Tempo Global Currency Fund

Transcription

1 Tempo Global Currency Fund ASIC Benchmarks and Disclosure Principles Report 31 March 2017 This ASIC Benchmarks and Disclosure Principles Report (Report) provides specific information in relation to the Tempo Global Currency Fund (ARSN ) (Fund) which is issued by Fidante Partners Limited (ABN ) (AFSL ) (Fidante Partners, we, Responsible Entity, RE). Tempo Asset Management Pty Limited (Tempo or the investment manager) is the investment manager of the Fund. We recommend that you read this Report in conjunction with the Product Disclosure Statement (PDS) for the Fund before making an investment decision. A copy of the PDS for the Fund is available on our website at This report is updated periodically and information that is not materially adverse will be updated at A paper copy of any updated Report or PDS will be given to you, without charge, on request by calling our Investor Services team on All capitalised terms used in this Report and not defined herein have the meaning given to them in the PDS. ASIC Benchmarks and Disclosure Principles Some features of hedge funds can pose more complex risks for investors. The Australian Securities and Investments Commission (ASIC) requires hedge funds to disclose information against two benchmarks and nine disclosure principles. These benchmarks and disclosure principles are designed to assist investors in understanding the risks of investing in the Fund and determine which investments are suitable for them. The ASIC Benchmarks and Disclosure Principles covered in this Report are as follows: ASIC Benchmarks ASIC Benchmark 1: Valuation of assets ASIC Benchmark 2: Periodic reporting ASIC Disclosure Principles ASIC Disclosure Principle 1: Investment strategy ASIC Disclosure Principle 2: Investment manager ASIC Disclosure Principle 3: Fund structure ASIC Disclosure Principle 4: Valuation, location and custody of assets ASIC Disclosure Principle 5: Liquidity ASIC Disclosure Principle 6: Leverage ASIC Disclosure Principle 7: Derivatives ASIC Disclosure Principle 8: Short selling ASIC Disclosure Principle 9: Withdrawals For information on each benchmark refer to the following pages. Page 2 of this Report Page 2 of this Report For information on each disclosure principle refer to the following pages. Page 2 of this Report Page 4 of this Report Page 5 of this Report Page 6 of this Report Page 7 of this Report Page 7 of this Report Page 8 of this Report Page 9 of this Report Page 9 of this Report

2 Benchmark 1: Valuation of assets This benchmark addresses whether valuations of the Fund s non-exchange traded assets are provided by an independent administrator or an independent valuation service provider. The Fund primarily deals in over-the-counter (OTC) derivatives, which are not traded on an exchange, but directly between Tempo and the counterparty. This benchmark is met as the RE has in place a policy to ensure valuations will be provided by an independent external provider. These valuations are provided on a daily basis. The prices are checked for accuracy and where available will be checked against a second source. The securities pricing policy of the RE outlines the valuation methodologies adopted for different asset classes as well as the escalation and dispute resolution process to be undertaken, in the event a valuation received is deemed to be incorrect. For additional information in relation to the valuation of assets, please refer How unit prices are calculated on page 31 of the PDS. Benchmark 2: Periodic reporting This benchmark addresses whether the RE will provide periodic reporting to investors in relation to certain key information as required. This benchmark is met as the RE has a policy in place to provide detailed monthly and quarterly updates on the Fund s holdings as follows. The following information will be included in the Fund s quarterly report: the actual allocation to each asset type; the liquidity profile of the portfolio of assets as at the end of the relevant period; the maturity profile of any liabilities at the end of the relevant period; the leverage ratio (including leverage embedded in the assets of the Fund, other than listed equities and bonds) at the end of the relevant period; details on the derivative counterparties engaged; the monthly or annual investment returns over at least a five-year period, or since inception while the Fund is less than five years old; and any changes to key service providers since any previous report given to investors, including any change in their related party status. On a monthly basis, the following information will be provided to investors: the current total net asset value (NAV) of the Fund and the redemption value of a unit in each