Western Pacific Multi-Manager Funds

Transcription

1 Western Pacific Multi-Manager s FUND UPDATE NOVEMBER 2006 Summary Information Western Pacific Cautious Last Month 0.80% Western Pacific Global The Since Western inception Pacific p.a. Global 7.2% primarily invests in other registered managed investment Unit Price schemes which, in turn, $ primarily invest in a diversified portfolio of global securities. Total Assets such the will $35.2m essentially be managed as a fund of global securities funds, utilising the investment management expertise of the external investment managers selected by WPAM. 1 Month Return 2.25% Since Inception 11.01% Unit Price $ Total Assets $18.11m Western Pacific Income The Western Pacific Income primarily invests in other registered managed investment schemes which, in turn, primarily invest in fixed interest products. As such the will essentially be managed as a fund of fixed interest funds, utilising the investment management expertise of the external investment managers selected by WPAM. 1 Month Return 0.48% Since Inception 6.57% p.a. Unit Price $ Total Assets $90.01m Manager Commentary Western Pacific Global The commodities and resources investments (15% weighting) within the Western Pacific Global both continue to perform well with returns of over 6.0% for November; the Western Pacific Global itself returned 2.25% for the month and celebrated its first full year of investing with a return of 11.01%. Other strong performers in November were the Schroders Global Active Value (2.60%), the GVI Global Industrial Share (1.46%) and the Tilson Offshore (1.90%). The Western Pacific Global is well diversified geographically, with about one third exposure to both North America and Europe with the remaining third shared between Japan, Asia and the Pacific. Western Pacific Income The Western Pacific Income returned 0.48% for the month of November and 5.95% for the year. During November the continued its progressive reduction of exposure to traditional fixed interest, with weightings currently at 23%, down from 28% in October. These funds have been reallocated to a new investment, the DDH Preferred Income which has a current weighting of 3.34%, and a proposed weighting of 5.0%. The also purchased more Allco Max Securities & Mortgage Trust shares, as the price remained discounted to its Net Tangible Asset Backing of $0.90. The DDH Preferred Income is a diversified portfolio of income yielding securities managed by DDH Graham Limited. These securities include convertible notes, converting preference shares, subordinated debt and structured credits. Typically the portfolio would include such securities and aims to gain exposure to a new and distinct asset class, being the credit market, with its inherent low correlation to equities, fixed interest and property. Because of its allocation away from traditional fixed interest investments, the fund has minimal interest rate risk and a diversified portfolio of assets helps to reduce capital volatility. Since inception the DDH Preferred Income has returned 7.10% (as at 30 September 2006). Western Pacific Property Western Pacific Property The Western Pacific Property primarily invests in other registered managed investment schemes which, in turn, primarily invest in a diversified portfolio of property securities. As such the will essentially be managed as a fund of property securities funds, utilising the investment management expertise of the external investment managers selected by WPAM. 1 Month Return 2.01% Since Inception 16.48% Unit Price $ Total Assets $28.72m Property continues to outperform equities, with a return of 5.40% for November from the S&P/ASX 300 Property Accumulation and 31.67% for one year. The Western Pacific Property, which takes substantially lower risk, returned 2.01% for the month of November and 16.48% for the year. Given the strong run in property over the last year, the Western Pacific Property remains conservatively positioned and unlike the S&P/ASX 300 Property Accumulation which has earned a large portion of its return over the last six months with a return of 24.9% for that period, the Western Pacific Property has consistently provided returns on a month by month basis over the entire year, with a six month return of 9.64%, which is just over half of the yearly return. The BlackRock Merrill Lynch Direct Property outperformed its benchmark in November by +0.98%, with a return of 1.44%. Over the last quarter the fund has added to its portfolio of properties, including a convenience retail property located in Ormiston, Brisbane, and a convenience/bulky goods centre located in East Fairfield, New South Wales. The Direct Property is mostly invested in direct and unlisted property with just over 14.0% in cash.

