Maple-Brown Abbott Responsible Investment Fund

Performance

Performance
(as at 31 Aug 2018)

Performance 1 mth % 3 mths % 1 yr % p.a. 3 yrs % p.a. 4 yrs % p.a. 5 yrs % p.a. Since inception % p.a. *
Fund ** -0.1 4.2 9.2 7.5 4.6 6.7 6.9
Benchmark *** 1.4 6.0 15.4 11.5 7.6 8.9 8.0

Performance chart
(as at 31 Aug 2018)

Data Source: Maple-Brown Abbott and IRESS

Unit price as at 20 Sep 2018

Redemption price $ 1.2539

Net asset value $ 1.2565

Application price $ 1.2591

Contact us

Maple-Brown Abbott

invest@maple-brownabbott.com.au

Phone: +61 (0) 2 8226 6200

ESG at Maple-Brown Abbott
Natasha McKean

PERFORMANCE DISCLAIMER: Please note that the figures above represent past performance, and past performance is not a reliable indicator of future performance. Returns are volatile and may fluctuate quickly and significantly. Neither Maple-Brown Abbott Limited nor any other person makes any representation nor gives any guarantee as to the future performance or success of, the rate of income or capital return from, recovery of money invested in, or income tax or other taxation consequences of, any investment in the trusts shown on this website.

* Inception date is 16 September 2009.

** 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 credits are not included in the performance figures.

*** S&P/ASX 300 Index (Total Returns).

About the Fund

Investment objective

The Fund aims to outperform the S&P/ASX 300 Index (Total Returns) over rolling four-year periods.

Key benefits

  • Access to an ethical Australian share portfolio that aims to deliver medium to long-term capital growth
  • The potential to receive quarterly distributions
  • The potential for tax-effective income through access to franked dividends
  • The opportunity to invest in a fund managed by a team of experienced and dedicated investment professionals
  • Access to investment opportunities and risk management techniques not generally available to individual investors

Fund facts
(as at 31 Aug 2018) Latest Fact Sheet

Fund size $ 41.9 Million
APIR code MPL0544AU
Inception date Sep 2009
Distribution frequency Quarterly
Unit pricing frequency Daily
Minimum initial investment $ 50,000
Minimum additional investment $ 10,000

Significant holdings
(as at 31 Aug 2018)

Australia & New Zealand Banking Gp
BHP Billiton
National Australia Bank
Origin Energy
QBE Insurance Group
Rio Tinto
Telstra Corporation
Wesfarmers
Westpac Banking Corporation
Woodside Petroleum

Value and balance sheet characteristics
(as at 31 Aug 2018)

  Fund Market *
Price:Earnings Ratio 13.3 15.5
Price:Cash Flow Ratio 9.2 10.9
Price:Net Tangible Assets Ratio 2.0 2.5
Grossed up Dividend Yield (%) 7.1 5.7
Balance Sheet Strength ** 0.27 0.38
Growth in Earnings per Share (%) *** 4.6 4.2

* Represents our quantitative data which includes 97.7% of the index weight of the stocks in the Benchmark, plus non-Benchmark stocks.

** Cash Flow/Total Liabilities.

*** estimated 2019-2022, % p.a.

The figures shown above are based on 2019 estimates.

Sector weights vs. benchmark
(as at 31 Aug 2018)

Important update: Buy Backs

From time-to-time we may participate in off-market buy-backs. The number of buy-back opportunities that arise will depend on market conditions and can be subject to scale-back. Where there is an opportunity to participate, an after-tax benefit may arise for tax-exempt and low-tax investors, who value the associated franking credits. Conversely, tax payers on higher marginal rates may suffer a detriment, similarly dependent on the number of opportunities and any scale-back. Note that the extent of the benefit or detriment will depend on the level of franking credits associated with the relevant buy-back. Please also note that we do not expect that this will have a material impact on the turnover of the fund.


