Maximising investment outcomes through investment stewardship and ESG integration Stewart Brentnall
|
|
- Stanley Edwards
- 5 years ago
- Views:
Transcription
1 Maximising investment outcomes through investment stewardship and ESG integration Stewart Brentnall 12 September 2017
2 TCorp Overview and Investment Model Summary 1. NSW Treasury Corporation (TCorp), a corporatized entity with its own board and infrastructure, was formed in 1983 as the NSW Government s debt issuer. In 1988, its capability was extended into basic investment management 2. In 2015, the NSW government issued Ministerial Orders that TCorp be awarded contractual responsibility for managing the $35bn defined benefit assets of STC (State Super) and $25bn for the NSW icare insurance business, incl. those of Workcover 3. In 2017, TCorp was mandated for management of the NSW Infrastructure Future Fund (NIFF) privatisation proceeds of certain NSW electricity businesses and the Land Titles Office. TCorp s total FUM is currently just short of A$90bn; 4. The Investment Team is 35 (with operations and implementation another 25); 5. A new CIO role has been created and charged with the responsibility of an end to end review of the investment governance and model. This is being undertaken with the assistance of Willis Towers Watson. 6. All TCorp IM Funds are permitted investment under the Local Government Act Ministerial Order. For Official Use Only / 2 of 26
3 Brief History of TCorp 1983 Establishment of TCorp as a corporation administered by NSW Treasury. Central borrowing function was established TCorp launches Hour-Glass Funds investments 1996 Establishment of SOCs for electricity, ports, water etc. saw significant growth in TCorp s debt management and advisory activities TCorp survives the GFC without any credit losses (no Lehman or CDO exposures on balance sheet, or in any client funds) and generates a record dividend for Treasury and significant interest savings for clients Funds management functions of STC and icare amalgamated within TCorp. Funds management volumes increased to ~$70bn TCorp s Best-in-Class strategy launched 2017 TCorp supporting the NSW Government ALCO. Common Custodian migration to JPM underway. For Official Use Only / 3 of 26
4 TCorp Manages Financial Assets and Liabilities for the State of NSW State of NSW: Financial Assets ~$90bn funds managed by TCorp State of NSW: Financial Liabilities ~$68bn* debt managed by TCorp * Market value 133 clients across the NSW Government family Financial data as at 30 June 2017 Maximising financial management outcomes for the benefit of NSW For Official Use Only / 4 of 26
5 TCorp NSW s Gateway to Financial Markets Borrowing Clients Electricity companies, water companies Investing Clients icare, STC, NSW Treasury, local governments/councils, hospitals TCorp Debt, investments and advice Financial Institutions Fund managers, financial markets, banks, etc. For Official Use Only / 5 of 26
6 TCorp Board Members Non-Executives Phil Chronican (Chair) Director NAB Former CEO ANZ Former CFO Westpac Kerry Schott Rob Whitfield Peter Warne Susan Doyle Former CEO Sydney Water Chair of Transgrid Director NBN Director ANZ and Westfield Chair elect Coca Cola Amatil Former Director Suncorp Chairman Macquarie Group Director ASX Chairman OFX Director Law Cover Insurance Former CIO IAG Former guardian Future Fund NSW Treasury Chief Executive Michael Pratt (Deputy Chair) Philip Gardner David Deverall For Official Use Only / 6 of 26
7 TCorp Executive Committee Structure and Functions Note: This is a functional view of the organisation For Official Use Only / 7 of 26
8 TCorpIM Funds Overview For Official Use Only / 8 of 26
9 Potential Returns TCorpIM Core Funds Cash Strategic Cash years Medium Term Growth 3 7 years Long Term Growth 7 + years years Potential Risk For Official Use Only / 9 of 26
10 TCorpIM Cash Fund Strategic Asset Allocation as at 31 August 2017 Australian Cash and Fixed Interest, 100% Time Horizon years Performance Benchmark Bloomberg AusBond Bank Bill Index Notification Timeframe Same day (provided requests are received before 1 12 pm on working days). Distribution Frequency Monthly Estimated Indirect Cost Ratio (ICR)* 0.09% p.a. Buy/Sell Spread +/- 0.00% (*) ICR includes the TCorp Management Fee and Other costs, such as custody fees, investment management fees and Expense Recovery Fee. For Official Use Only / 10 of 26
11 TCorpIM Strategic Cash Fund Strategic Asset Allocation as at 31 August 2017 Australian Cash and Fixed Interest, 100% Time Horizon years Performance Benchmark Bloomberg AusBond Bank Bill Index Notification Timeframe Up to 5 business days before Distribution Frequency Monthly Estimated Indirect Cost Ratio (ICR)* 0.10% p.a. Buy/Sell Spread +/- 0.02% (*) ICR includes the TCorp Management Fee and Other costs, such as custody fees, investment management fees and Expense Recovery Fee. For Official Use Only / 11 of 26
