Maple-Brown Abbott Responsible Investment Fund
(as at 31 Dec 2019)
|Performance||1 mth %||3 mths %||1 yr % p.a.||3 yrs % p.a.||4 yrs % p.a.||5 yrs % p.a.||Since inception % p.a. *|
Unit price as at 20 Jan 2020
Redemption price $ 1.2330
Net asset value $ 1.2353
Application price $ 1.2376
(as at 31 Dec 2019)
PERFORMANCE DISCLAIMER: Please note that the figures above represent past performance, and past performance is not a reliable indicator of future performance. Returns are volatile and may fluctuate quickly and significantly. Neither Maple-Brown Abbott Limited nor any other person makes any representation nor gives any guarantee as to the future performance or success of, the rate of income or capital return from, recovery of money invested in, or income tax or other taxation consequences of, any investment in the trusts shown on this website.
* Inception date is 16 September 2009.
** Total return is based on the movement in net asset value per unit plus distributions and is before tax and after all fees and charges. Imputation credits are not included in the performance figures.
*** S&P/ASX 300 Index (Total Returns).
About the Fund
The Fund aims to outperform the S&P/ASX 300 Index (Total Returns) over rolling four-year periods.
- Access to an ethical Australian share portfolio that aims to deliver medium to long-term capital growth
- The potential to receive quarterly distributions
- The potential for tax-effective income through access to franked dividends
- The opportunity to invest in a fund managed by a team of experienced and dedicated investment professionals
- Access to investment opportunities and risk management techniques not generally available to individual investors
(as at 31 Dec 2019)
Latest Fact Sheet
|Fund size||$ 36.6 Million|
|Inception date||Sep 2009|
|Unit pricing frequency||Daily|
|Minimum initial investment||$ 20,000|
|Minimum additional investment||$ 5,000|
(as at 31 Dec 2019)
|Australia & New Zealand Banking Gp|
|National Australia Bank|
|Westpac Banking Corporation|
Value and balance sheet characteristics
(as at 31 Dec 2019)
|Price:Cash Flow Ratio||9.2||12.3|
|Price:Net Tangible Assets Ratio||1.9||2.7|
|Grossed up Dividend Yield (%)||6.9||5.3|
|Balance Sheet Strength **||0.29||0.36|
|Growth in Earnings per Share (%) ***||3.4||3.4|
* Represents our quantitative data which includes 97.6% 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 2020 estimates.
Sector weights vs. benchmark
(as at 31 Dec 2019)
Important update: Buy Backs
From time-to-time we may participate in off-market buy-backs. The number of buy-back opportunities that arise will depend on market conditions and can be subject to scale-back. Where there is an opportunity to participate, an after-tax benefit may arise for tax-exempt and low-tax investors, who value the associated franking credits. Conversely, tax payers on higher marginal rates may suffer a detriment, similarly dependent on the number of opportunities and any scale-back. Note that the extent of the benefit or detriment will depend on the level of franking credits associated with the relevant buy-back. Please also note that we do not expect that this will have a material impact on the turnover of the fund.
Responsible investing criteria
The Maple-Brown Abbott Responsible Investment Fund is an actively managed Australian share fund that delivers responsible investment through the adoption of an integration, engagement and negative screening strategy. Maple-Brown Abbott’s long term investment horizon enables us to take a long term view on environmental, social and governance (ESG) factors, and our often material shareholdings engenders long term, influential relationships with the Board and management of our portfolio companies which positions us to influence change. The Maple-Brown Abbott Responsible Investment Fund has been certified by the Responsible Investment Association Australasia (RIAA) according to the strict operational and disclosure practices required under the Responsible Investment Certification Program.