2 Western Pacific Multi-Manager s FUND INFORMATION Contact Details Investor Services PO Box 1692 West Perth WA 6005 Telephone: Facsimile: (08) wpam@westernpacific.com.au Investment Enquiries PO Box 497, Cleveland QLD 4163 Telephone: (07) Facsimile: (07) wpam@westernpacific.com.au The Western Pacific Multi-Manager s are designed to provide investors with a diversified allocation to a specific asset class. Fixed Interest Western Pacific Income Property Western Pacific Property Global Assets Western Pacific Global Each of these s will primarily be invested in other managed investment schemes (underlying investment funds) and will essentially be managed by WPAM as a fund of funds, utilising the asset allocation and investment manager selection skills of WPAM. The underlying investment funds in which each of the Multi-Manager s invests will, in turn, be primarily invested in a portfolio of investment products consistent with the relevant s investment objective and target asset allocation. Responsible Entity Western Pacific Asset Management Limited ACN Australian Financial Services License: Scarborough Beach Rd, Osborne Park WA 6017 Phone: (08) Investments of the Capital Growth Potential Western Pacific Global Global securities and assets Western Pacific Income Fixed Interest and income assets Western Pacific Property Property securities and assets Medium to High Low Low to Medium Income Potential Low Medium Medium to High Suggested Investment Time Frame Five years plus At least 18 months 3 years plus Applications Withdrawals Distributions Weekly, each Friday Weekly, each Friday Quarterly Management Expense Ratio 0.25% (plus GST) p.a., plus a Performance Fee* *The Performance Fee is equal to 5% (plus GST) p.a. of positive returns with any negative returns being recouped before the fee on positive returns applies. Please refer to the Product Statement for further information. Important Information This report is provided for investors in the s. Whilst all care has been taken in the preparation of this report (using sources believed to be reliable and accurate), no person including Western Pacific Asset Management Limited (WPAM) or any other affiliated company accepts responsibility for any loss suffered by any person arising in reliance on this information other than under law which cannot be excluded. You should seek your own financial and taxation advice before dealing with your investment. The product disclosure statement (PDS) for the Multi-Manager s is issued by Western Pacific Asset Management and is available by contacting WPAM on The PDS details the terms of the offer and if you wish to invest in the s, then you should consider the contents of the PDS, consider whether or not an investment in the s is appropriate for you and complete the application form accompanying the PDS. You should also consider the PDS in deciding whether to continue to hold an interest in the s. Past performance should not be taken as in indication of future performance. This information does not take into account your investment objectives, financial situation or particular needs. Before making any investment decision, you should obtain and carefully consider the PDS, having regard to your investment objectives, financial situation and particular needs.

3 Western Pacific Global Asset Allocation Select Gold 10.18% GVI Global Industrial Share 9.77% EQT Intrinsic Value International Sharemarkets 9.74% Bridgewater All Weather 8.42% Schroders Global Active Value 7.38% Tilson Offshore 6.40% Gottex Horizon 6.38% Shares, 49.65% Cash, 20.29% Gottex Tiger 6.36% Emerging Resources Company Share 5.01% Macquarie Morgan Stanley Global Franchise 4.82% Davis Large Cap Value Trust 4.77% Bridgewater Global Pure Alpha 2.47% Hedge Contract 0.24% Cash 18.06% TOTAL 10 Region Allocation Alternatives, 30.06% 2.50% 2.00% 1.50% 1.00% Pacific 27% North America 34% Africa 2% % -1.50% 31- Japan 1% Asia 11% Europe 21% Latin America 1% -2.00% WPGF United Kingdom 3% $11, $11, WP Global Since Inception (6/9/05) 11.01% p.a. n/a $10, Month 2.25% 0.51% $10, Profitable Months 85.7% 10 $10, Distribution for quarter $ n/a $10, Application Unit Price n/a Withdrawal Unit Price n/a Nov-05 Dec-05 Jan-06 Feb-06 Mar-06 May-06 Jun-06 Jul-06 Aug-06 Sep-06 Nov-06 Net Asset Value Unit Price n/a The product disclosure statement (PDS) for the Multi-Manager s is issued by Western Pacific Asset Management (WPAM) and is available by contacting WPAM on The PDS details the terms of the offer and if you wish to invest in the s, then you should consider the contents of the PDS, consider whether or not an investment in the s is appropriate for you and complete the application form accompanying the PDS. You should also consider the PDS in deciding whether to continue to hold an interest in the s.