12 TCorpIM Medium Term Growth Fund Strategic Asset Allocation as at 31 August 2017 Cash Time Horizon 3 7 years 4.0% 5.0% 5.0% 3.0% Australian Bonds Australian Shares International Shares Unhedged Long Term Return Expectation CPI + 2% p.a. over 7 years 2.0% 4.0% [VALUE] 3.0% 2.0% 9.5% 43.0% International Shares Hedged Emerging Market Shares Listed Property Multi-Asset Class Global Credit Emerging Market Debt Notification Timeframe Up to 5 business days Distribution Frequency Annual (in July - reinvested unless advised otherwise) 7.5% 10.0% Australian Inflation-linked Bonds Bank Loans Estimated Indirect Cost Ratio (ICR)* 0.23% p.a. High Yield 58% Defensive Assets 18% Alternatives 24% Shares Buy/Sell Spread +/- 0.09% (*) ICR includes the TCorp Management Fee and Other costs, such as custody fees, investment management fees and Expense Recovery Fee. For Official Use Only / 12 of 26
13 TCorpIM Long Term Growth Fund Strategic Asset Allocation as at 31 August 2017 Cash Time Horizon 7+ years 5.0% 2.0% 2.0% 5.0% 2.0% 4.0% 3.0% 13.0% 5.0% Australian Bonds Australian Shares International Shares Unhedged International Shares Hedged Emerging Market Shares Long Term Return Expectation CPI + 3.5% p.a. over 10 years Notification Timeframe Up to 5 business days 7.0% 2.0% 22.0% Listed Property Multi-Asset Class Global Credit Emerging Market Debt Distribution Frequency Annual (in July - reinvested unless advised otherwise) 28.0% Australian Inflation-linked Bonds Bank Loans High Yield Estimated Indirect Cost Ratio 0.30% p.a. 20% Defensive Assets 14% Alternatives 66% Shares Buy/Sell Spread +/- 0.14% (*) ICR includes the TCorp Management Fee and Other costs, such as custody fees, investment management fees and Expense Recovery Fee. For Official Use Only / 13 of 26
14 TCorpIM Funds Performance cumulative returns as at 31 August 2017 TCorpIM - Cumulative returns from 1 July 1992 to 31 Aug 2017 TCorpIM Long Term Growth Fund TCorpIM Medium Term Growth Fund 700% 600% TCorpIM Strategic Cash Fund TCorpIM Cash Fund 500% 400% 300% 200% 100% 0% Past performance is not an indicator or guarantee of future performance. 2. Prior to 17 June 2008, the Strategic Cash Fund was named the Bond Market Facility. The Bond Market Facility invested 60% in Australian Cash and 40% in Australian Bonds For Official Use Only / 14 of 26
15 Investment Stewardship and ESG Integration For Official Use Only / 15 of 26
16 What is ESG integration? ESG integration is: Embedding the consideration of environmental, social or governance (ESG) factors into an investment process in an effort to improve risk-adjusted returns over time. Identifying and managing risks and opportunities that arise due to ESG factors. About making better investment decisions leading to better financial outcomes. For Official Use Only / 16 of 26
17 What s captured by ESG? MSCI ESG Key Issue Hierarchy Source: MSCI For Official Use Only / 17 of 26
18 Why integrate ESG? Strong growth in ESG integration has been driven by growing evidence of the positive link between ESG factors and corporate financial performance. AUM Linked to ESG Criteria in the US (AUM USD trillion) Source: US SIF Foundation (July 2014) E, S & G Categories & Corporate Finance Performance Link between ESG & Corporate Financial Performance Source: Friede, Busch, Bassen (December 2015) Source: Friede, Busch, Bassen (December 2015) For Official Use Only / 18 of 26
19 TCorp s approach to ESG The TCorp Board established a new Investment Stewardship Policy on 30 September Investment Stewardship includes ESG integration and active ownership. Based on the belief that good stewardship will lead to better risk-adjusted returns over time. Advocates an integration-based approach over an exclusion-based approach. Financially-driven NOT values-driven. For Official Use Only / 19 of 26
20 TCorp s Stewardship Beliefs TCorp believes that integrating ESG factors into the investment process can lead to better risk-adjusted returns over time. TCorp s belief on the benefits of ESG integration and active ownership is evidence-based. TCorp believes in the integration of ESG factors across the entire portfolio. TCorp expects the investment managers we employ to demonstrate a commitment to investment stewardship, ESG integration an active ownership. TCorp believes that an integration-based approach to stewardship is likely to lead to better investment outcomes over time than an exclusion-based approach. For Official Use Only / 20 of 26
21 TCorp s Stewardship Pillars Integration Engagement Proxy Voting Collaboration Disclosure Embedding good stewardship and ESG principles into investment decision making processes, including the way in which investment managers are selected and monitored. Entering into communication with company management to ensure that ESG risks and opportunities are being identified and managed. Exercising shareholder rights to promote good corporate governance and management of ESG factors within portfolio companies. Working together with like-minded investors to pool resources, share information and enhance influence on ESG matters. Good stewardship starts with a public commitment which is then reported against on a regular basis. Resourcing Measurement Processes For Official Use Only / 21 of 26
22 Exclusion vs Integration based approach Investment Approach Exclusion/ Divestment Pros Ethically defensible position Sends an easily interpretable signal to companies and stakeholders Cons Reduced returns or increased risk if exclusion/divestment not based on economic assessment Lose ability to continue engagement and influence ESG practices of a company Integration and Engagement Potential to influence a company s ESG practices through collaborative engagement and policy discussion Potential to gain greater disclosure of a company s operations and exposure to risk Unlikely to succeed in changing the nature of the fundamental activity of the company For Official Use Only / 22 of 26