Responsible investing

Responsible investing criteria

The Maple-Brown Abbott Responsible Investment Fund is an actively managed Australian share fund that delivers responsible investment through the adoption of an integration, engagement and negative screening strategy. Maple-Brown Abbott’s long term investment horizon enables us to take a long term view on environmental, social and governance (ESG) factors, and our often material shareholdings engenders long term, influential relationships with the Board and management of our portfolio companies which positions us to influence change. The Maple-Brown Abbott Responsible Investment Fund has been certified by the Responsible Investment Association Australasia (RIAA) according to the strict operational and disclosure practices required under the Responsible Investment Certification Program.

Maple-Brown Abbott use our proven value investment philosophy and disciplined investment process to select stocks for their perceived fundamental value and the potential for capital growth over the long term. Our bottom-up stock selection approach is based on detailed analysis prepared by our experienced investment team, with all investment decisions based on research prepared using internal forecasts and analysis. This analysis includes the identification and discussion of ESG factors and, where material, their valuation impact and incorporation into portfolio construction. Further, where material ESG factors are identified, we seek to engage with these companies to effect change and realise potential value over the long term.

Stocks deemed to be priced at an attractive discount to our assessment of their underlying value are then negatively screened against our range of responsible investment criteria for inclusion in the fund.

Our methodology for taking into account ESG factors is set out below.

We do not invest in companies that derive a material proportion of either their reported revenue or profit, adjusted to reflect their underlying economic interest, from any one or more of the following business activities:

  • the manufacture, promotion, distribution or sale of alcohol or tobacco
  • gambling or betting or businesses directly connected to these activities
  • the manufacture, promotion, distribution or sale of weapons or armaments
  • the production, sale or distribution of ‘X’ or ‘R’ rated images, videos or films
  • the extraction and sale of uranium
  • the extraction and sale of thermal coal and the generation and sale of electricity from thermal coal fuel sources

We estimate the level of a company’s revenue or profit derived from any one or more of the business activities listed above. If exposure to any of these business activities is via an interposed vehicle then we ensure a more stringent threshold is applied by looking beyond reported consolidated figures if necessary to recognise the true underlying economic interest. We then assess materiality according to the following scale:

  • if less than 10% of revenue and less than 10% of profit, then we believe these are non-core activities and not a material proportion of the company’s business
  • if more than 20% of revenue or profit, then this is a material level of activity and the company would be excluded from consideration
  • if more than 10% but less than 20% of revenue or profit, then we have discretion to decide whether this level of activity is material or not. Considerations for making this determination would include, but would not be limited to, the prominence of the promotion of these activities by the company and the likely future significance of these activities.

In determining whether the above criteria are met, we also take into account the parent and subsidiaries of the relevant company.

The level of a company’s revenue or profit from these business activities, and any impact on materiality, is reviewed twice each year by the portfolio manager responsible for this Fund. If an investment no longer meets our range of responsible investment criteria, it will be sold as soon as reasonably practicable.

Otherwise, Maple-Brown Abbott has no predetermined view other than it takes into account environmental, social or governance considerations but only to the extent that they financially affect the investment.

Please refer to a copy of the Product Disclosure Statement and Additional Information Booklet for further explanation of our ESG process.

Distributions

Distribution history

Here you will find the distribution history for the Fund.

Generally, the main components of distributions are dividends received, and interest, realised capital gains and other income derived by the Fund, less fees and expenses.

The distributions are expressed as cents per unit.

If you would like more information or have any questions, please contact us on +61 (0) 2 8226 6200 or accounting@maple-brownabbott.com.au.

Date Cents per unit Div 12-H Summary Taxable Component Summary
30/06/2018 4.4135 ¢ Div 12-H Summary n/a
31/03/2018 0.7246 ¢ Div 12-H Summary n/a
31/12/2017 1.4985 ¢ Div 12-H Summary n/a
30/09/2017 2.1031 ¢ Div 12-H Summary n/a
30/06/2017 0.5745 ¢ Div 12-H Summary n/a

Download distribution history

Unit prices

Unit price history

Here you will find the unit price history for the Fund.

If you would like more information or have any questions, please contact us on +61 (0) 2 8226 6200 or accounting@maple-brownabbott.com.au.

