Introduction
The Maple-Brown Abbott Australian Equity Trust (the Trust) is a distributing trust for wholesale investors wishing to participate in the Australian equity market. The Trust commenced on 31 December 1992 and is open for investment to persons receiving the Product Disclosure Statement in Australia and for certain wholesale investors in selected countries where the offer to invest and investment in the Trust is lawful in both that country and Australia.
The usual minimum initial investment required is $500,000.
The Trust is a registered managed investment scheme of which the Responsible Entity (RE) is Maple-Brown Abbott Limited.
Investment Objective
Maple-Brown Abbott's investment objective for the Trust 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 31 Dec 1992 p.a. | | 10.2 |
| 15 Years p.a. | | 8.4 |
| 10 Years p.a. | | 9.7 |
| 7 Years p.a. | | 4.2 |
| 5 Years p.a. | | 1.6 |
| 4 Years p.a. | | 11.2 |
| 3 Years p.a. | | 8.2 |
| 1 Year | | 25.6 |
| 6 Months | | 11.2 |
| 3 Months | | -2.7 |
| 1 Month | | -4.5 |
^ Distribution return, which includes realised capital gains, is the Total return less the Growth return.
* Growth return is based on the movement in capital value per unit.
" Total return is based on the movement in capital value per unit plus accrued income and prior distributions paid and is before tax and after all fees and charges. Imputation credits are not included in the performance figures.
** The benchmark to 31/3/00 is the old Australian All Ordinaries 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
Our asset allocations are as follows:
|
|
Low % |
High % |
Neutral % |
| Australian Equities |
90 |
100 |
95 |
| Liquidity |
0 |
10 |
5 |
|
N/A |
N/A |
100 |
Our objective for the Trust is for it to be fully invested in Australian equities including REITs and our neutral weighting of 5% for
liquidity reflects the need to have some liquidity in order to take advantage of opportunities in the market.
From time to time liquidity may be higher than 5% (but not greater than 10%) but this will be mainly due to
considerations such as inflows to the Trust and opportunities in the market.
As at 31 May 2013 the actual asset allocation for the Trust by market value was as follows:
Top Ten Australian Equities 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 Trust 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.
Fees & Expenses
| Contribution Fee |
Nil |
| Withdrawal Fee |
Nil |
Management costs
for the year ended 31 May 2013 |
0.39%
|
Management costs after outperformance fee*
for the year ended 31 May 2013 |
0.39%
|
* Performance Fee: If the Trust after all charges outperforms the S&P/ASX 300
Accumulation Index (prior to 1 April 2000, the Australian All Ordinaries
Accumulation Index) by more than 3% per annum, then we are entitled
to an outperformance fee of 20% of the amount of such outperformance
charged monthly.
The 20% fee is the maximum permitted under the Constitution.
The 3% hurdle was set at the inception of the Trust. No outperformance fee is payable unless
and until all past underperformance, relative to the Benchmark plus 3%, if any, is made up.
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 capital value of a unit price plus 0.21%
and the redemption price is the capital value of a unit price less 0.21%.
This spread reflects an allowance for estimated brokerage and other transaction costs from buying or selling Trust investments, based on the neutral asset allocation. The spread is recalculated each year or if there is a significant change in the costs of buying and selling Trust investments.
Income Distribution
Income distributions, if any, are calculated as at the end of each quarter and paid within 10 Business Days after the end of the quarter.
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 $455.2 million.
|