23 TCorp Stewardship Program how is it done? ESG Integration TCorp Stewardship Team Manager selection and monitoring Active Ownership: Company engagement and voting Measuring impact, disclosure and reporting Industry collaboration Via external investment managers Integration of ESG factors into investment processes Active Ownership: Company engagement and voting Proof of ESG integration: reporting via case studies and quarterly updates Long term value to NSW Government Family For Official Use Only / 23 of 26
24 Implementing Stewardship - Summary TCorp is committed to establishing and maintaining a best-practice stewardship framework. Milestones Completed Baseline Assessment, including initial carbon footprint and ESG ratings. Established internal resources, and completed first proxy voting exercise. Joined the Investor Group on Climate Change (IGCC). Became a signatory to the Carbon Disclosure Project (CDP). Joined the Australian Council of Superannuation Investors (ACSI). For Official Use Only / 24 of 26
25 Your Questions? For Official Use Only / 25 of 26
26 NSW Treasury Corporation (TCorp) Level 22, Governor Phillip Tower 1 Farrer Place, Sydney NSW 2000, Australia T: F: W: tcorp.nsw.gov.au ABN: New South Wales Treasury Corporation ABN ( TCorp ) is a statutory corporation of New South Wales. This information is correct as at May This presentation is provided for information purposes only and should not be relied on for trading or other business purposes. The presentation does not constitute investment advice and TCorp does not make any recommendation as to the suitability of any products or transactions mentioned. This presentation is not intended to forecast or predict future events. Past performance is not a guarantee or indication of future results. Any forward looking information is predictive in nature and may be affected by inaccurate assumptions or by known or unknown risks or uncertainties. Expected results may differ from results ultimately achieved. Any estimates, opinions and assumptions constitute the judgment of TCorp or the relevant third party source cited by TCorp as at the report date and is subject to change without notice. Any estimates and opinions contained in this presentation constitute TCorp s judgment as at the date of the presentation and are subject to change without notice. TCorp does not guarantee the accuracy, timeliness, reliability or completeness of the information or data and will not be liable for any errors or actions taken in reliance on the information or data. TCorp does not provide tax advice.
MYLIFEMYMONEY Superannuation Fund
CSF Pty Limited (ABN 30 006 169 286) (AFSL 246664) MYLIFEMYMONEY Superannuation Fund May 2017 Covering Page Contents 1. Background... 1 2. Principles and Guidelines... 1 3. Australian Equities... 2 3.1
More informationYour Investment Options
1 July 2018 The information in this document forms part of the Australian Catholic Superannuation and Retirement Fund Superannuation Plan Product Disclosure Statement dated 1 May 2018. Your Investment
More informationInvestment Guide. 9 August 2018
Investment Guide 9 August 2018 The information in this document forms part of the MTAA Super Member Product Disclosure Statement (PDS) dated 9 August 2018. You should consider the information in this document
More informationimed Managed Portfolios
TM A BETTER WAY TO invest imed Managed Portfolios ISSUE DATE: MAY 2018 About this Managed Portfolio Disclosure Document Issuer and Trustee This Managed Portfolio Disclosure Document (Disclosure Document)
More informationInvestment Guide Issued 29 September 2017
Investment Guide Issued 29 September 207 About this document This Investment Guide contains detailed information about Qantas Super s investment options. The information in this document forms part of
More informationMorningstar Investment Management
Morningstar Investment Management Investment Solutions Morningstar offers both Managed Funds and Managed Accounts so you can choose the option that best helps you achieve your financial goals. Morningstar
More informationInvestment Guide. Towers Watson Superannuation Fund 1 December 2017
Guide Towers Watson Superannuation Fund 1 December 2017 Important information The information in this document forms part of the Towers Watson Superannuation Fund (the Fund) Product Disclosure Statement
More informationProduct Disclosure Statement
ARSN 610 224 381 Issue date: 22 October 2018 Contents 1. About Bennelong Funds Management Ltd 1 2. How the works 3. Benefits of investing in the Quay Global Real Estate Fund 4. Risks of managed investment
More informationNGS SUPER RESPONSIBLE INVESTMENT POLICY
Your fund. Your wealth. Your future. NGS SUPER RESPONSIBLE INVESTMENT POLICY Managing long term risks in order to maximise prospective long term returns EXTRACT FROM RESPONSIBLE INVESTMENT POLICY DOCUMENT
More informationINVESTMENTS 1 JANUARY 2019 MERCER SUPER TRUST CORPORATE SUPERANNUATION DIVISION MERCER SMARTSUPER PLAN INDIVIDUAL SECTION
INVESTMENTS 1 JANUARY 2019 MERCER SUPER TRUST CORPORATE SUPERANNUATION DIVISION MERCER SMARTSUPER PLAN INDIVIDUAL SECTION CONTENTS ABOUT THIS BOOKLET... 1 HOW TO CONTACT US... 2 HOW TO CHOOSE YOUR INVESTMENTS...
