Introduction
The Maple-Brown Abbott Australian Equity PST (the Trust) is a wholesale pooled superannuation trust for investors wishing to participate in a tax paid, Australian equities investment. The Trust achieves its Australian equities exposure by investing in the Maple-Brown Abbott Australian Equity Trust (AET), a registered managed investment scheme of which the Responsible Entity (RE) is Maple-Brown Abbott Limited.
The Trust commenced operation on 4 January 2001 and is open only to Australian regulated superannuation funds, approved deposit funds, pooled superannuation trusts and other entities permitted by the Superannuation Industry (Supervision) Act 1993 (Cth).
The usual minimum initial investment required is $500,000.
The Trustee and investment manager is Maple-Brown Abbott Limited (RSE Licence No. L0000130). The ABN for the Trust is 38 466 810 167.
Investment Objective
Maple-Brown Abbott's investment objective for the Trust and the AET is to outperform, over rolling four year periods, the S&P/ASX 300 Accumulation Index (the Benchmark). Prospective investors should plan to invest for at least four years.
Performance
Performance figures as at 31 May 2013
| Since Inception 04 Jan 2001 p.a. | 9.0 | 7.7 |
| 10 Years p.a. | 10.2 | 9.7 |
| 7 Years p.a. | 6.2 | 4.2 |
| 4 Years p.a. | 12.4 | 11.2 |
| 3 Years p.a. | 9.3 | 8.2 |
| 1 Year | 32.5 | 25.6 |
| 3 Months | -0.8 | -2.7 |
| 1 Month | -4.3 | -4.5 |
" The Trust's performance is based on the movement in net asset value per unit which includes all fees and charges and full provision for income tax and capital gains tax on both realised and unrealised capital gains.
** The benchmark is the S&P/ASX 300 Accumulation Index.
Please note that the above figures represent past performance, and past performance is not a reliable indicator of future performance. Returns are volatile and may fluctuate quickly and significantly.
Asset Allocation
The objective for the Trust is to be fully invested in the AET, which has a minimum allocation to Australian equities including REITs of 90%. From time to time cash may be briefly held by the Trust to meet obligations such as tax payments and levies. Our asset allocations for the AET are as follows:
|
|
Low % |
High % |
Neutral % |
| Australian Equities |
90 |
100 |
95 |
| Liquidity |
0 |
10 |
5 |
|
N/A |
N/A |
100 |
As at 31 May 2013 the actual asset allocation for the AET by market value was as follows:
AET's Top Ten Holdings*
Australia & New Zealand Banking Gp
BHP Billiton
Brambles
National Australia Bank
Origin Energy
Rio Tinto
Telstra Corporation
Wesfarmers
Westpac Banking Corporation
Woodside Petroleum
*Alphabetical order.
The top ten holdings made up 58.7% of the market value of Australian equities in the AET as at 31 May 2013.
Application & Redemption Minimums
| Minimum Initial Application* | $500,000 |
| Minimum Additional Application* | $10,000 |
| Minimum Redemption Amount* | $ nil |
Normal Redemption Period
| 2 Business Days
after receipt of
redemption request |
*Amount may be varied at our discretion.
Trust's Fees & Expenses
While the Trust is fully invested in the AET, we do not charge a Trustee fee for this Trust.
| Contribution Fee |
Nil |
| Withdrawal Fee |
Nil |
Management costs
for the year ended 31 May 2013 |
0.41%
|
Management costs, inclusive of GST and net of any applicable Reduced Income Tax Credits, expressed as a percentage per annum of the net asset value of the Trust, are made up of underlying Management costs for the AET, audit costs and the APRA levy,
and may vary between 0.40% and 0.51% of the net asset value of the Trust. Note that management costs can rise if certain performance targets in the AET are met. Management costs are currently below the expected range because the Trustee subsidised certain expenses which is unlikely to be repeated. Management costs are expected to revert to within the expected range over time.
AET 's Fees & Expenses
| Contribution Fee |
Nil |
| Withdrawal Fee |
Nil |
Management costs
for the year ended 31 May 2013 |
0.39%
|
AET Management costs, inclusive of GST and net of any applicable Reduced Income Tax Credits, expressed as a percentage per annum of the net asset value of the Trust, are made up of the management fee and audit costs, and may vary between 0.38% and 0.39% of the net asset value of the Trust.
Spread
The current spread between the application price and redemption price is 0.42%.
In other words, the application price is the net asset value unit price plus 0.21%
and the redemption price is the net asset value unit price less 0.21%.
This spread represents an allowance for estimated transaction costs incurred by the Trust when it increases or reduces its investment in the AET because of new applications or redemptions. The amount charged by the AET reflects its costs of buying or selling investments based on the neutral allocation in the AET. The spread is recalculated each year or if there is a significant change in the costs of buying and selling Trust investments.
Pricing Frequency
The Trust is valued, and unit prices are determined, as at the close of business each Business Day and at month end.
Value of the Trust
The market value of the Trust as at 31 May 2013 was $0.1 million.
|