Institutional Investors

Partners Trust

The Trust combines the highest conviction ideas from Perennial's five boutique investment firms.

Trust Objective

To grow the value of your investment over the long-term, mainly through capital growth, and to provide a total return (after fees) that exceeds the UBSA Bank Bill Index measured over a three year period. This is achieved by investing in a concentrated selection of international and domestic shares, international and domestic listed property securities and fixed interest securities.  

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Suitable Investor Profile

Investors with an investment horizon of five or more years, who are seeking a concentrated portfolio of international and domestic shares, listed property securities and fixed interest securities, and who can accept possible short-term fluctuations in the value of their investments. 

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Fund Facts

Investment Approach

The Trust utilises the specialist investment capabilities of Perennial's boutique investment management businesses.The Trust aims to invest in a concentrated exposure of the best opportunities across Perennial's boutique businesses with the expectation of a high level of capital growth over the long term. The Trust will invest in most asset classes and as it is benchmark unaware, perform differently to major market indices.

Investment Strategy

The Trust gives investors the ability to access the best investment ideas across Perennial's specialist investment management boutiques. The Trust will invest in a concentrated portfolio of international and domestic shares, international and domestic listed property securities, and fixed interest securities constructed without reference to any benchmark index.

Each of the Perennial investment management boutiques place a great emphasis on fundamental securities research. Through this thorough research, the boutiques often uncover securities that have been over sold by the market and offer knowledgeable investors the potential for a high level of return. It is in these superior investment ideas that the Trust aims to invest. From time to time, the Trust may experience high levels volatility in order to achieve the investment objective.

Although the neutral asset allocation to each boutique is 20%, the Trust can take a highly flexible investment approach with the ability to alter the asset allocation to take advantage of individual security fundamentals and prevailing market conditions. Perennial may actively manage the weighting given to each investment boutique in accordance to the current environment.

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.

Up to 50% of the international property and equity exposure may be hedged. However, the Trust may accept under and over hedged positions from time to time. 

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Investment Summary

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

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Unit Prices

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Distribution

Perennial Partners Trust
Frequency As at Reinvested
NAV Price($)		 CPU Fund Payment CPU * Discounted Capital Gain CPU
Half Yearly 30/06/10 0.8089 1.2910 0.0000 0.0000
Half Yearly 31/12/09 0.8520 0.2900 0.0000 0.0000
Half Yearly 30/06/09 0.6844 1.5262 0.1989 0.0000
Half Yearly 31/12/08 0.6517 1.0500 0.0000 0.0000
Half Yearly 30/06/08 0.8895 0.5258 -- --

* 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 Partners 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 2.5 -3.3 2.5 14.0 0.8 -4.3 Exit Fee (%) NIL
BENCHMARK (UBS Bank Bill) 0.4 1.2 0.4 4.0 4.5 4.9 Management Fee (% pa) 1.30
VALUE ADDED 2.1 -4.5 2.1 10.0 -3.7 -9.2 Performance Fee YES
NET PERFORMANCE 2.4 -3.6 2.4 12.4 -0.4 -5.4 Buy/Sell Spread (%) 0.70
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 10.3 2.2 12.4
3 Years
5 Years
Since Inception -8.0 2.6 -5.4 4.9

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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.