More informationANZ FIXED INCOME FUND PRODUCT DISCLOSURE STATEMENT
ANZ FIXED INCOME FUND PRODUCT DISCLOSURE STATEMENT 29 SEPTEMBER 2017 CONTENTS 1. About OnePath Funds Management Limited 1 2. How the Fund works 2 3. Benefits of investing in the Fund 3 4. Risks of managed
More informationProduct Disclosure Statement
ARSN 137 843 826 Issue date: 11 December 2017 Contents 1. About Bennelong Funds Management Ltd 1 2. How the Bennelong ex-20 Australian Equities Fund works 3. Benefits of investing in the Bennelong ex-20
More informationInvestments. Member Booklet Supplement. 30 September September 2017
Member Booklet Supplement Investments 30 September 2017 30 September 2017 The information in this document forms part of the First State Super Member Booklets (Product Disclosure Statements) for: Employer
More information3. INVESTMENTS. 1 July 2017 SECTION CONTENTS
3. S 1 July 2017 The information in this document forms part of the Kinetic Super Product Disclosure Statement dated 1 July 2017. SECTION CONTENTS 1. Making your investment choice 16 2. Default investment
More informationPlato Global Shares Income Fund
Plato Global Shares Income Fund CLASS A UNITS Product Disclosure Statement dated 1 July 2016 ARSN 608 130 838 APIR WHT0061AU ISIN AU60WHT00618 mfund Code PLI03 Issued by: Pinnacle Fund Services Limited
More informationInformation Booklet on investment options
Issue date: 1 January 217 Information Booklet on investment options Zurich Superannuation Plan and Zurich Account-Based Pension Important notes Preparation date: 25 November 216 This document is the Zurich
More informationContents. Section 1 Features of investing in the Funds. Significant features. Significant benefits
Information Memorandum dated 1 July 2017 Macquarie SIV Cash Fund ARSN 162 895 614 Macquarie SIV Conservative Fund ARSN 162 896 059 Macquarie SIV Balanced Fund ARSN 162 895 918 Macquarie SIV Growth Fund
More informationContents. Glossary. Product Disclosure Statement 30 September 2017 ARSN
Bentham Global Income Fund NZD ARSN 165 696 417 Product Disclosure Statement 3 September 217 Contents 1. About Fidante Partners 2. How the Bentham Global Income Fund NZD works 2 2 5. How we invest your
More informationFor personal use only
12 October 2015 UBS Diversified Fixed Income Fund Product Disclosure Statement Issue No. 3 ARSN: 090 428 372 APIR: SBC0007AU MFUND: UAM06 Issued by UBS Global Asset Management (Australia) Ltd ABN 31 003
More informationONEPATH WHOLESALE SUSTAINABLE AUSTRALIAN SHARE TRUST
INVESTMENT ONEPATH WHOLESALE SUSTAINABLE AUSTRALIAN SHARE TRUST Product Disclosure Statement 28 September 2017 Contents Page 1. About OnePath Funds Management Limited 1 2. How the OnePath Wholesale Sustainable
More informationFor personal use only
Schroders Schroder Real Return CPI Plus 3.5% Fund Wholesale Class Product Disclosure Statement Issued: 30 November 2016 mfund code: SCH12 Contact details Schroder Investment Management Australia Limited
More informationPlato Global Shares Income Fund
Plato Global Shares Income Fund CLASS A UNITS Product Disclosure Statement dated 30 June 2018 ARSN 608 130 838 APIR WHT0061AU ISIN AU60WHT00618 mfund Code PLI03 Issued by: Pinnacle Fund Services Limited
More informationBetter ways to manage foreign exchange from the investor s perspective
Better ways to manage foreign exchange from the investor s perspective Insert NSW flag Jonathan Green Head of Investment Management April 2013 New South Wales Treasury Corporation New South Wales Treasury
More informationBT Investor Choice Funds
BT Investor Choice Funds Product Disclosure Statement Dated 1 July 2013 Westpac Financial Services Ltd ABN 20 000 241 127 Australian Financial Services Licence No. 233716 We recommend that you read this
More informationSchroder Fixed Income Fund. Professional Class. Product Disclosure Statement Issued: 1 August 2017
Schroder Fixed Income Fund Product Disclosure Statement Issued: 1 August 2017 Contact details Schroder Investment Management Australia Limited (ABN 22 000 443 274) (AFSL No. 226 473) Registered office
More informationReliance Super (a membership category of Maritime Super) Investments Supplement
Reliance Super (a membership category of Maritime Super) Investments Supplement 1 November 2018 Investments Supplement Reliance Super (a membership category of Maritime Super) 1 November 2018 About this
More informationOPTIMIX WHOLESALE GLOBAL SMALLER COMPANIES SHARE TRUST CLASS B UNITS
INVESTMENT OPTIMIX WHOLESALE GLOBAL SMALLER COMPANIES SHARE TRUST CLASS B UNITS Product Disclosure Statement 28 September 2017 Contents Page 1. About OnePath Funds Management Limited 1 2. How the OptiMix
More informationPerennial Value Smaller Companies Trust
Contact details Responsible Entity IOOF Investment Management Limited Registered Office Level 6, 161 Collins Street Melbourne VIC 3000 Phone 1300 730 032 (Australia) +612 8274 2700 (NZ) Investment Manager
More informationSchroder Fixed Income Fund. Wholesale Class. Product Disclosure Statement Issued: 1 August mfund code: SCH51
Schroder Fixed Income Fund Product Disclosure Statement Issued: 1 August 2017 mfund code: SCH51 Contact details Schroder Investment Management Australia Limited (ABN 22 000 443 274) (AFSL No. 226 473)
More informationFor personal use only
Kapstream Wholesale Absolute Return Income Fund ARSN 124 152 790 APIR Code HOW0052AU ASX Code KAP01 Product Disclosure Statement Dated 2 July 2015 Contents 1. About Fidante Partners 2 2. How the Kapstream