class of units as at the date of the NAV. For further information on how the NAV of the Fund is calculated, please refer to How unit prices are calculated and Additional information about distributions on pages 31 to 32 of the PDS; any changes in key service providers since any previous report was provided, including any change in their related party status; the net return on the Fund s assets after fees, costs and taxes; and any material change in the Fund s risk profile, strategy and investment team. You can obtain copies of the Fund s most recent reports by visiting our website. Disclosure principle 1: Investment strategy This disclosure principle is intended to ensure that investors are made aware of the details of the investment strategy for the Fund, including the type of strategy, how it works in practice, and how risks are managed. Investment strategy of the Fund The Fund aims to provide exposure to a diversified portfolio of international currencies. All currencies will be developed market currencies, as defined by countries represented in the MSCI World Index. The Fund is not managed in a way that attempts to track any stock index weighting. The Fund will generally invest in between four and twelve currencies, through currency forward contracts. The maximum net exposure to single currency will be between +100% and -100%. For information on how the RE may change the investment strategy of the Fund and what notification will be provided to investors, refer to How we invest your money on pages 11 to 12 of the PDS available at TGCF_PDS.pdf. Investment style Tempo s investment approach rethinks traditional benchmarks and exploits market premia to produce better returns for investors over the long term. Tempo employs a top-down, active investment strategy to provide investors with long term capital growth from a well-defined quantitative investment process based on decades of experience and academic research. Tempo implements their investment strategy through the use of currency forwards, providing investors with a highly liquid and efficient exposure to each currency. Investment philosophy Tempo s investment strategy is a three stage process comprised of: quantitative factor models; fair value analysis; and qualitative portfolio construction. The quantitative factor models produce a combination of macro, technical, and flow signals. Factors that are ultimately selected are economically sensible, different from other selected factors, and have a good in-sample track record. The synergy and low correlations between individual factors can result in greater gains from risk reduction through diversification. Tempo Global Currency Fund Page 2

3 Due to the high correlation of many currencies with one another, the Fund s investment universe is limited to developed market currencies, usually the most liquid and unique currencies in the world. A sophisticated econometric model allows Tempo to arrive at a fair value for each currency. This model allows Tempo to analyse a currency s departure from its fair value and scale the active positions accordingly. Finally, a qualitative overlay is implemented to incorporate insights not included in the quantitative model and to manage and adjust the risk of the portfolio. Key dependencies underpinning the strategy s ability to produce investment returns Active currency management adds value by exploiting inefficiencies in foreign exchange markets. These inefficiencies exist, in Tempo s view, because parties such as central banks, corporations and others engage in passive trading and may not be pursuing economic profits. The process incorporates the rigour and discipline of quantitative process with fundamental drivers and qualitative analysis. It is a balanced approach that captures alpha from multiple uncorrelated sources (for example global and local factors and parties that influence a currency s value), with an emphasis on blending direction (or flow based) signals with long-term valuation. The investment return of the Fund relies on Tempo s ability and decision making in relation to the investment management of the Fund. The assets and diversification guidelines of the Fund The Fund will generally invest in between four to twelve currencies, through currency forward contracts. The maximum net exposure to single currency will be between +100% and -100%. For further information on the assets of the Fund refer to How we invest your money on pages 11 to 12 of the PDS available at Location and currency denomination of the assets of the Fund Tempo implements its investment strategy through the use of currency forwards. The Fund provides exposure to developed market currencies, and cash investments are held in Australian dollars. Refer to How