The Maple-Brown Abbott Australia Plus Asia Trust (the Trust) is a distributing trust for wholesale investors wishing to invest in the Australian equity market combined with selected Asian-listed shares. The Trust commenced on 20 December 2005 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 an unregistered managed investment scheme of which the Responsible Entity (RE) is Maple-Brown Abbott Limited.
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.
We believe that in aiming to achieve this objective the Trust will benefit over the medium to long term by investing in Australian and Asian shares. We may invest up to a maximum of 20% of the Trust in selected shares listed on Asian exchanges, not including Japan (as defined by the MSCI All Countries Asia Excluding Japan Net Index (AUD)), and may also invest in selected other Asian countries such as Pakistan and Vietnam.
Performance figures as at 30 April 2013
^ Distribution return, which includes realised capital gains, is the Total return less the Growth return.
|Since Inception 20 Dec 2005 p.a.||5.9
|5 Years p.a.||2.9
|4 Years p.a.||12.9
|3 Years p.a.||7.0
|2 Years p.a.||8.1
* Growth return is based on the movement in net asset value per unit, excluding distributions.
" Total return is based on the movement in net asset value per unit plus distributions and is before tax and after all fees and charges. Imputation and foreign tax credits are not included in the performance figures.
** 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.
Our asset allocations are as follows:
Our objective for the Trust is for it to be fully invested in Australian and Asian shares iwith a maximum in Asian shares of up to 20% of the Trust Property. 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%). This will be mainly due to considerations such as inflows to the Trust and opportunities in the market.
As at 30 April 2013 the actual asset allocation for the Trust by market value was as follows:
Top Ten Holdings*
Australia & New Zealand Banking Gp
National Australia Bank
News Corporation, Inc.
Westpac Banking Corporation
The top ten holdings made up 55.3% of the market value of equities in the Trust as at 30 April 2013.
As at 30 April 2013 the actual county allocation for the Trust by market value was as follows:
Application & Redemption Minimums
*Amount may be varied at our discretion.
|Minimum Initial Application*||$500,000
|Minimum Additional Application*||$10,000
|Minimum Redemption Amount*||$ nil
|Normal Redemption Period|
|2 Business Days
after receipt of
Fees & Expenses
Management costs, inclusive of GST and stamp duty (where applicable) 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 0.48% and 0.50% p.a. of the net asset value of the Trust.
for the year ended 30 April 2013
Note that Management costs can also rise if certain performance targets are met. **
** Outperformance Fee: If the Trust after all charges outperforms the S&P/ASX 300
Accumulation Index by more than 3% p.a., then we are entitled to an incentive fee of
20% of the amount of such outperformance. 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
S&P/ASX 300 Accumulation Index plus 3%, if any, is made up.
The current spread between the application price and redemption price is 0.48%.
In other words, the application price is the net asset value unit price plus 0.24%
and the redemption price is the net asset value unit price less 0.24%.
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 distributions, if any, are calculated as at the end of each quarter and paid within 10 Business Days after the end of the quarter. If there is minimal net income for a quarter (other than year end) or a net loss, a distribution will not be declared, and the amount is carried forward. If we consider the level of realised capital gains, included in net accrued income, to be relatively high, we may carry some or all of these forward for distribution in subsequent quarters within the current tax year. Distributions may be reinvested in further units or credited to the unitholder’s bank account.
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 30 April 2013 was $27.4 million.