More informationEssential Super. Reference Guide. MySuper
Essential Super Reference Guide MySuper MYSUPER AUTHORISATION IDENTIFIER 5 6 6 019 2 5 4 3 5 9 0 9 Issue No 2018/1, dated 17 March 2018 Investments in Essential Super are offered from Commonwealth Essential
More informationIronbark Karara Australian Share Fund
Product Disclosure Statement Ironbark Karara Australian Share Fund Dated: 30 September 2017 ARSN: 114 291 299 APIR: PAT0001AU Responsible Entity: ABN 63 116 232 154 AFSL 298626 Level 13, 1 Margaret Street,
More informationFor personal use only
Merlon Wholesale Australian Share Income Fund ARSN 090 578 171 APIR HBC0011AU ASX Code MLO02 Product Disclosure Statement Dated 25 May 2015 Contents 1. About Fidante Partners 2 2. How the Merlon Wholesale
More informationADVANCE SUSTAINABLE INVESTMENT APPROACH
ADVANCE SUSTAINABLE INVESTMENT APPROACH July 2018 CONTENTS What is sustainable investing?... 1 What are ESG factors?... 2 Our beliefs... 2 Our approach to sustainable investment... 2 1. Investment process...3
More information! This PDS is prepared in accordance with the shorter PDS regime and summarises significant information relating to the Grant
Product Disclosure Statement (PDS) Grant Samuel Epoch Global Equity Shareholder Yield (Hedged) Fund Class A Units ARSN 130 358 440 ASX mfund Code GSF01 Issuer and Responsible Entity: Grant Samuel Fund
More informationProduct Disclosure Statement
ARSN 610 756 413 Issue date: 1 November 2018 Contents 1. About Bennelong Funds Management Ltd 1 2. How the works 3. Benefits of investing in the Touchstone Index Unaware Fund 4. Risks of managed investment
More informationZurich Investments Hedged Global Thematic Share Fund
Zurich Investments Hedged Global Thematic Share Fund ARSN 112 366 506 APIR ZUR0517AU Product Disclosure Statement (PDS) This PDS is only for use by investors investing through an IDPS. Contact Issued by
More informationUBS Diversified Fixed Income Fund
a b 20 November 2017 UBS Diversified Fixed Income Fund Product Disclosure Statement Issue Number: 5 ARSN: 090 428 372 APIR: SBC0007AU MFUND: UAM06 Issued by UBS Asset Management (Australia) Ltd ABN 31
More information10 YEARS OF WORKING FOR THE FUTURE OF NEW ZEALANDERS...
10 YEARS OF WORKING FOR THE FUTURE OF NEW ZEALANDERS... THE FIRST DECADE OF MANY THE GUARDIANS MISSION IS TO MAXIMISE THE FUND S RETURNS OVER THE LONG TERM, WITHOUT UNDUE RISK, SO AS TO REDUCE FUTURE
More informationMunich Holdings of Australasia Pty Ltd Superannuation Scheme
INVESTMENT GUIDE Munich Holdings of Australasia Pty Ltd Superannuation Scheme Inside Your Scheme s investments 2 Understanding the basics of investing 2 Making your investment choice 4 Your investment
More informationPlato Australian Shares Income Fund
Plato Australian Shares Income Fund A Class units Product Disclosure Statement dated 1 July 2017 ARSN 152 590 157 APIR WHT0039AU ISIN AU60WHT00394 mfund Code PLI01 Issued by: Pinnacle Fund Services Limited
More informationUBS Australian Bond Fund
a b 20 November 2017 UBS Australian Bond Fund Product Disclosure Statement Issue No. 5 ARSN: 090 427 571 APIR: SBC0813AU MFUND: UAM04 Issued by UBS Asset Management (Australia) Ltd ABN 31 003 146 290 AFSL
More informationFinancial Services Guide
Financial Services Guide PREPARATION DATE: 8 AUGUST 2018 About this financial services guide This Financial Services Guide (FSG) is issued by Mason Stevens Limited (Mason Stevens, we, our or us), ABN 91
More informationYour investment options
IAG & NRMA Superannuation Plan Your investment options The information in this document forms part of the Product Disclosure Statement (PDS) of the IAG & NRMA Superannuation Plan (Plan) dated 30 September
More informationPerennial Value Smaller Companies Trust Product Disclosure Statement (PDS)
Contact details Responsible Entity Perennial Investment Management Limited Registered Office Level 6, 161 Collins Street Melbourne VIC 3000 Phone 1300 730 032 (Australia) +612 8274 2777 (NZ) Investment
More informationAT YOUR FINANCIAL SERVICE. Life Solutions Wealth Solutions. Optimum Corporate Super Default Investment Strategy Guide
AT YOUR FINANCIAL SERVICE Life Solutions Wealth Solutions Optimum Corporate Super Default Investment Strategy Guide Issued 08 March 2012 Contents What is a default investment strategy? 1 Nominating the
More informationPart 2 (Adviser Profile) PART 2 (Adviser Profile) Part 2 (Adviser Profile) contains the following sections:
PART 2 (Adviser Profile) Part 2 (Adviser Profile) contains the following sections: About Your Adviser (Section 1); The Services I Provide (Section 2); Fees and Charges (Section 3); and Contact and Acknowledgment
More informationLincoln Australian Income Fund ARSN
Lincoln Australian Income Fund ARSN 155 355 301 Maximise your income potential PRODUCT BROCHURE Investment Manager: Lincoln Indicators Pty Ltd ABN 23 006 715 573, AFSL 237740 Responsible Entity: Equity
More informationUBS-HALO Australian Share Fund Product Disclosure Statement
a b UBS Asset Management 17 September 2018 UBS-HALO Australian Share Fund Product Disclosure Statement Issue No. 6 ARSN: 145 223 007 APIR: UBS0024AU MFUND: UAM03 Issued by UBS Asset Management (Australia)
More informationSchroder Real Return CPI Plus 5% Fund. Wholesale Class. Product Disclosure Statement Issued: 1 August mfund code: SCH11
Schroder Real Return CPI Plus 5% Fund Product Disclosure Statement Issued: 1 August 2017 mfund code: SCH11 Contact details Schroder Investment Management Australia Limited (ABN 22 000 443 274) (AFSL No.
