Maple-Brown Abbott Small Companies Value Fund


(as at 31 Aug 2018)

Performance 1 mth % 3 mths % 1 yr % p.a. Since inception % *
Fund ** -0.3 3.0 2.9 3.0
Benchmark *** 2.5 2.5 22.3 14.3

Unit price as at 20 Sep 2018

Redemption price $ 0.9280

Net asset value $ 0.9300

Application price $ 0.9320

Contact us

Maple-Brown Abbott

Phone: +61 (0) 2 8226 6200

Small Companies Value Fund
Quarterly Investment Update, March 2018
Charles Dalziell

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 20 June 2016.

** The Trust's performance is based on the movement in net asset value per unit which includes all fees and charges.

*** S&P/ASX Small Ordinaries Index (Total Returns)

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About the Fund

Investment objective

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

Key benefits

  • Investment expertise: the opportunity to invest in a fund managed by a dedicated team with many years of experience
  • Investment return: the potential to provide investment returns in line with the investment objective
  • Investment growth and distributions: access to an Australian share portfolio that aims to deliver long term capital growth, along with the potential to receive semi-annual distributions
  • Broader investment opportunities: access to investment opportunities and risk management techniques not generally available to individual investors
  • Access to franked dividends: the potential for tax-effective income through access to franked dividends
  • Regular reporting: comprehensive investment reports and transaction, distribution and annual tax statements
  • Liquidity: timely access to your investment

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

Fund size $ 8.2 Million
APIR code MPL0009AU
Inception date Jun 2016
Distribution frequency June, December
Unit pricing frequency Daily
Minimum initial investment $ 20,000
Minimum additional investment $ 5,000
Management Costs ^
Base fee ^^ 1.00 %
Performance fee A performance fee of 15% of the amount by which the Fund (after fees) outperforms the Benchmark may also be payable if we meet certain outperformance criteria (refer below for details on when a performance fee is payable)

Significant holdings
(as at 31 Aug 2018)

Boom Logistics
McMillan Shakespeare
Super Retail Group
Tassal Group
Trade Me Group

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

  Fund Market *
Price:Earnings Ratio 12.5 17.1
Price:Cash Flow Ratio 7.9 11.4
Price:Net Tangible Assets Ratio 1.6 3.2
Grossed up Dividend Yield (%) 5.9 4.0
Balance Sheet Strength** 0.45 0.65
Growth in Earnings per Share (%) (estimated 2019-2022, % p.a.) 8.9 11.0

* Represents our quantitative data which includes 81.0% of the index weight of the

stocks in the Benchmark, plus non-Benchmark stocks.

** Cash Flow/Total Liabilities

The figures shown above are based on 2019 estimates.

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


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

Date Cents per unit Div 12-H Summary Taxable Component Summary
30/06/2018 2.3648 ¢ Div 12-H Summary n/a
31/12/2017 2.0000 ¢ Div 12-H Summary n/a
30/06/2017 4.5460 ¢ Div 12-H Summary n/a
31/12/2016 2.0000 ¢ Div 12-H Summary n/a
30/06/2016 0.2799 ¢ 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

Date Redemption price Net asset value Application price
20/09/2018 $ 0.9280 $ 0.9300 $ 0.9320
19/09/2018 $ 0.9243 $ 0.9262 $ 0.9281
18/09/2018 $ 0.9244 $ 0.9263 $ 0.9282
17/09/2018 $ 0.9254 $ 0.9273 $ 0.9292
14/09/2018 $ 0.9287 $ 0.9307 $ 0.9327
13/09/2018 $ 0.9268 $ 0.9288 $ 0.9308
12/09/2018 $ 0.9268 $ 0.9288 $ 0.9308
11/09/2018 $ 0.9309 $ 0.9329 $ 0.9349
10/09/2018 $ 0.9282 $ 0.9302 $ 0.9322
07/09/2018 $ 0.9311 $ 0.9331 $ 0.9351

^ 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 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 1800 034 402.

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 1800 034 402.

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 1800 034 402 or

Fees And Costs

Management Costs *

% 1 & 2
% 3 & 4
% 3
% 3 & 5

1.00 0.00 n/a n/a 1.00

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.

4) If the Fund (after fees) outperforms the Benchmark on a day, we are entitled to a performance fee of 15% (inclusive of GST) of the outperformance multiplied by the net asset value of the Fund, provided all past underperformance relative to the Benchmark if any has been made up (i.e. when the performance fee balance is no longer negative). Subsequent underperformance will not reduce the performance fee earned on a day. Please note a performance fee may become payable even when markets are falling. The calculation of the performance fee includes a cash flow adjustment to account for net unitholder cash flow movements while there is a negative performance fee balance (i.e. when there is outstanding past underperformance). This mechanism ensures that any negative performance fee balance amount is adjusted in proportion to changes in the size of the Fund due to unitholder cashflows. In practical terms, this does not allow the Fund to make up for underperformance solely because the size of Fund increases due to unitholder cashflows and conversely it ensures the Fund can recover any underperformance, should the size of Fund reduce due to unitholder cashflows.
The performance fee is in addition to the base fee and so forms part of the management costs charged to investors.

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
0.34 0.00 0.34

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.