FUND OVERVIEW
Inception Date
December 2005
Fund Size as at 31/8/2010
$61.36 million
Asset Allocation
As at 31/8/2010
|
|||
|---|---|---|---|
 |
|||
| Energy | 0.0 | ||
|
|||
| Materials | 12.6 | ||
|
|||
| Industrials | 6.5 | ||
|
|||
| Consumer Discretionary | 10.4 | ||
|
|||
| Consumer Staples | 17.4 | ||
|
|||
| Health Care | 0.0 | ||
|
|||
| Financials-x-Property Trusts | 39.2 | ||
|
|||
| Property Trust | 2.9 | ||
|
|||
| Information Technology | 0.0 | ||
|
|||
| Telecommunication Services | 4.4 | ||
|
|||
| Utilities | 2.4 | ||
|
|||
| SPI Futures | 0.2 | ||
|
|||
| Cash | 4.1 | ||
|
|||
Top Stock Holdings
As at 31/8/2010
|
|||
|---|---|---|---|
|
|||
| ANZ Banking Grp Ltd | 7.5 | ||
|
|||
| National Aust. Bank | 7.2 | ||
|
|||
| Commonwealth Bank. | 5.5 | ||
|
|||
| Westpac Banking Corp | 4.9 | ||
|
|||
| Goodman Fielder. | 4.8 | ||
|
|||
| Amcor Limited | 4.6 | ||
|
|||
| Wesfarmers Limited | 4.6 | ||
|
|||
| Telstra Corporation. | 4.4 | ||
|
|||
| Seven Group Holdings | 3.5 | ||
|
|||
| Qantas Airways | 3.1 | ||
|
|||
Performance is net of fees and charges and is based on exit price to exit price for the period and assumes that all distributions are reinvested. Investment management fees and other fees and expenses are accounted for in the exit prices. Past performance is not a reliable indicator of future performance. Unit prices may rise and fall in line with the value of the underlying assets.
S&P/ASX 300 Accumulation Index is a recognised marketing index (or benchmark) that the performance of the Trust is measured against.
Value Shares for Income
(Formerly known as the Perennial Value High Yield Shares Trust)
The Trust provides an actively managed exposure to a portfolio of shares that offer a consistent cash dividend and a high level of franking credits.
Trust Objective
To provide investors with an attractive level of tax effective income, which the Trust aims to be paid via quarterly distributions. The Trust aims to provide a dividend yield, adjusted for applicable franking credits and before fees, above that provided by the S&P/ASX 300 Accumulation Index measured on a rolling three- year basis.
Suitable Investor Profile
This Trust may be suitable for investors with an investment horizon of five or more years, who are seeking regular tax effective income through the provision of quarterly distributions.
Fund Facts
Investment Approach
Perennial Value invests by applying a "value" investment style. Perennial Value seeks to buy "good businesses that are undervalued" with an underlying belief that good businesses are always eventually recognised by markets and are positively re-valued. Those businesses that provide a high dividend yield are likely to be found in this portfolio.
Investment Strategy
The Trust will invest in a well diversified range of publicly listed companies on Australian and international stock exchanges, which Perennial Value, the investment manager, believes have the ability to pay a consistent level of dividends (including franking credits, where applicable) and which demonstrate financial soundness. Equity investments may include Australian and international listed property trusts and listed investment companies.
In order to provide a 'true to label' high yield portfolio, Perennial Value applies stringent screening criteria to the equity investments in order to create a pool of high yielding stocks. Fundamental company research is then applied in order to select a portfolio of companies which have a track record of paying a consistent level of cash dividends (including franking credits, where applicable) and which demonstrate a sound financial position. Perennial Value will aim to keep the Trust's net realised capital gains to a minimum.
The portfolio will hold in the range of 20 to 70 stocks.
The Trust will attempt to be fully invested at all times, with a cash exposure not exceeding 10% for any length of time.
The majority of foreign currency exposure will be hedged into Australian dollars. The maximum foreign currency exposure in the Trust will be 10% of the portfolio.
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.