More informationBMO LGM Global Emerging Markets Fund
Product Disclosure Statement BMO LGM Global Emerging Markets Fund ARSN 600 336 105 29 September 2017 This Product Disclosure Statement (PDS) is issued by Perpetual Trust Services Limited, ABN 48 000 142
More informationSchroders Schroder Australian Equity Fund
Schroders Product Disclosure Statement Issued 27 October 2014 Contact details Schroder Investment Management Australia Limited (ABN 22 000 443 274) (AFSL No: 226 473) Registered office Level 20, Angel
More informationSchroder Global Value Fund. Wholesale Class. Product Disclosure Statement Issued: 1 August 2017
Schroder Global Value Fund Product Disclosure Statement Issued: 1 August 2017 Contact details Schroder Investment Management Australia Limited (ABN 22 000 443 274) (AFSL No. 226 473) Registered office
More informationSchroder Global Core Fund. Wholesale Class. Product Disclosure Statement Issued: 1 August mfund code: SCH31
Schroder Global Core Fund Product Disclosure Statement Issued: 1 August 2017 mfund code: SCH31 Contact details Schroder Investment Management Australia Limited (ABN 22 000 443 274) (AFSL No. 226 473) Registered
More informationInvestment Guide. Contents. Elphinstone Group Superannuation Fund 19 March 2018
Elphinstone Group Superannuation Fund 19 March 2018 Investment Guide Contents Important information 1 What is Member Investment Choice? 2 About your investment options 5 What to consider when choosing
More informationFor personal use only
Schroders Schroder Equity Opportunities Fund Wholesale Class Product Disclosure Statement Issued: 30 November 2016 mfund code: SCH22 Contact details Schroder Investment Management Australia Limited (ABN
More informationCandriam Sustainable Global Equity Fund
Candriam Sustainable Global Equity Fund APIR: AAP0001AU Product Disclosure Statement dated 12 December 2016 This Product Disclosure Statement (PDS) is issued by Ausbil Investment Management Limited (ABN
More informationVanguard Investor Funds
Product Disclosure Statement 1 July 2017 Vanguard Investor Funds This Product Disclosure Statement (PDS) is for the Vanguard Investor Funds (Funds) listed in the table below. This PDS is issued by Vanguard
More informationVanguard Cash Plus Fund
Product Disclosure Statement 1 July 2017 Vanguard Cash Plus Fund This Product Disclosure Statement (PDS) is issued by Vanguard Investments Australia Ltd ABN 72 072 881 086 AFSL 227263 (Vanguard, we, us
More informationZurich Investments Wholesale Funds
Zurich Investments Wholesale Funds Supplementary Product Disclosure Statement Preparation date: 25 July 2011 This document is a Supplementary Product Disclosure Statement (SPDS) for the Zurich Investments
More informationMacquarie Master Cash Fund
Product Disclosure Statement 2 July 2018 1 of 8 Macquarie Master Cash Fund Product Disclosure Statement 2 July 2018 Contents 1. About Macquarie Investment Management Australia Limited 2. How the Macquarie
More informationVanguard Australian Corporate Fixed Interest Index Fund
Product Disclosure Statement 1 November 2018 Vanguard Australian Corporate Fixed Interest Index Fund This Product Disclosure Statement (PDS) is issued by Vanguard Investments Australia Ltd ABN 72 072 881
More informationDDH CONSERVATIVE GROWTH FUND
PRODUCT DISCLOSURE STATEMENT DDH CONSERVATIVE GROWTH FUND CONTENTS 1. About DDH 2. How the Fund works 3. Benefits of investing in the Fund 4. Risks of managed investment schemes 5. How we invest your money
More informationSchroder Equity Opportunities Fund. Wholesale Class. Product Disclosure Statement Issued: 1 August mfund code: SCH22
Schroder Equity Opportunities Fund Product Disclosure Statement Issued: 1 August 2017 mfund code: SCH22 Contact details Schroder Investment Management Australia Limited (ABN 22 000 443 274) (AFSL No. 226
More informationSchroder Balanced Fund. Wholesale Class. Product Disclosure Statement Issued: 1 August 2017
Schroder Balanced Fund Product Disclosure Statement Issued: 1 August 2017 Contact details Schroder Investment Management Australia Limited (ABN 22 000 443 274) (AFSL No. 226 473) Registered office Level
More informationResponsible Investment Position Statement.