Date Redemption price Net asset value Application price
20/09/2018 $ 1.2539 $ 1.2565 $ 1.2591
19/09/2018 $ 1.2552 $ 1.2578 $ 1.2604
18/09/2018 $ 1.2483 $ 1.2509 $ 1.2535
17/09/2018 $ 1.2531 $ 1.2557 $ 1.2583
14/09/2018 $ 1.2480 $ 1.2506 $ 1.2532
13/09/2018 $ 1.2431 $ 1.2457 $ 1.2483
12/09/2018 $ 1.2478 $ 1.2504 $ 1.2530
11/09/2018 $ 1.2482 $ 1.2508 $ 1.2534
11/09/2018 $ 1.2482 $ 1.2508 $ 1.2534
10/09/2018 $ 1.2384 $ 1.2410 $ 1.2436

^ Ex price.

Download unit price history

Forms & reports

Forms & reports

Below is a range of important forms and reports that are available.

To invest with us you should ensure you have read the Product Disclosure Statement (PDS), including the Additional Information Booklet (AIB), before completing the Initial Application.

The Fact Sheet will provide you with an update on the Fund including performance and positioning.

If you would like more information or have any questions, please contact us on +61 (0) 2 8226 6200 or invest@maple-brownabbott.com.au.

Invest now

Invest now

It is easy to invest with Maple-Brown Abbott, just follow the steps below. And if you have any questions please contact us on +61 (0) 2 8226 6200.


Step 1: Read the current Product Disclosure Statement (PDS)

Carefully read the Product Disclosure Statement (PDS) including the Additional Information Booklet (AIB) to ensure that you understand how the product works and the risks involved.

Or, you can request a paper copy be mailed to you by completing our online form or contacting us on +61 (0) 2 8226 6200.


Step 2: Make an Initial Application


Existing investors should use the Additional Investment Request below.

Step 3: Investment confirmation

Once your application and payment are received, you'll receive confirmation of your investment details.


Still need help?

If you have any questions, please contact us +61 (0) 2 8226 6200 or invest@maple-brownabbott.com.au.


Fees And Costs

Management Costs *

Base
Fee
% 1 & 2
Indirect
Costs
% 3
Recoverable
Expenses
% 3 & 5
Total

%
0.90 n/a n/a 0.90

1) Unless otherwise stated, all fees are quoted on a GST inclusive basis and net of any applicable Reduced Input Tax Credits.


2) The base fee is the fee we charge for managing the assets and overseeing the operations of the Fund, expressed as a percentage of the net asset value of the Fund.


3) All other components of the management costs are based on the indirect costs and recoverable expenses incurred during the prior financial year ended 30 June.


5) Under the Fund’s Constitution we are entitled to be reimbursed for authorised expenses incurred in managing and administering a Fund, however at present we have chosen not to be reimbursed for routine fund expenses including registry, custodian, accounting, audit costs and legal expenses (excluding transaction costs) which are paid by us out of our base fee. Any levy payable to the Australian Securities and Investments Commission (ASIC) may however be paid out of the Fund.


* Fees may be negotiated if you are a wholesale investor as defined in the Corporations Act 2001 (Cth).



Transactional and Operational Costs

Total transactional and
operational costs
% 1
Less buy-sell
spread recovery
% 2
Net transactional and
operational costs
%
3
0.12 0.03 0.09

1) Transactional and operational costs represent the estimated costs from the Fund’s investing activities. These costs are in addition to the management costs. The transactional and operational costs are reflected in the unit price and impact the performance of the Fund. These costs include brokerage, settlement costs, clearing costs, stamp duty and other taxes on an investment transaction. It also includes the difference between the price paid for purchasing securities and the price that would be payable if selling securities (i.e. bid/ask spread).


2) Buy-sell spread recovery represents the amount charged to investors that relates to investor applications and withdrawals.


3) Based on the estimated costs incurred during the prior financial year ended 30 June, expressed as a percentage of the average Fund net asset value.



Buy / Sell Spreads *

Total spread
%
0.21 / 0.21

* The buy-sell spread is an additional cost to you. This ensures existing investors are not disadvantaged due to the costs associated with buying or selling the Fund’s investments as a result of applications and withdrawals.