Institutional Investors

Japanese Shares

The Trust provides an actively managed exposure to a portfolio of Japanese shares.

Trust Objective

To grow the value of your investment over the long term by investing in a carefully selected portfolio of Japanese shares and to provide a total return (after fees) that exceeds the return of the MSCI Japan Accumulation Index (unhedged) 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 five years or more, who are seeking capital growth via a selection of quality Japanese shares and who can accept the short term fluctuations typically associated with such investments.

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Fund Facts

Investment Approach

Perennial Asia seeks to identify quality companies with sustainable long-term growth at reasonable valuations with the underlying belief that these companies will show consistent earnings growth and be eventually positively re-valued by the market.

Investment Strategy

The Trust invests predominantly in Japanese shares and securities.

The Trust aims to add value by focusing on what Perennial Asia, the investment manager, considers to be well managed companies, with quality earnings potential and long term growth prospects, which have been ignored by investors because of short term concerns about market direction.

These companies are identified by in-depth analysis and by applying stringent valuation methods before investing. Additional risk reduction is achieved by adopting a sector and market diversification approach.

Currency exposure is generally left unhedged. However, some cover may be taken in periods of extreme currency volatility i.e. currency risk may be hedged in circumstances where it is considered that the Australian dollar is trading at significantly undervalued levels. The maximum level of currency hedging is 50% of the portfolio's currency exposure.

The Trust will attempt to be fully invested at all times, with a cash exposure not exceeding 10% 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 Japanese Equities Trust
Minimum Investment $25,000
Minimum Added Investment $5,000
Risk/Return Profile High
Returns achieved mainly through Income & Growth
Income Distribution Annually
Minimum Recommended Investment Period 5 Years

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Unit Prices

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Distribution

Perennial Japanese Equities Trust
Frequency As at Reinvested
NAV Price($)		 CPU Fund Payment CPU * Discounted Capital Gain CPU
Yearly 30/06/10 0.5382 0.0000 0.0000 0.0000
Yearly 30/06/09 0.6232 3.2232 0.3713 0.0000
Yearly 30/06/08 0.6917 0.0000 -- --
Yearly 30/06/07 0.8771 0.0000 -- --
Yearly 30/06/06 1.0935 10.9137 -- --
Yearly 30/06/05 0.9170 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 Japanese Equities 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 -4.4 -3.4 -4.4 -9.4 -5.9 -11.3 -5.8 -3.8 Exit Fee (%) NIL
BENCHMARK (MSCI Japan Accum.) -3.4 -4.1 -3.4 -8.1 -7.1 -12.5 -3.1 -5.6 Management Fee (% pa) 1.33
VALUE ADDED -1.0 0.7 -1.0 -1.3 1.2 1.2 -2.7 1.8 Performance Fee NIL
NET PERFORMANCE -4.5 -3.8 -4.5 -10.6 -7.2 -12.5 -7.0 -4.9 Buy/Sell Spread (%) 1.00
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 -10.6 0.0 -10.6 -8.1
3 Years -13.9 1.5 -12.5 -12.5
5 Years -9.6 2.7 -7.0 -3.1
Since Inception -6.4 1.5 -4.9 -5.6

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Publications

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We are Perennial

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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.