we invest your money on pages 11 to 12 of the PDS available at Use of leverage, derivatives and short selling Leverage Gearing occurs where an asset is used as security for borrowing money, to increase the amount of money available to the Fund for investment. The Fund is not permitted to borrow cash in order to invest, and therefore does not participate in gearing. The Fund may, however, utilise leverage as part of its investment strategy, to magnify the aggregate exposure of the fund. The Fund may use derivative instruments to increase the Fund s investment exposure beyond the net asset value of the Fund, to a maximum of four times the Fund s net asset value. The average level of leverage employed by the Fund has historically been, and is anticipated to continue to be, three times the net asset value of the Fund. Please refer to page 7 of this document and How we invest your money on pages 11 to 12 of the PDS of the Fund available at for further information on leverage. Derivatives As Tempo implements their investment strategy through the use of currency forwards, derivatives will be used to implement investment decisions, including to gain long or short exposure to selected currencies, and as a risk management tool. The Fund primarily deals in OTC derivatives, which are not traded on an exchange, but directly between Tempo and the counterparty. Please refer to page 8 of this document and How we invest your money on pages 11 to 12 of the PDS of the Fund available at for further details on how derivatives are used in the Fund. Short selling The Fund is not permitted to engage in short selling. However, the Fund can adopt a short position in relation to a selected currency or currencies. Risks and risk management The main investment risks to which the Fund may be exposed are: currency risk; derivative risk, i.e. the value of the derivative failing to move in line with that of the underlying asset and the potential illiquidity of the derivative; the level of leverage in the Fund, i.e. magnifying the potential gains and losses from investments and increasing the volatility of the Fund s return; and counterparty risk. Risk management is embedded in the investment process and is considered at the portfolio level as well as at the individual security level. Risk is managed by: a disciplined quantitative process with fundamental drivers and qualitative analysis; diversification of alpha from uncorrelated sources; continuous portfolio monitoring to minimise unintended risks; and portfolio level risk controls. Tempo Global Currency Fund Page 3

4 Risk is managed within the strategy through altering the leverage employed by the Fund to target a particular volatility level. The Fund changes the leverage it employs to target a volatility level and, because of changing volatility regimes, it needs to alter it leverage levels occasionally to achieve this. The average level of leverage employed by the Fund has historically been, and is anticipated to continue to be, three times the net asset value of the Fund. Refer to Disclosure Principle 6: Leverage on page 7 of this document for more information on how the Fund uses leverage. For information on the key risks to the Fund, please refer to Risks of managed investment schemes on pages 13 to 15 of the PDS available at Changes to the investment strategy of the Fund The constitution of the Fund permits a wide range of investments, and gives the RE broad investment powers. The RE can change the investment manager and/or vary the investment objectives, strategies, benchmarks, asset allocation ranges and processes of the Fund. If this were to occur, the RE will provide unitholders with written notice of any material variation which the RE believes unitholders would not have reasonably expected. Disclosure Principle 2: Investment manager This disclosure principle is intended to ensure that investors have the necessary information about the people responsible for managing the Fund s investments, as well as the arrangement between the RE and any investment manager. As RE of the Fund, Fidante Partners have appointed Tempo as the investment manager of the Fund to invest and manage the Fund s portfolio. Under the terms of the appointment, Tempo must, amongst other things, provide an update to the RE at regular intervals regarding the performance of the portfolio of the Fund, including any possible operational or legal breaches. Tempo must also retain a proper account of any transaction made in relation to the portfolio and assist the RE with any reasonable requests for information for compliance and auditing purposes. Key information on the Tempo investment team, including details on their qualifications, commercial experience and time spent executing