Responsible Investment Position Statement. October 2017 BT Financial Group ( BTFG ) provides wealth management services to Australians across superannuation, insurance, investments and advice. Our mission
More informationMYLIFEMYMONEY Superannuation Fund
CSF Pty Limited (ABN 30 006 169 286) (AFSL 246664) MYLIFEMYMONEY Superannuation Fund Responsible Investment Policy September 2017 Responsible Investment Policy Contents Page Contents 1. Fund Objectives...
More informationZurich Investments Equity Income Fund ARSN APIR ZUR0538AU
Zurich Investments Equity Income Fund ARSN 121 589 035 APIR ZUR0538AU Product Disclosure Statement (PDS) This PDS is only for use by investors investing through a Platform. Preparation date 1 February
More informationishares Enhanced Strategic Aggressive Portfolio Issue date: 01 April 2019
ishares Enhanced Strategic Aggressive Portfolio Issue date: 01 April 2019 About this Managed Portfolio Disclosure Document This Managed Portfolio Disclosure Document (Disclosure Document) has been prepared
More informationVirgin Money Super 2018 Supplementary Annual Report
Virgin Money Super 2018 Supplementary Annual Report PART TWO PREPARED DECEMBER 2018 Important information Virgin Money Super (your plan) is a plan in the Retail Division of the Mercer Super Trust. Your
More informationUBS Property Securities Fund
a b UBS Asset Management 17 September 2018 UBS Property Securities Fund Product Disclosure Statement Issue No. 6 ARSN: 090 431 271 APIR: SBC0816AU MFUND: UAM11 Issued by UBS Asset Management (Australia)
More information8. How to apply Absolute Return Income Fund Additional information 4. Risks of managed investment schemes
Kapstream Wholesale Absolute Return Income Fund ARSN 124 152 790 APIR Code HOW0052AU ASX Code KAP01 Product Disclosure Statement 1 March 2017 Contents 1. About Fidante Partners 2 5. How we invest your
More informationIronbark Denning Pryce Australian Tailored Income Fund
Product Disclosure Statement Ironbark Denning Pryce Australian Tailored Income Fund Dated: 1 November 2017 ARSN: 622 132 816 APIR: DPR0001AU Responsible Entity: ABN 63 116 232 154 AFSL 298626 Level 13,
More informationVentura International Shares Fund
Product Disclosure Statement Ventura International Shares Fund ARSN 099 585 145 Read this This Product Disclosure Statement (PDS) provides a summary of significant information and contains a number of
More informationPerennial Value Australian Shares Trust
Contact details Responsible Entity Perennial Investment Management Limited Registered Office Level 27, 88 Phillip Street Sydney NSW 2000 Phone 1300 730 032 (Australia) +612 8274 2777 (NZ) Investment Manager
More informationFinancial Services Guide
Financial Services Guide Part 2 1 October 2018 Part 2 Part 2 (Adviser Profile) contains the following sections: > About Your Adviser (Section 1); > The Services I Provide (Section 2); > Fees and Charges
More informationMacquarie Income Opportunities Fund
Product Disclosure Statement July 08 of 8 Macquarie Income Opportunities Fund Product Disclosure Statement July 08 Contents. About Macquarie Investment Management Australia Limited. How the Macquarie Income
More informationINVESTMENT GUIDE. Dated: 14 April 2018
INVESTMENT GUIDE Dated: 14 April 2018 The information in this document forms part of the following: The Product Disclosure Statement for the Employer Sponsored Product dated 14 April 2018 The Product Disclosure
More informationABOUT THIS FINANCIAL SERVICES GUIDE
ABOUT THIS FINANCIAL SERVICES GUIDE This Financial Services Guide (FSG) is issued by Mason Stevens Limited (Mason Stevens, we, our or us), ABN 91 141 447 207, AFSL 351578. This FSG is designed to provide
More informationManaged Portfolio Disclosure Document. AZ Sestante Super
Managed Portfolio Disclosure Document AZ Sestante Super 1. Logiro Managed Portfolio Disclosure Document ISSUER AND TRUSTEE AZ Sestante Super is a product issued out of Mason Stevens Super. When you become
More informationVanguard Cash Plus Fund
Product Disclosure Statement 1 November 2018 Vanguard Cash Plus Fund This Product Disclosure Statement (PDS) is issued by Vanguard Investments Australia Ltd ABN 72 072 881 086 AFSL 227263 (Vanguard, we,
More informationIronbark Gavekal Asian Opportunities Fund
Product Disclosure Statement Ironbark Gavekal Asian Opportunities Fund Dated: 11 May 2018 ARSN: 143 533 466 APIR: HFL0014AU Responsible Entity: ABN 63 116 232 154 AFSL 298626 Level 13, 1 Margaret Street,
More informationcontact Nick Simpson, Manager, SG Hiscock & Company on (Australia) or
Change to the Investment Objective of SGH20 - Professional Investor Class (ETL0373AU) SG Hiscock & Company Limited (SGH) as the Investment Manager and Equity Trustees Limited as the Responsible Entity
