Institutional Investors

Australian Fixed Interest

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

Trust Objective

To provide a total return (after fees) greater than cash and inflation, and that exceeds the benchmark, UBSA Composite Bond Index (0 + years) measured on a rolling three-year basis.

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Suitable Investor Profile

This Trust may be suitable for investors with an investment horizon of three years or more, seeking a relatively high level of capital security from a well diversified portfolio of fixed interest securities with returns that should exceed those available from cash and other forms of short-term investments.

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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:

  • government bonds;
  • corporate bonds; and
  • asset back 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.

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Investment Summary

Perennial Australian Fixed Interest Trust
Minimum Investment $100,000
Minimum Added Investment $5,000
Risk/Return Profile Moderate
Returns achieved mainly through Income
Income Distribution Quarterly
Minimum Recommended Investment Period 3 Years

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Unit Prices

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Distribution

Perennial Australian Fixed Interest Trust
Frequency As at Reinvested
NAV Price($)		 CPU Fund Payment CPU * Discounted Capital Gain CPU
Quarterly 30/06/10 1.0256 1.9673 0.5506 0.0000
Quarterly 31/03/10 1.0116 0.7500 0.0910 0.0000
Quarterly 05/03/10 1.0227 2.0000 0.5687 0.0000
Quarterly 31/12/09 1.0186 1.3500 0.0000 0.0000
Quarterly 30/09/09 1.0150 1.1500 0.0970 0.0000
Quarterly 30/06/09 0.9951 4.2978 2.2031 0.0000
Quarterly 31/03/09 1.0319 2.0000 0.7545 0.0000
Quarterly 31/12/08 1.0492 2.3000 0.0000 0.0000
Quarterly 30/09/08 1.0050 0.8000 0.0000 0.0000
Quarterly 30/06/08 0.9640 2.3347 -- --
Quarterly 31/03/08 0.9847 1.2500 -- --
Quarterly 31/12/07 0.9821 1.6000 -- --
Quarterly 30/09/07 1.0002 0.9600 -- --
Quarterly 30/06/07 0.9960 1.2721 -- --
Quarterly 31/03/07 1.0075 0.6000 -- --
Quarterly 06/02/07 1.0098 0.3800 -- --
Quarterly 31/12/06 1.0042 1.4000 -- --
Quarterly 30/09/06 1.0161 1.3500 -- --
Quarterly 30/06/06 1.0091 1.5273 -- --
Quarterly 31/03/06 1.0253 1.2500 -- --
Quarterly 31/12/05 1.0283 0.9500 -- --
Quarterly 30/09/05 1.0203 1.7000 -- --
Quarterly 30/06/05 1.0286 1.7566 -- --
Quarterly 31/03/05 1.0172 1.2000 -- --

* 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).

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Franking Credit

Perennial Australian Fixed Interest Trust
Financial Year Franking Level %
2009 0.00
2008 0.00
2007 0.00
2006 0.00
2005 0.00

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Performance and Fees

Perennial Australian Fixed Interest 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 0.4 3.2 0.4 10.2 11.3 9.1 7.0 7.0 Exit Fee (%) NIL
BENCHMARK (UBS Composite Bond 0+ yr) 0.3 3.3 0.3 7.8 8.5 7.5 6.0 6.1 Management Fee (% pa) 0.35
VALUE ADDED 0.1 -0.1 0.1 2.4 2.8 1.6 1.0 0.9 Performance Fee NIL
NET PERFORMANCE 0.4 3.1 0.4 9.8 10.9 8.7 6.7 6.6 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 2.4 7.4 9.8 7.8
3 Years 0.9 7.8 8.7 7.5
5 Years -0.1 6.7 6.7 6.0
Since Inception 0.4 6.2 6.6 6.1

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Publications

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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.