Investment Summary
| Minimum Investment | $25,000 |
|
|
| Minimum Added Investment | $5,000 |
|
|
| Risk/Return Profile | High |
|
|
| Returns achieved mainly through | Income |
|
|
| Income Distribution | Quarterly |
|
|
| Minimum Recommended Investment Period | 5 Years |
Unit Prices
Distribution
| Frequency | As at | Reinvested NAV Price($) |
CPU | Fund Payment CPU * | Discounted Capital Gain CPU |
|---|---|---|---|---|---|
|
|||||
| Quarterly | 30/06/10 | 0.8654 | 1.0150 | 0.0520 | 0.0000 |
|
|||||
| Quarterly | 31/03/10 | 0.9646 | 0.8000 | 0.0454 | 0.0000 |
|
|||||
| Quarterly | 31/12/09 | 0.9759 | 1.0000 | 0.0138 | 0.0000 |
|
|||||
| Quarterly | 30/09/09 | 0.9815 | 0.8300 | 0.0000 | 0.0000 |
|
|||||
| Quarterly | 30/06/09 | 0.7876 | 0.8536 | 0.1032 | 0.0000 |
|
|||||
| Quarterly | 31/03/09 | 0.7111 | 0.3800 | 0.0760 | 0.0000 |
|
|||||
| Quarterly | 31/12/08 | 0.7445 | 2.2000 | 0.0534 | 0.0000 |
|
|||||
| Quarterly | 30/09/08 | 0.9474 | 1.5000 | 0.0000 | 0.0000 |
|
|||||
| Quarterly | 30/06/08 | 1.0042 | 2.7317 | -- | -- |
|
|||||
| Quarterly | 31/03/08 | 1.0985 | 1.2500 | -- | -- |
|
|||||
| Quarterly | 31/12/07 | 1.2476 | 1.7000 | -- | -- |
|
|||||
| Quarterly | 30/09/07 | 1.3236 | 1.1900 | -- | -- |
|
|||||
| Quarterly | 30/06/07 | 1.3145 | 3.8571 | -- | -- |
|
|||||
| Quarterly | 31/03/07 | 1.3014 | 2.3500 | -- | -- |
|
|||||
| Quarterly | 31/12/06 | 1.2026 | 2.1500 | -- | -- |
|
|||||
| Quarterly | 30/09/06 | 1.0950 | 1.2500 | -- | -- |
|
|||||
| Quarterly | 30/06/06 | 1.0351 | 1.3524 | -- | -- |
|
|||||
| Quarterly | 31/03/06 | 1.0582 | 0.7500 | -- | -- |
|
|||||
| Quarterly | 31/12/05 | 1.0161 | 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).
Performance and Fees
| 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 | -0.9 | 1.2 | 3.5 | 0.4 | -1.4 | -6.1 | 3.7 | Exit Fee (%) | NIL | |
| ||||||||||
| BENCHMARK (S&P/ASX 300 Accum.) | -1.1 | 0.6 | 3.3 | 2.1 | -3.1 | -7.1 | 2.7 | Management Fee (% pa) | 0.92 | |
| ||||||||||
| VALUE ADDED | 0.2 | 0.6 | 0.2 | -1.7 | 1.7 | 1.0 | 1.0 | Performance Fee | NIL | |
| ||||||||||
| NET PERFORMANCE | -0.9 | 1.0 | 3.4 | -0.4 | -2.2 | -6.9 | 2.8 | Buy/Sell Spread (%) | 0.60 | |
| ||||||||||
| ||||||||||
| As at 31/8/2010 | GROWTH RETURN % P.A | INCOME DISTRIBUTION RETURN % P.A. | TOTAL RETURN % P.A | BENCHMARK % P.A * | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
||||||||||
| 1 Year | -4.1 | 3.8 | -0.4 | 2.1 | ||||||
| ||||||||||
| 3 Years | -11.8 | 4.9 | -6.9 | -7.1 | ||||||
| ||||||||||
| 5 Years | ||||||||||
| ||||||||||
| Since Inception | -2.7 | 5.5 | 2.8 | 2.7 | ||||||
| ||||||||||
| ||||||||||
Performance is net of fees and charges and is based on exit price to exit price for the period and assumes that all distributions are reinvested. Investment management fees and other fees and expenses are accounted for in the exit prices. Past performance is not a reliable indicator of future performance. Unit prices may rise and fall in line with the value of the underlying assets.
S&P/ASX 300 Accumulation Index is a recognised marketing index (or benchmark) that the performance of the Trust is measured against.
Publications