More informationAltius Associates Ltd. An investor initiative in partnership with UNEP Finance Initiative and UN Global Compact
RI TRANSPARENCY REPOR T 201 4 /15 Altius Associates Ltd An investor initiative in partnership with UNEP Finance Initiative and UN Global Compact About this report The PRI Reporting Framework is a key step
More informationUBS Tactical Beta Conservative Fund
a b 20 November 2017 UBS Tactical Beta Conservative Fund Product Disclosure Statement Issue Number: 7 ARSN: 157 926 460 APIR: UBS0036AU MFUND: UAM09 Issued by UBS Asset Management (Australia) Ltd ABN 31
More informationZurich Investments Equity Income Fund
Zurich Investments Equity Income Fund APIR ZUR0538AU Product Disclosure Statement (PDS) Issue date 1 July 2015 Strategic investment partner: Denning Pryce Pty Ltd 1. About Zurich Investments Zurich Investment
More informationYour investment options explained
Your investment options explained for the BHP Billiton Superannuation Fund (Fund) Pension Division Issued by the Trustee: PFS Nominees Pty Ltd ABN 16 082 026 480 AFSL 243357 Fund: BHP Billiton Superannuation
More informationAccount-Based Pension Product Disclosure Statement. 2 January Version 9
CBH Super Account-Based Pension Product Disclosure Statement 2 January 2018 Version 9 The information provided in this PDS is general information only and does not take into account any person s individual
More informationMacquarie Asia New Stars No.1 Fund
Product Disclosure Statement 2 July 208 of 8 Macquarie Asia New Stars No. Fund Product Disclosure Statement 2 July 208 Contents. About Macquarie Investment Management Australia Limited 2. How the Macquarie
More informationAustralian Ethical Advocacy Fund (Wholesale)
Australian Ethical Advocacy Fund (Wholesale) 29 March 2018 Contents 1 About Australian Ethical Investment Limited 2 2 How the Australian Ethical Advocacy Fund (Wholesale) works 2 3 Benefits of investing
More informationMacquarie Dynamic Bond Fund
Product Disclosure Statement 2 July 208 of 8 Macquarie Dynamic Bond Fund Product Disclosure Statement 2 July 208 Contents. About Macquarie Investment Management Australia Limited 2. How the Macquarie Dynamic
More informationMagellan Global Fund. Product Disclosure Statement 28 September Contents. Contact Details ARSN APIR MGE0001AU
Magellan Global Fund ARSN 126 366 961 APIR MGE0001AU Product Disclosure Statement 28 September 2017 Issued by Magellan Asset Management Limited ABN 31 120 593 946, AFS Licence No. 304 301 Contents 1. About
More informationIronbark Paladin Property Securities Fund
Product Disclosure Statement Ironbark Paladin Property Securities Fund Dated: 11 May 2018 ARSN: 087 897 667 APIR: PAL0002AU Responsible Entity: ABN 63 116 232 154 AFSL 298626 Level 13, 1 Margaret Street,
More information9/02/2018. Building a members pension account under a TBC regime
Building a members pension account under a TBC regime Jonathan Snead, Head of Portfolio Strategists, Asia Pacific, SSGA Nigel Stewart, Executive Director, Dimensional David Wanis, Portfolio Manager and
More informationProduct Disclosure Statement 1 July 2017
Product Disclosure Statement 1 July 2017 Vanguard Australian Government Bond Index Fund This Product Disclosure Statement (PDS) is issued by Vanguard Investments Australia Ltd ABN 72 072 881 086 AFSL 227263
More informationUniting Financial Services. Ethical Diversified Fund Information Document
Uniting Financial Services Ethical Diversified Fund Information Document 1 January 2018 The Information Document for the Uniting Financial Services Ethical Diversified Fund ABN 30 182 829 298 ( Fund )
More informationArrowstreet Global Equity Fund
MACQUARIE PROFESSIONAL SERIES Product Disclosure Statement 2 July 208 of 8 Arrowstreet Global Equity Fund Product Disclosure Statement 2 July 208 Contents. About Macquarie Investment Management Australia
More informationHow we invest your money. VicSuper FutureSaver Member Guide
How we invest your money VicSuper FutureSaver Member Guide Date prepared 1 October 2017 VicSuper s investment policy The information in this document forms part of the VicSuper FutureSaver Product Disclosure
More informationUBS Global Credit Fund
1 July 2014 UBS Global Credit Fund Product Disclosure Statement Issue No.2 Issued by UBS Global Asset Management (Australia) Ltd ABN 31 003 146 290 AFSL No. 222605 ARSN: 096 296 892 APIR: UBS0103AU Contents
More informationZurich Investments Equity Income Fund
Zurich Investments Equity Income Fund Product Disclosure Statement Zurich Investments Equity Income Fund APIR ZUR0538AU Product Disclosure Statement (PDS) Strategic investment partner: Denning Pryce Pty
More information