Maple-Brown Abbott use our proven value investment philosophy and disciplined investment process to select stocks for their perceived fundamental value and the potential for capital growth over the long term. Our bottom-up stock selection approach is based on detailed analysis prepared by our experienced investment team, with all investment decisions based on research prepared using internal forecasts and analysis. This analysis includes the identification and discussion of ESG factors and, where material, their valuation impact and incorporation into portfolio construction. Further, where material ESG factors are identified, we seek to engage with these companies to effect change and realise potential value over the long term.
Stocks deemed to be priced at an attractive discount to our assessment of their underlying value are then negatively screened against our range of responsible investment criteria for inclusion in the fund.
Our methodology for taking into account ESG factors is set out below.
We do not invest in companies that derive a material proportion of either their reported revenue or profit, adjusted to reflect their underlying economic interest, from any one or more of the following business activities:
- the manufacture, promotion, distribution or sale of alcohol or tobacco
- gambling or betting or businesses directly connected to these activities
- the manufacture, promotion, distribution or sale of weapons or armaments
- the production, sale or distribution of ‘X’ or ‘R’ rated images, videos or films
- the extraction and sale of uranium
- the extraction and sale of thermal coal and the generation and sale of electricity from thermal coal fuel sources
We estimate the level of a company’s revenue or profit derived from any one or more of the business activities listed above. If exposure to any of these business activities is via an interposed vehicle then we ensure a more stringent threshold is applied by looking beyond reported consolidated figures if necessary to recognise the true underlying economic interest. We then assess materiality according to the following scale:
- if less than 10% of revenue and less than 10% of profit, then we believe these are non-core activities and not a material proportion of the company’s business
- if more than 20% of revenue or profit, then this is a material level of activity and the company would be excluded from consideration
- if more than 10% but less than 20% of revenue or profit, then we have discretion to decide whether this level of activity is material or not. Considerations for making this determination would include, but would not be limited to, the prominence of the promotion of these activities by the company and the likely future significance of these activities.
In determining whether the above criteria are met, we also take into account the parent and subsidiaries of the relevant company.
The level of a company’s revenue or profit from these business activities, and any impact on materiality, is reviewed twice each year by the portfolio manager responsible for this Fund. If an investment no longer meets our range of responsible investment criteria, it will be sold as soon as reasonably practicable.
Otherwise, Maple-Brown Abbott has no predetermined view other than it takes into account environmental, social or governance considerations but only to the extent that they financially affect the investment.
Please refer to a copy of the Product Disclosure Statement and Additional Information Booklet for further explanation of our ESG process.
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.
|Date||Cents per unit||Div 12-H Summary||Taxable Component Summary|
|31/12/2019||0.9039 ¢||Div 12-H Summary||n/a|
|30/09/2019||1.9041 ¢||Div 12-H Summary||n/a|
|30/06/2019||1.1904 ¢||Div 12-H Summary||n/a|
|31/03/2019||1.1928 ¢||Div 12-H Summary||n/a|
|31/12/2018||7.2050 ¢||Div 12-H Summary||n/a|
Unit price history
Here you will find the unit price history for the Fund.
|Date||Redemption price||Net asset value||Application price|
|20/01/2020||$ 1.2330||$ 1.2353||$ 1.2376|
|17/01/2020||$ 1.2310||$ 1.2333||$ 1.2356|
|16/01/2020||$ 1.2281||$ 1.2304||$ 1.2327|
|15/01/2020||$ 1.2214||$ 1.2237||$ 1.2260|
|14/01/2020||$ 1.2179||$ 1.2202||$ 1.2225|
|13/01/2020||$ 1.2090||$ 1.2113||$ 1.2136|
|10/01/2020||$ 1.2150||$ 1.2173||$ 1.2196|
|09/01/2020||$ 1.2055||$ 1.2078||$ 1.2101|
|08/01/2020||$ 1.1986||$ 1.2009||$ 1.2032|
|07/01/2020||$ 1.2003||$ 1.2026||$ 1.2049|
^ Ex price.
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 sure 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.
Existing investors should use the Additional Investment Form below.
It is easy to invest with Maple-Brown Abbott, just follow the steps below.
