FUND OVERVIEW
Inception Date
March 2000
Fund Size as at 31/7/2010
$2469.50 million
Asset Allocation
As at 31/7/2010
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| Energy | 3.8 | ||
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| Materials | 32.2 | ||
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| Industrials | 3.3 | ||
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| Consumer Discretionary | 8.9 | ||
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| Consumer Staples | 5.2 | ||
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| Health Care | 0.1 | ||
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| Financials-x-Property Trusts | 33.7 | ||
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| Property Trust | 3.3 | ||
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| Information Technology | 1.1 | ||
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| Telecommunication Services | 4.5 | ||
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| Utilities | 2.1 | ||
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| SPI Futures | 0.1 | ||
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| Cash | 1.6 | ||
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Top Stock Holdings
As at 31/7/2010
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| BHP Billiton Limited | 10.9 | ||
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| National Aust. Bank | 6.9 | ||
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| ANZ Banking Grp Ltd | 6.6 | ||
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| Commonwealth Bank. | 6.0 | ||
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| Westpac Banking Corp | 5.4 | ||
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| Telstra Corporation. | 4.5 | ||
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| RIO Tinto Limited | 3.8 | ||
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| Amcor Limited | 3.4 | ||
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| Wesfarmers Limited | 3.1 | ||
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| Woodside Petroleum | 2.5 | ||
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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
The Trust provides an actively managed exposure to a portfolio of Australian shares (employing a value style investment process).
Whilst every effort to ensure the information in this promotional statement is accurate; its accuracy, reliability or completeness is not guaranteed. Past performance is not a reliable indicator of future performance. Net performance is based on redemption price for the period and assumes that all distributions are reinvested. Fees indicated reflect the maximum applicable. Contractual arrangements, including any applicable management fee, may be negotiated with certain large investors. Investments in the Trust must be accompanied by the application form attached to the current product disclosure statement. The current product disclosure statement can be found on Perennial's website www.perennial.net.au. Graph is based on value of $100,000 invested at inception of trust at 31 March 2000 until 31 March 2010. *S&P/ASX300 Accumulation Index.
Trust Objective
To grow the value of your investment over the long term via a combination of capital growth and tax effective income by investing in a diversified portfolio of Australian shares and to provide a total return (after fees) that exceeds the S&P/ASX 300 Accumulation Index measured on a rolling three-year basis.
Suitable Investor Profile
The Trust may be suitable for investors with an investment horizon of five or more years, who are seeking exposure to a portfolio of Australian "value oriented" companies.
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.
Investment Strategy
The Trust invests in a range of companies listed (or soon to be listed) on the ASX which Perennial Value, the investment manager, believes have sustainable operations and whose share prices offer good value.
The cornerstone to this approach is a strong emphasis on company research. The aim is to develop a detailed understanding of each company before committing investors' funds.
The process aims to ensure that the Trust's investment decisions are focused on buying stocks offering good value and selling stocks offering poor value.
The portfolio will typically hold approximately 45 stocks with a minimum stock holding of 20 and a maximum of 70.
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.
Investment Summary
| Minimum Investment | $25,000 |
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| Minimum Added Investment | $5,000 |
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| Risk/Return Profile | High |
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| Returns achieved mainly through | Growth & Income |
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| Income Distribution | Half Yearly |
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| Minimum Recommended Investment Period | 5 Years |
Unit Prices
Distribution
| Frequency | As at | Reinvested NAV Price($) |
CPU | Fund Payment CPU * | Discounted Capital Gain CPU |
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| Half Yearly | 30/06/10 | 1.4429 | 1.3803 | 0.0506 | 0.0000 |
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| Half Yearly | 31/12/09 | 1.6321 | 3.0000 | 0.0000 | 0.0000 |
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| Half Yearly | 30/06/09 | 1.3222 | 1.5397 | 0.1273 | 0.0000 |
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| Half Yearly | 31/12/08 | 1.1257 | 4.7000 | 0.0336 | 0.0000 |
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| Half Yearly | 30/06/08 | 1.5949 | 14.8860 | -- | -- |
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| Half Yearly | 31/12/07 | 2.0183 | 8.0000 | -- | -- |
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| Half Yearly | 30/06/07 | 2.0797 | 25.3597 | -- | -- |
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| Half Yearly | 31/12/06 | 2.0617 | 5.6500 | -- | -- |
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| Half Yearly | 30/06/06 | 1.8709 | 17.6090 | -- | -- |
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| Half Yearly | 31/12/05 | 1.9074 | 7.4000 | -- | -- |
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| Half Yearly | 30/06/05 | 1.7760 | 11.4135 | -- | -- |
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* 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).
Franking Credit
| Financial Year | Franking Level % |
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| 2009 | 98.87 |
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| 2008 | 30.39 |
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| 2007 | 19.82 |
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| 2006 | 24.88 |
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| 2005 | 35.42 |
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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 | |
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| As at 31/7/2010 | Entry Fee (%) | NIL | ||||||||
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| GROSS PERFORMANCE | 4.4 | -6.5 | 4.4 | 8.9 | 4.2 | -2.6 | 6.7 | 12.7 | Exit Fee (%) | NIL |
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| BENCHMARK (S&P/ASX 300 Accum.) | 4.5 | -6.0 | 4.5 | 10.0 | -0.6 | -6.1 | 4.9 | 7.8 | Management Fee (% pa) | 0.92 |
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| VALUE ADDED | -0.1 | -0.5 | -0.1 | -1.1 | 4.8 | 3.5 | 1.8 | 4.9 | Performance Fee | NIL |
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| NET PERFORMANCE | 4.3 | -6.7 | 4.3 | 8.0 | 3.2 | -3.5 | 5.8 | 11.9 | Buy/Sell Spread (%) | 0.60 |
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| As at 31/7/2010 | GROWTH RETURN % P.A | INCOME DISTRIBUTION RETURN % P.A. | TOTAL RETURN % P.A | BENCHMARK % P.A * | ||||||
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| 1 Year | 5.0 | 3.0 | 8.0 | 10.0 | ||||||
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| 3 Years | -10.0 | 6.5 | -3.5 | -6.1 | ||||||
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| 5 Years | -3.9 | 9.7 | 5.8 | 4.9 | ||||||
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| Since Inception | 4.3 | 7.6 | 11.9 | 7.8 | ||||||
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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