the Fund s investment strategy is provided in the table below. Team member Key information Details Joe Bracken Commercial experience Joe has specialised in quantitative investment strategies since he Principal, Tempo Asset commenced in the industry in Management B.Sc. Computer Science (Dublin City University) M.B.A. (London Business School) Investment experience: since 1994 Commencement date at Tempo: 2014 Robert Chapman Principal, Tempo Asset Management B.Sc. Computer Science (Baylor University) Masters in Applied Finance (Macquarie University) Investment experience: since 1996 Commencement date at Tempo: 2014 Proportion of time spent executing Fund s investment strategy Commercial experience Proportion of time spent executing Fund s investment strategy Most recently, Joe was Head of Global Macro Strategies at BT Investment Management, where he managed global derivative absolute return strategies, diversified funds and an alternative beta fund. Prior to this, Joe worked at the large Dutch pension fund, ABP, where he was responsible for a US$6 billion quantitative country selection strategy. Joe commenced his career in London where he worked at Merrill Lynch Mercury Asset Management and J.P. Morgan Securities. 20% Joe is responsible for conducting research into developed market currencies and understanding the changing dynamics of currency markets. Prior to starting Tempo, Rob worked at BT Investment Management researching, developing and managing alternative beta and absolute return funds. Rob was also employed by RMB to help launch RMB Asset Management an enhanced indexed fixed income and active quant equity business. Rob s specialties are global absolute and relative return strategies, investment process automation, quantitative research, portfolio construction and risk management. In the early 90 s, Rob consulted to Macquarie Bank and State Bank NSW Group Treasury on trading and risk management systems. 50% Robert is primarily responsible for strategy development, model building and currency portfolio trading. Tempo Global Currency Fund Page 4

5 Termination of the investment manager s appointment As RE of the Fund, Fidante Partners is entitled to terminate the investment manager s appointment in writing, with a minimum of five business days notice. The circumstances in which an investment manager may be terminated include where the investment manager is in liquidation, ceases to carry on or sells its investment management business, breaches the investment management agreement, or if the investment manager ceases to be licensed under the relevant law. Termination of an investment manager may not impact the accrual of management fees and expenses during the period of termination. Disclosure Principle 3: Fund structure This disclosure principle is intended to ensure that we, as Responsible Entity of the Fund, explain the investment structures involved, the relationships between entities within the structure, fees and other costs payable to the RE and investment manager, jurisdictions involved, the due diligence performed on underlying funds, and the related party relationships within the structure. The Fund s investment structure The diagram below shows the key entities involved in the Fund, their relationship to each other, their roles and the flow of investment money through the Fund as at the date of this report. DIRECT AND INDIRECT INVESTORS Application monies $$ Units issued RESPONSIBLE ENTITY Fidante Partners Limited PARENT COMPANY Challenger Limited RE pays investment manager management fee Management fee is received $$ Partial equity stake via holding company $$ FUND Tempo Global Currency Fund (ARSN ) Management fee charged in Fund and reflected in unit price Investment manager appointed by RE via the Investment Management Agreement. INVESTMENT MANAGER Tempo Asset Management Pty Ltd FUND ASSETS Tempo Global Currency Fund Page 5

6 The key service providers of the Fund are outlined below: Key service providers Scope of services Jurisdiction Tempo Asset Management Pty Ltd (ABN , AFSL ) Fidante Partners Limited (ABN , AFSL ) Challenger Limited (ABN ) Citibank, N.A. (Hong Kong) Tempo is the investment manager of the Fund and responsible for all aspects of the investment management of the Fund. Tempo is entitled to receive a management fee for its management of the portfolio. For further information on Tempo, please refer to About Tempo on page 4 of the PDS available at A wholly owned subsidiary of Challenger Limited and Responsible Entity of the Fund, Fidante Partners Limited will issue units in the Fund and is legally responsible to the unitholders of the Fund for its operation. For further information on Fidante Partners, please refer to About the Responsible Entity on