Institutional Investors

FUND OVERVIEW

Perennial Value Smaller Companies Trust

Inception Date

March 2002

Fund Size as at 31/7/2010

$40.38 million

Asset Allocation
As at 31/7/2010

Asset allocation pie chart
ASSET CLASS % ALLOCATION
Energy 7.0
Materials 21.2
Industrials 19.4
Consumer Discretionary 20.9
Consumer Staples 3.2
Health Care 2.1
Financials-x-Property Trusts 8.3
Property Trust 4.5
Information Technology 4.0
Telecommunication Services 7.0
Utilities 0.0
SPI Futures 0.0
Cash 2.5


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.

Value Smaller Companies

The Perennial Value Smaller Companies Trust provides an actively managed exposure to a portfolio of Australian smaller companies shares, employing a value style investment process.

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 smaller companies shares, and to provide a total return (after fees) that exceeds the S&P/ASX Small Ordinaries Accumulation Index measured on a rolling three-year basis.

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Suitable Investor Profile

The Trust may be suitable for investors with an investment horizon of five years or more, who are seeking exposure to a portfolio of smaller "value oriented" companies listed (or soon to be listed) on the ASX.

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Fund Facts

Investment Approach

Perennial Value invests by applying a "value" investment style. Perennial Value seeks to buy smaller companies shares that are "good businesses that are undervalued" with an underlying belief that good businesses are eventually recognised by markets and are positively re-valued.

Investment Strategy

The Trust invests in a range of smaller listed companies shares which Perennial Value, the investment manager, believes have sustainable operations and whose share price offers 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.

In addressing liquidity risk, the minimum market cap that the Trust can invest in is $50m, while at the other end of the spectrum the Trust is permitted to invest up to 15% of the portfolio in mid-cap stocks.

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Investment Summary

Perennial Value Smaller Companies 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 Value Smaller Companies Trust
Frequency As at Reinvested
NAV Price($)		 CPU Fund Payment CPU * Discounted Capital Gain CPU
Half Yearly 30/06/10 0.8197 3.3657 0.0135 0.0000
Half Yearly 31/12/09 0.9094 0.0000 0.0000 0.0000
Half Yearly 30/06/09 0.6427 0.4320 0.0156 0.0000
Half Yearly 31/12/08 0.5474 0.8500 0.0000 0.0000
Half Yearly 30/06/08 0.8051 6.6528 -- --
Half Yearly 31/12/07 1.0718 4.0000 -- --
Half Yearly 30/06/07 1.0579 28.1125 -- --
Half Yearly 31/12/06 1.1401 4.7000 -- --
Half Yearly 30/06/06 0.9128 19.6054 -- --
Half Yearly 31/12/05 1.0476 4.1300 -- --
Half Yearly 21/10/05 1.0665 6.1000 -- --
Half Yearly 30/06/05 1.0699 16.7212 -- --
Half Yearly 05/05/05 1.1505 16.0000 -- --

* 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 Value Smaller Companies 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 5.5 -3.8 5.5 35.0 13.0 2.0 12.5 14.7 Exit Fee (%) NIL
BENCHMARK (S&P/ASX Small Ordinaries Accum.) 5.2 -7.0 5.2 7.3 -6.0 -12.4 3.0 7.7 Management Fee (% pa) 1.20
VALUE ADDED 0.3 3.2 0.3 27.7 19.0 14.4 9.5 7.0 Performance Fee 15%
NET PERFORMANCE 5.1 -4.6 5.1 29.1 9.1 -0.8 10.2 12.9 Buy/Sell Spread (%) 0.60
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 24.0 5.1 29.1 7.3
3 Years -6.5 5.7 -0.8 -12.4
5 Years -5.0 15.3 10.2 3.0
Since Inception -1.9 14.8 12.9 7.7

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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.