Custodian | Apex Fund Services Pty Ltd with JP Morgan as sub-custodian |
Administrator | Apex Fund Services Pty Ltd |
Fund auditor | Pitcher Partners |
Inception | July 2011 |
Investment strategy | The Fund seeks to generate attractive risk-adjusted returns over the long term and protect capital by buying securities trading significantly below fair value (bargains). Cash will be held on deposit when bargains are not available in the market. The fund will have a small cap bias in accordance with the Manager’s opinion that the majority of bargains are found amongst small caps. |
Investment universe | Securities publicly traded on a recognised securities exchange and cash to be held on deposit. |
Fund size cap | The fund is now closed to new investors (subject to the discretion of the Trustee) but will remain open for additional investment by existing unitholders. |
Portfolio holdings / investment restrictions | - Maximum of 40 individual stock/security holdings - Maximum exposure of 15% to a single security - No direct short positions - No leverage at Fund level |
Distributions | Unit holders are to elect whether to receive distributions in cash or reinvest them in the fund. Distributions will be paid annually after 30 June each year. |
Redemption notice | Unit holders must provide at least 6 months written notice to redeem, in order to enable the manager to implement its investment strategy appropriately. When redemption notice is less than 6 months, an early exit penalty of 5% of the redemption amount will be payable to the Fund (not the Manager). |
Base management fee | 1% p.a. excluding GST |
Management Expense Ratio | 1.025% p.a. inclusive of non-recoverable GST |
Performance fee | 20% of returns above the Hurdle rate subject to a high water mark. The Hurdle rate is the Reserve Bank of Australia Cash Rate Target plus 2.5%. |
Entry fee | None |
Buy spread | 0.5% |
Sell spread | (0.5%) or (5.5%) if less than 6 months' redemption notice is provided. |