain CPU
Quarterly 30/06/10 1.0333 1.6788 0.2121 0.0000
Quarterly 31/03/10 1.0301 1.5000 0.3066 0.0000
Quarterly 31/12/09 1.0246 1.5400 0.3248 0.0000
Quarterly 30/09/09 1.0130 0.9500 0.0971 0.0000
Quarterly 30/06/09 0.9776 2.9863 1.2795 0.0000

* A fund payment is a payment made by a Managed Investment Trust that represents a distribution of its Australian sourced income (other than dividends, interest and royalties).

Back to Top 

Performance and Fees

Perennial Tactical Income Trust
PERFORMANCE TABLE 1 MONTH % P.A. QUARTER % P.A. FIN. YEAR TO DATE % P.A. 1 YEAR % P.A. 2 YEARS % P.A. 3 YEARS % P.A. 5 YEARS % P.A. SINCE INCEPT. % P.A. FEES  
As at 31/7/2010                 Entry Fee (%) NIL
GROSS PERFORMANCE 0.9 2.2 0.9 11.0 12.1 Exit Fee (%) NIL
BENCHMARK (50% Bank Bill, 50% UBS Composite Bond 0+ yr) 0.3 2.3 0.3 5.9 5.7 Management Fee (% pa) 0.45
VALUE ADDED 0.6 -0.1 0.6 5.1 6.4 Performance Fee NIL
NET PERFORMANCE 0.9 2.1 0.9 10.5 11.6 Buy/Sell Spread (%) Nil
Average Annual Compound Rate of Return
As at 31/7/2010 GROWTH RETURN % P.A INCOME DISTRIBUTION RETURN % P.A. TOTAL RETURN % P.A BENCHMARK % P.A *
1 Year 4.6 5.9 10.5
3 Years
5 Years
Since Inception 6.1 5.5 11.6 5.7

Back to Top 

Publications

Back to Top 

We are Perennial

Copyright © Perennial Investment Partners Limited 2007, Version 3.30.00

The information on this web site is general in nature. Its accuracy, reliability or completeness is not guaranteed and it does not take into account any person's particular circumstances and needs. Use of the information on this website is governed by Australian law and is subject to the Terms of Use Page. Click here to view our Privacy Policy.

Investment Manager: Perennial Investment Partners Ltd ABN 59 087 901 620, AFSL No. 238763. Sub Manager: Perennial Value Management Limited ABN 22 090 879 904, AFSL No. 247293. Perennial Fixed Interest Partners Pty Limited ABN 35 099 336 357, Perennial International Equities Management Pty Limited ACN 099 336 375, Perennial Growth Management Pty Limited ABN 41 099 336 384 and Perennial Real Estate Investments Pty Limited ABN 35 117 913 685 are Subsidiaries and Authorised Representatives of Perennial Investment Partners Limited.