Introduction
The
Maple-Brown Abbott Pooled Superannuation Trust
(the Trust) is a wholesale pooled superannuation trust for investors wishing to participate
in a tax paid, balanced fund. The Trust commenced on
31 December 1986
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 89 672 954 462.
Investment Objective
Maple-Brown Abbott's investment objective for the Trust is to outperform, over rolling
four year periods, the weighted average of the
returns of the market indices for each of the sectors based on the Trust's neutral asset allocation (the Benchmark). Prospective
investors should plan to invest for at least four years.
Performance
Performance figures as at 30 April 2013
| Since Inception 31 Dec 1986 p.a. | 9.9 | 8.9 |
| 20 Years p.a. | 8.5 | 8.1 |
| 15 Years p.a. | 6.9 | 6.5 |
| 10 Years p.a. | 7.3 | 7.2 |
| 7 Years p.a. | 4.6 | 3.7 |
| 5 Years p.a. | 4.7 | 3.4 |
| 4 Years p.a. | 9.5 | 10.5 |
| 3 Years p.a. | 6.8 | 7.4 |
| 1 Year | 18.7 | 16.9 |
| 3 Months | 6.4 | 5.3 |
| 1 Month | 3.4 | 3.4 |
* The benchmark is the weighted average of the returns of the market indices for each of the sectors based on the Trust's neutral asset allocation ('Benchmark').
" 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.
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
|
20
|
60
|
40
|
|
Overseas Equities
|
10
|
35
|
22
|
|
REITs
|
0
|
15
|
8
|
|
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 and
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
Telstra Corporation
Wesfarmers
Westpac Banking Corporation
Woodside Petroleum
Woolworths
*Alphabetical order.
The top ten holdings made up
61.7%
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
|
4.6
|
|
Government - Inflation Linked
|
18.5
|
|
Semi-government
|
44.5
|
|
Corporate
|
32.4
|
|
|
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
|
0.73%
|
Management costs, inclusive of GST and stamp duty (where applicable) and net of any applicable Reduced Income Tax Credits, are made up of the Trustee fee, fees charged
by external managers of individually managed overseas equities portfolios, audit costs and
the APRA levy. Management costs are expressed as a percentage per annum of the net asset value
of the Trust, and may vary between
0.68%
and
0.80%
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.
Pricing Frequency
The Trust is valued, and unit prices are determined, as at the close business each Business Day and at month end.
Value of the Trust
The market value of the Trust as at
30 April 2013
was
$575.8 million.
|