page 4 of the PDS available at Subsidiaries of Challenger Limited have a partial equity stake in Tempo and provide back-office, marketing, distribution, administration, and compliance support services. Citibank, N.A. (Hong Kong) has been appointed by the RE as the custodian for the Fund. The custodian provides custodial services to the Fund and is responsible for the safekeeping of the assets of the Fund. As custodian, Citibank, N.A. (Hong Kong) has no independent discretion with respect to the holding of assets and is subject to minimum performance standards. Australia Australia Australia Hong Kong Ernst & Young (ABN ) For further information on the custodian of the Fund, please refer to About the Custodian on page 34 of the PDS available at Ernst & Young is the registered company and compliance plan auditor for the Fund. The auditor s role is to provide an audit of the financial statements and compliance plan of the Fund each year, as well as performing a half-yearly review (if required), and to provide an opinion on the financial statements. Australia The RE has entered into separate agreements with each service provider which sets out the terms and conditions of the relationship, as well as the consequences of any breaches to the terms of that relationship. The RE has agreements in place with each service provider for the provision of certain reporting obligations and adopts the following procedures to ensure compliance with these arrangements: Challenger and the RE monitors the services provided by Citibank, N.A. (Hong Kong) as custodian primarily through its day-to-day dealings with service providers. Ernst & Young provide audit services for the Fund s full-year statutory accounts and compliance plan as well as half-year opinions for half-year accounts (if applicable). Ernst & Young s services are conducted in accordance with the Corporations Act 2001 (Cth), including auditing standards as revised by the Auditing and Assurances Standards Board. Related party relationships As mentioned previously, a subsidiary of Challenger Limited has a partial equity stake in Tempo. Fidante Partners has appointed Tempo as the investment manager of the Fund. We may enter into transactions with, and use the service of, any of our related entities. Such arrangements will be based on arm s length commercial terms. We, or any of our related entities, or any director, officer or employee of any of them may invest in the Fund. There are currently no material arrangements in place with the Fund that have not been made on arm s length terms. Key risks of the Fund structure The key risks to the Fund s structure are counterparty risk, currency risk, fund risk and service provider risk. For further information on these risks please refer to Disclosure principle 1: Investment strategy on page 2 of this report and Risks of managed investment schemes on pages 13 to 15 of the PDS available at Disclosure principle 4: Valuation, location and custody of assets This disclosure principle is intended to ensure that the RE of the Fund discloses the types of assets held by the Fund, where they are located, how they are valued and the custodial arrangements in place for those assets. Valuation policy of the Fund The Fund s assets and liabilities are usually valued each NSW business day. Generally, for unit pricing purposes, listed securities are valued using the last available market close price quoted on the relevant exchange. Any other assets such as cash and cash receivables are valued at recoverable value. Tempo Global Currency Fund Page 6

7 Any income entitlements, cash at bank, and any amounts of Goods and Services Tax (GST) recoverable from the Fund from the Australian Taxation Office (ATO) are also included in asset values used to calculate the investment and withdrawal unit price. Generally, for unit pricing purposes, liabilities are valued at cost. Liabilities also include an accrual for management costs and for costs (if any) that an investor would ordinarily incur when investing in the Fund s underlying assets. Refer to How unit prices are calculated on page 31 of the PDS available at for more information on how unit prices are calculated Asset allocation of the Fund Asset class Min (%) Max (%) 1 Long currency forwards Short currency forwards Cash The custodian of the Fund, Citibank, N.A. (Hong Kong), is a service provider to the Fund. For more information on the custodial arrangements of the Fund, refer to PDS available at on page 34 under About the Custodian. Disclosure Principle 5: Liquidity This disclosure principle is intended to ensure that investors are made aware of the Fund s ability to realise its assets in a timely manner and the risks of illiquid classes of assets. This disclosure principle does not apply to the Fund as the Fund reasonably expects to realise at least 80% of its assets, at the value ascribed to those assets in calculating the Fund s net asset value, within 10 days as at the date of this report. 