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.
Step 2: Make an Application
New investments can be made Online.
Investments can also be made using the forms below.
Step 3: Investment confirmation
Once your application and payment are received, you'll receive confirmation of your investment details.
Still need help?
Investing is easy with BPAY®
BPAY® is a secure payment facility that enables you to invest directly from your bank account into your Maple-Brown Abbott funds using your phone or internet banking service.
Why use BPAY® ?
BPAY® is an electronic funds transfer payment method, initiated by you, from your bank account to your Maple-Brown Abbott investment account. By using the convenience of phone or internet banking, BPAY® allows for the prompt (next business day) transfer of funds into your investment account.
The Biller Code for the fund is 310631
Note: by using a Biller Code to make a BPAY® deposit, you acknowledge you’ve received Product Disclosure Statements (PDSs) for the managed investments in your account and agree to receive PDSs (including information about significant events or matters affecting them) electronically via the MBA Online Portal.
When you start investing with Maple-Brown Abbott, you’ll be provided with an investor number. Use your investor number as your reference when making payments via BPAY®.
To invest in a Maple-Brown Abbott fund using BPAY® you need a Biller Code and Reference Number.
|If you’d like to make a payment to this fund||Biller Code||Reference Number|
|Maple-Brown Abbott Responsible Investment Fund||310631||Your investor number|
How do I start using BPAY®?
- Register with your financial institution’s phone and/or internet banking service.
- Obtain your BPAY® Biller Code and Reference Number.
- Contact your financial institution via phone or internet banking and provide the required security details (such as password and user ID).
- Follow the prompts for the BPAY® payment facility. You’ll need to provide your unique BPAY® Biller Code and Reference Number, and payment amount and the bank account from which your payment is to be made.
- The details of the transaction will be repeated back or displayed for you and you’ll be prompted to confirm the payment.
- You’ll then be given a receipt number for your reference.
- You also need to ensure the BPAY® deposit matches the online instructions given to your financial adviser (for example, correct Biller Code, and the payment type and deposit amounts are the same). If the instructions don’t match, we may not be able to match the payment to the deposit and it may be allocated as per the default investment instructions and up-front fee specified on your account.
Note: instructions submitted by your financial adviser online only remain valid for 30 days, so you need to ensure a BPAY® deposit is transferred within this time frame.
BPAY® deposit limits
Daily BPAY® transfer limits are enforced by all financial institutions. You’ll need to check with your financial institution to obtain the daily transaction limit for your account.
How is my BPAY® deposit invested in my MBA investment account?
BPAY® deposits are automatically allocated to your Maple-Brown Abbott investment account on the next working day.
Will I receive confirmation?
Your financial institution will give you a receipt number which confirms it has identified and authorised the BPAY® payment instruction. You should keep this for future reference. You can also check the MBA Online Portal to confirm the transaction has been made.
Fees And Costs
Management Costs *
% 1 & 2
% 3 & 5
1) Unless otherwise stated, all fees are quoted on a GST inclusive basis and net of any applicable Reduced Input Tax Credits.
2) The base fee is the fee we charge for managing the assets and overseeing the operations of the Fund, expressed as a percentage of the net asset value of the Fund.
3) All other components of the management costs are based on the indirect costs and recoverable expenses incurred during the prior financial year ended 30 June.
5) Under the Fund’s Constitution we are entitled to be reimbursed for authorised expenses incurred in managing and administering a Fund, however at present we have chosen not to be reimbursed for routine fund expenses including registry, custodian, accounting, audit costs and legal expenses (excluding transaction costs) which are paid by us out of our base fee. Any levy payable to the Australian Securities and Investments Commission (ASIC) may however be paid out of the Fund.
* Fees may be negotiated if you are a wholesale investor as defined in the Corporations Act 2001 (Cth).
Transactional and Operational Costs
|Total transactional and
|Net transactional and
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 *
|0.19 / 0.19|
* 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.