Institutional Investors

FUND OVERVIEW

Perennial Growth High Conviction Shares Trust

Inception Date

April 2009

Fund Size as at 31/8/2010

$19.77 million

Asset Allocation
As at 31/8/2010

Asset allocation pie chart
ASSET CLASS % ALLOCATION
Energy 12.5
Materials 26.0
Industrials 16.1
Consumer Discretionary 4.9
Consumer Staples 0.0
Health Care 9.8
Financials-x-Property Trusts 30.0
Property Trust 0.0
Information Technology 0.0
Telecommunication Services 0.0
Utilities 0.0
SPI Futures 0.0
Cash 0.8

Top Stock Holdings
As at 31/8/2010

STOCK % OF TRUST VALUE
WorleyParsons Ltd 6.8
Lihir Gold Limited 5.9
Australian Infrastr. 5.5
AXA Asia Pacific 5.5
CSL Limited 5.3
ConnectEast Group 5.3
Paladin Energy Ltd 5.2
AMP Limited 5.2
Sims Metal Mgmt Ltd 5.1
RIO Tinto Limited 5.0


The composition of the Trust's investments is subject to constant change. The holding of securities may vary or be disposed of at any time.

Growth High Conviction Shares

The Trust provides an actively managed concentrated exposure to a portfolio of securities from share markets.

Trust Objective

To grow the value of your investment over the long-term through a combination of capital growth and income by investing in a concentrated selection of "growth orientated" shares. Although the portfolio is benchmark unaware in portfolio construction, the Trust will aim to provide a total return (before fees) that exceeds the S&P/ASX 200 Accumulation Index by 4% p.a. measured on a rolling five-year basis.

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Suitable Investor Profile

This Trust may be suitable for investors with an investment horizon of five or more years, who are seeking a concentrated portfolio of "growth orientated" shares.

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Fund Facts

Investment Approach

Perennial Growth invests using a "growth" investment style. Perennial Growth believes that growing companies generate the most value for shareholders and that these companies attract management interested in building businesses rather than merely managing them. Perennial Growth seeks companies that offer profitable growth prospects.

Investment Strategy

The Trust will invest in a concentrated portfolio of listed, or soon to be listed, "growth orientated" securities found on the ASX.

Perennial Growth, the investment manager, seeks to invest in companies that offer sustainable and profitable growth prospects at attractive prices. Perennial Growth believes that growing companies generate the most value for shareholders and seeks to value this future growth through a combination of internally generated bottom-up stock research and quantitative modelling. Only companies with which Perennial Growth has a high conviction will be included in the Trust.

As the Trust is concentrated, the portfolio will typically hold between 20 and 25 securities, with a minimum of 15 and a maximum of 30.

The Trust will have a maximum cash exposure not exceeding 20%, for any length of time.

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 Growth High Conviction Shares Trust
Minimum Investment $25,000
Minimum Added Investment $5,000
Risk/Return Profile High
Returns achieved mainly through Growth & Income
Income Distribution Half Yearly
Minimum Recommended Investment Period 5 Years

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Unit Prices

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Distribution

Perennial Growth High Conviction Shares Trust
Frequency As at Reinvested
NAV Price($)		 CPU Fund Payment CPU * Discounted Capital Gain CPU
Half Yearly 30/06/10 0.7211 0.7120 0.0000 0.0000
Half Yearly 31/12/09 0.8246 0.6500 0.0000 0.0000
Half Yearly 30/06/09 0.6481 0.3342 0.0327 0.0000
Half Yearly 31/12/08 0.5611 1.4500 0.0804 0.0000
Half Yearly 30/06/08 0.8392 3.1472 -- --
Half Yearly 31/12/07 1.1169 2.7000 -- --
Half Yearly 30/06/07 1.0979 0.9917 -- --
Half Yearly 31/12/06 1.0000 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).

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Performance and Fees

Perennial Growth High Conviction Shares 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 31/8/2010                 Entry Fee (%) NIL
GROSS PERFORMANCE -2.1 -4.3 1.5 -0.9 -4.8 -8.8 -5.6 Exit Fee (%) NIL
BENCHMARK (S&P/ASX 200 Accum.) -1.2 0.6 3.3 2.2 -3.1 -7.0 -4.6 Management Fee (% pa) 1.05
VALUE ADDED -0.9 -4.9 -1.8 -3.1 -1.7 -1.8 -1.0 Performance Fee NIL
NET PERFORMANCE -2.1 -4.6 1.3 -1.9 -5.7 -9.7 -6.5 Buy/Sell Spread (%) 0.60
Average Annual Compound Rate of Return
As at 31/8/2010 GROWTH RETURN % P.A INCOME DISTRIBUTION RETURN % P.A. TOTAL RETURN % P.A BENCHMARK % P.A *
1 Year -3.6 1.7 -1.9 2.2
3 Years -12.9 3.2 -9.7 -7.0
5 Years
Since Inception -9.7 3.2 -6.5 -4.6

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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.