1 Includes use of leverage to increase the investment exposure of the Fund. Disclosure Principle 6: Leverage This disclosure principle is intended to ensure that investors are made aware of the maximum anticipated and allowed level of leverage of the Fund (including leverage embedded in the assets of the Fund). and within asset allocation limits. The average level of leverage employed by the Fund has historically been, and is anticipated to continue to be, three times the net asset value of the Fund. The Fund is not permitted to borrow cash to invest. Leverage can be a useful tool to enhance the returns of the Fund, and can be obtained by using derivative instruments to increase the Fund s investment exposure beyond the net asset value of the Fund, to a maximum of four times the Fund s net asset value The below example shows the impact of leverage on investment returns and losses in different scenarios: Market Scenario 1: Where the USD / AUD and the JPY / AUD exchange has increased in value by 4.0%, and the GBP / AUD and the EUR / AUD exchange rate has increased in value by 2.0%. Fund Scenario 1: The Fund has no aggregate notional leverage Position Currency pair Beginning Net Assets Notional Exposure Gain or Loss % Profit / Loss Gain/loss (% of Beginning Net Asset) Long Forward USD / AUD $ % +$ % Long Forward JPY / AUD $ % +$ % Short Forward GBP / AUD $ % -$ % Short Forward EUR / AUD $ % -$ % Total Forwards $ % Ending Net Assets Total Cash AUD / AUD $ $1.00 $ Tempo Global Currency Fund Page 7

8 Fund Scenario 2 Where the Fund employs maximum leverage of four times Position Currency pair Beginning Net Assets Notional Exposure Gain or Loss % Profit / Loss Gain/loss (% of Beginning Net Asset) Long Forward USD / AUD $ % +$ % Long Forward JPY / AUD $ % +$ % Short Forward GBP / AUD $ % -$ % Short Forward EUR / AUD $ % -$ % Total Forwards $ % Ending Net Assets Total Cash AUD / AUD $ $4.00 $ Market Scenario 2: Where the USD / AUD and the JPY / AUD exchange has decreased in value by 4.0%, and the GBP / AUD and the EUR / AUD exchange rate has decreased in value by 2.0%. Fund Scenario 3 Where the Fund has no aggregate notional leverage Position Currency pair Beginning Net Assets Notional Exposure Gain or Loss % Profit / Loss Gain/loss (% of Beginning Net Asset) Long Forward USD / AUD $ % -$ % Long Forward JPY / AUD $ % -$ % Short Forward GBP / AUD $ % +$ % Short Forward EUR / AUD $ % +$ % Total Forwards $ % Ending Net Assets Total Cash AUD / AUD $ $1.00 $99.00 Fund Scenario 4 Where the Fund employs maximum leverage of four times Position Currency pair Beginning Net Assets Notional Exposure Gain or Loss % Profit / Loss Gain/loss (% of Beginning Net Asset) Long Forward USD / AUD $ % -$ % Long Forward JPY / AUD $ % -$ % Short Forward GBP / AUD $ % +$ % Short Forward EUR / AUD $ % +$ % Total Forwards $ % Ending Net Assets Total Cash AUD / AUD $ $4.00 $96.00 Where derivatives are used to leverage the exposure of the Fund, Tempo aims to manage the Fund to keep sufficient liquid assets in the Fund to meet all obligations associated with the derivatives, including collateral obligations in order to gain long or short exposure to selected currencies. For more information on how the Fund uses leverage, refer to Disclosure principle 1: Investment strategy on page 2 and Borrowings of the Fund on page 12 of the PDS available at Disclosure Principle 7: Derivatives This disclosure principle is intended to ensure that investors are made aware of the purpose and types of derivatives used by the RE or investment manager, and the associated risks. As Tempo implements its investment strategy through the use of currency forwards, derivatives will be used to implement investment decisions, including to gain long or short exposure to selected currencies, and as a risk management tool. Tempo Global Currency Fund Page 8

