Introduction
The Maple-Brown Abbott Diversified Investment Trust (the Trust) is a distributing trust for wholesale investors wishing to participate in a balanced pooled investment. The Trust commenced on 31 May 1988 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 average of similar balanced funds managed by other investment managers. This 'average' is represented by monthly returns from the Morningstar Multisector Growth Peer Group average (the Benchmark). Prospective investors should plan to invest for at least four years.
Performance
Performance figures as at 30 April 2013
| Since Inception 31 May 1988 p.a. | | n/a | 9.5 | n/a |
| 20 Years p.a. | | 6.9 | 8.5 | 6.9 |
| 15 Years p.a. | | 5.3 | 6.7 | 5.1 |
| 10 Years p.a. | | 6.4 | 7.3 | 6.4 |
| 7 Years p.a. | | 2.3 | 3.6 | 1.9 |
| 5 Years p.a. | | 2.7 | 3.8 | 2.5 |
| 4 Years p.a. | | 9.5 | 10.4 | 9.8 |
| 3 Years p.a. | | 6.3 | 5.0 | 5.2 |
| 1 Year | | 15.1 | 16.6 | 12.3 |
| 3 Months | | 5.0 | 7.7 | 5.2 |
| 1 Month | | 2.9 | -0.4 | -0.5 |
^ 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 Index to 31 May 2008 is the Standard & Poor’s Multisector 80 Wholesale Index and from 1 June '08 is the Morningstar Multisector Growth Peer Group average from 1 June '08. Source Morningstar: Disclaimer
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 Trust's target asset allocation is reviewed by us at regular asset allocation meetings having regard to the strategic low, high and neutral asset allocations as set out below:
|
|
Low % |
High % |
Neutral % |
| Australian Equities |
25 |
65 |
45 |
| Overseas Equities |
10 |
30 |
20 |
| REITs |
0 |
15 |
5 |
| Fixed Interest |
10 |
50 |
22 |
| Alternative Assets |
0 |
5 |
3 |
| Liquidity |
0 |
25 |
5 |
|
N/A |
N/A |
100 |
We also apply a low, high and neutral range to total growth assets (Australian equities, overseas equities and REITs) and defensive assets as follows:
|
Low % |
High % |
Neutral % |
| Growth assets |
50 |
90 |
70 |
| Defensive assets |
10 |
50 |
30 |
|
N/A |
N/A |
100 |
We consider it important to adhere fairly closely to the model weightings determined at the asset allocation meetings, hence the model acts as a buy and sell discipline. For example, if the Australian stock market rises, and there are no other changes to the other asset classes, the Australian equity weighting correspondingly rises and it then becomes necessary to sell Australian stocks to bring the asset classes into line with the model.
As at 30 April 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 62.9% of the market value of Australian equities in the Trust as at 30 April 2013.
The top three REITs made up 45.5% of the market value of REITs in the Trust as at 30 April 2013.
Overseas Equities by Regional Allocation
The regional weightings in the overseas equities portfolio as at 30 April 2013 were as follows:
| Region |
% |
| Asia excluding Japan |
18.9 |
| Europe |
28.2 |
| North America |
39.8 |
| Japan |
9.8 |
| Other |
3.3 |
|
100.0 |
Fixed Interest by Category
The split by category in the fixed interest portfolio as at 30 April 2013 was as follows:
| Category |
% |
| Government - Fixed Coupon |
4.0 |
| Government - Inflation Linked |
17.3 |
| Semi-government |
49.0 |
| Corporate |
29.8 |
|
100.0 |
Application & Redemption Minimums
| Minimum Initial Application* | $500,000 |
| Minimum Additional Application* | $10,000 |
| Minimum Redemption Amount* | $ nil |
Normal Redemption Period
| 4 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 |
0.98%
|
Management costs, inclusive of GST and stamp duty (where applicable) and net of any applicable Reduced Income Tax Credits, are made up of the management fee, fees charged by external managers of individually managed overseas equities portfolios and audit costs. Management costs are expressed as a percentage per annum of the net asset value of the Trust, and may vary between 0.95% and 1.06% 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 $20 million.
Spread
The current spread between the application price and redemption price is 0.38%.
In other words, the application price is the net asset value unit price plus 0.19%
and the redemption price is the net asset value unit price less 0.19%.
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 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 15 Business Days after the end of the quarter. If there is a net loss or minimal net income for a quarter (other than year end) 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.
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 30 April 2013 was $362.8 million.
|