The Maple-Brown Abbott Asia Pacific Trust (the Trust) is a distributing trust for wholesale investors wishing to invest in the equity markets of the Asia Pacific region, excluding Japan. The Trust invests in countries included in the MSCI All Countries Asia Pacific Excluding Japan Net Index (AUD) (the Benchmark), and may also invest in selected non-Benchmark countries such as Pakistan and Vietnam. The Trust commenced on 1 April 2004 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 Benchmark. Prospective investors should plan to invest for at least four years.
Performance
Performance figures as at 30 April 2013
| Since Inception 01 Apr 2004 p.a. | | 7.5 |
| 7 Years p.a. | | 2.7 |
| 5 Years p.a. | | 0.6 |
| 4 Years p.a. | | 7.9 |
| 3 Years p.a. | | 3.4 |
| 2 Years p.a. | | 3.4 |
| 1 Year | | 13.4 |
| 3 Months | | 2.3 |
| 1 Month | | 3.0 |
^ Distribution return, which includes realised capital gains, is the Total return less the Growth return.
* 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 MSCI All Countries Asia Pacific Excluding Japan Net Index (AUD).
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 % |
| Asian Pacific 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 Asia Pacific equities 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 30 April 2013 the actual asset allocation for the Trust by market value was as follows:
Top Ten Holdings*
China Construction Bank
China Mobile
Genting
HSBC Holdings (HK)
Hutchison Whampoa
National Australia Bank
Samsung Electronics Co Pref GDR
Shinhan Financial Group
Taiwan Semiconductor Manufact. Co
Westpac Banking Corporation
*Alphabetical order.
The top ten holdings made up 34.2% of the market value of equities in the Trust as at 30 April 2013.
Country Allocation
As at 30 April 2013 the actual county allocation for the Trust by market value was as follows:
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 30 April 2013 |
1.19%
|
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 1.13% and 1.23% p.a. of the net asset value of the Trust.
Rebates of the management fee may be negotiated with wholesale clients (as defined in the Corporations Act 2001 (Cth)) in certain circumstances including those, who invest amounts over $10 million.
Spread
The current spread between the application price and redemption price is 0.88%.
In other words, the application price is the net asset value unit price plus 0.44%
and the redemption price is the net asset value unit price less 0.44%.
This spread reflects an allowance for estimated brokerage and other transaction costs, including, but not limited to, stamp duties, taxes and other charges and expenses from buying or selling Trust investments, based on the country allocation as at 31 May 2012. 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, if any, is paid annually, usually within 10 Business Days after 30 June. If there is a net loss for the year, a distribution will not be declared and the attached imputation and foreign tax credits are foregone. Any net loss for a year is carried forward. Distributions may be reinvested, in further units or credited to the unitholders's bank account.
Pricing Frequency
The Trust is valued, and unit prices are determined, 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 $6.5 million.
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