9 The Fund primarily deals in OTC derivatives, which are not traded on an exchange, but directly between Tempo and the counterparty. Counterparties are generally large institutional businesses that Tempo has well-established relationships with. Though the Fund uses derivatives, Tempo aims to manage the Fund to keep sufficient liquid assets in the Fund to meet all obligations associated with the derivatives, including to gain long or short exposure to selected currencies. The main risks to the Fund as a consequence of dealing in derivatives are counterparty risk and derivative risk (including the risks relating to the collateral requirements of derivative instruments). The use of derivatives can magnify gains or losses of the Fund. For more information, refer to Disclosure principle 1: Investment strategy on page 2 and How the Fund uses derivatives on page 12 of the PDS and Risks of managed investment schemes on pages 13 to 15 of the Fund s PDS available at au/tgcf_pds.pdf. Disclosure Principle 8: Short selling This disclosure principle is intended to ensure that investors are made aware of the purpose and types of derivatives used by the Responsible Entity or investment manager, and the associated risks. This disclosure principle is currently not applicable to the Fund as the Fund is not permitted to engage in short selling. However, the Fund can adopt a short position in relation to a selected currency or currencies. The maximum timeframe in which we, as Responsible Entity, have to meet a withdrawal request is set out in the constitution of the Fund. Where the Fund is not liquid (as defined in the Corporations Act 2001 (Cth)), you may only withdraw when we make an offer to withdraw to all investors under a statutory withdrawal offer, as required by the Corporations Act 2001 (Cth). Please refer to the Fund s PDS on for further information on withdrawal arrangements for the Fund. If an investor wishes to request a withdrawal from the Fund, the direct investor can request a withdrawal by telephone or fax or in writing. A withdrawal request, either in whole or in part once received by us may not be withdrawn without our agreement. Indirect investors must complete the withdrawal documentation required by their IDPS operator. If your withdrawal would cause your balance to fall below the current minimum balance amount of $10,000 or $1,000 when a Regular Savings Plan is established, this may be treated as a request for a full withdrawal. Withdrawals from the Fund are not currently funded by an external liquidity facility. In the event there are any material changes to withdrawal rights, investors will be notified of these changes in writing as soon as practicable. Disclosure Principle 9: Withdrawals This disclosure principle ensures that investors are made aware of the circumstances in which the Fund allows withdrawals and how these might change. If a situation occurs where the assets that the Fund invests in are no longer able to be readily bought and sold, or market events reduce the liquidity of a security of an asset class, there is a risk that the generally applicable timeframe of five business days for meeting withdrawal requests may not be able to be met. This is because it may take longer to sell these types of investments at an acceptable price. In this case, withdrawals from the Fund may take significantly longer than the generally applicable timeframe. Refer to Additional information about withdrawing on pages 24 to 25 of the PDS available at Tempo Global Currency Fund Page 9

10 Issued by Fidante Partners Limited (ABN ) (AFSL ). Fidante Partners is part of the Challenger Limited group of companies. Contact details Website By By telephone Investor Services team Adviser Services team By mail Fidante Partners Reply Paid Sydney NSW 2001 By fax This document contains general information. In preparing the information contained in this ASIC Benchmarks and Disclosure Principles Report, we did not take into account your particular investment objectives, financial situation or needs. As investors needs and aspirations differ you should consider whether investing in the Fund is appropriate for you in light of your particular needs, objectives and financial circumstances. You may also wish to obtain independent advice, particularly about individual matters such as taxation, retirement planning and investment risk tolerance. Consents Tempo Asset Management Pty Ltd has provided its consent to the statements about it in the form and context in which it was included. It is not responsible for the issue of this Report, nor is it responsible for any particular part of this Report, other than the parts that refer to it. It has not withdrawn its consent before the date of this Report. Citibank, N.A. (Hong Kong) has provided its consent to the statements about it in the form and context in which it was included. It is not responsible for the issue of this Report, nor is it responsible for any particular part of this Report, other than the parts that refer to it. It has not withdrawn its consent before the date of this Report. Ernst & Young has provided its consent to the statements about it in the form and context in which it was included. It is not responsible for the issue of this Report, nor is it responsible for any particular part of this Report, other than the parts that refer to it. It has not withdrawn its consent before the date of this Report /0317