4 Western Pacific Income Macquarie Diversified Treasury (AA) 27.91% Schroders Fixed Income 15.18% Select Gottex Enhanced Market Neutral 9.32% Merrill Lynch Monthly Income 8.05% Challenger High Yield 4.99% AMP Enhanced Yield 4.98% Schroders Hybrid Securities 4.97% Select Gottex Market Neutral 4.64% AMP Structured High Yield 4.52% DDH Preferred Income 3.34% Basis Yield 2.87% Basis Austrim Opportunity 2.84% Record Realty Capitalising Notes 2.78% Allco Max Securities & Mortgage Trust 2.70% Cash 0.91% TOTAL 10 Macquarie Diversified Treasury (AA) Schroders Fixed Income Select Gottex Enhanced Market Neutral Merrill Lynch Monthly Income Challenger High Yield AMP Enhanced Yield Schroders Hybrid Securities Select Gottex Market Neutral AMP Structured High Yield DDH Preferred Income Basis Yield Basis Austrim Opportunity Record Realty Capitalising Notes Allco Max Securities & Mortgage Trust Cash Fixed Interest & Income Asset Allocation Cash Traditional Fixed 29% Interest - Bonds 23% $14, $13, $13, $12, Fixed Interest Arbitrage 3% Structured Fixed Interest Products 17% Hybrid Securities 28% $12, $11, $10, Oct-01 Apr-02 Oct-02 Apr-03 Oct-03 Apr-04 Oct-04 Apr-05 WP Income Since Inception p.a. (30/9/01) 6.57% p.a. n/a 1 Year 5.95% 5.67% 2 Years p.a. 6.08% n/a 1 Month 0.48% 0.51% Profitable Months 95% 10 Distribution for quarter $ n/a Application Unit Price n/a Withdrawal Unit Price n/a Net Asset Value Unit Price n/a 0.80% 0.70% 0.60% 0.40% 0.30% 0.20% 0.10% The product disclosure statement (PDS) for the Western Pacific Income is issued by Western Pacific Asset Management (WPAM) and is available by contacting WPAM on The PDS details the terms of the offer and if you wish to invest in the s, then you should consider the contents of the PDS, consider whether or not an investment in the s is appropriate for you and complete the application form accompanying the PDS. You should also consider the PDS in deciding whether to continue to hold an interest in the s. This information does not take into account your investment objectives, financial situation or particular needs. Before making any investment decision, you should obtain and carefully consider the PDS, having regard to your investment objectives, financial situation and particular needs. WPIF 31-

5 Western Pacific Property PORTFOLIO & ASSET ALLOCATION Maxim Property Securities 30.23% BlackRock Merrill Lynch Direct Property 18.28% LEX Retail Property Trust 11.88% Multiplex Acumen Property 10.94% Cash 28.67% Listed Property, 29.01% Unlisted Property, 36.77% TOTAL 10 Cash, 34.23% $12, $11, $10, $9, Nov-05 Dec-05 Jan-06 Feb-06 Mar-06 May-06 Jun-06 Jul-06 Aug-06 Sep-06 Nov-06 $9, % 3.00% 2.50% WP Property 2.00% Since Inception (6/9/05) 16.48% p.a. n/a 1.50% 1 Month 2.01% 0.51% 1.00% WPPF 31- Profitable Months 100% 10 Distribution for quarter $ n/a Application Unit Price n/a Withdrawal Unit Price n/a Net Asset Value Unit Price n/a The product disclosure statement (PDS) for the Multi-Manager s is issued by Western Pacific Asset Management (WPAM) and is available by contacting WPAM on The PDS details the terms of the offer and if you wish to invest in the s, then you should consider the contents of the PDS, consider whether or not an investment in the s is appropriate for you and complete the application form accompanying the PDS. You should also consider the PDS in deciding whether to continue to hold an interest in the s. This information does not take into account your investment objectives, financial situation or particular needs. Before making any investment decision, you should obtain and carefully consider the PDS, having regard to your investment objectives, financial situation and particular needs.