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Message from Sophia Rahmani, CEO & MD, Maple-Brown Abbott - COVID-19 (Coronavirus)
Message from Sophia Rahmani, CEO & MD, Maple-Brown Abbott - COVID-19 (Coronavirus)

Maple-Brown Abbott Sharemarket Fund
(closed to new investors)

Performance

Performance
(as at 31 Aug 2020)

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. *
Fund ** 3.7 4.6 -13.0 0.3 3.8 3.3 7.5
Benchmark *** 2.8 6.0 -5.1 6.1 7.0 7.5 7.9

Unit price as at 24 Sep 2020

Redemption price $ 0.8801

Net asset value $ 0.8819

Application price $ 0.8837

Contact us

Client Services contact details

Phone
Within Australia 1300 097 995
International +61 3 9616 8614
(9am - 5:30pm AEST)

Email
mba@unitregistry.com.au

Quarterly Investment Update, June 2020
Dougal Maple-Brown

Performance chart
(as at 31 Aug 2020)

Data Source: Maple-Brown Abbott and IRESS

Fund update - August 2020

The Fund returned 3.70% (after fees) for the month, outperforming the benchmark by 0.87%.

Our overweight holding in The Star Entertainment Group (+16%) was a significant positive contributor to performance. Whilst Star's financial result was heavily impacted by COVID-19 restrictions as expected, they gave an encouraging update on recent trading. July gaming revenues were running at 80% of normal capacity and, with management continuing to push cost lower, the company is reasonably well positioned to manage balance sheet risks. Our overweight holding in Nine Entertainment Co. (+23%) performed very well. Whilst its traditional TV business remains under pressure, its digital platforms are growing quickly, cost discipline is strong and it will eventually benefit from an improved advertising market. Our overweight position in Incitec Pivot (+14%) also contributed positively. Whilst not reporting during the month, the market viewed green shoots in fertiliser prices optimistically and in addition the company held an investor briefing at which it detailed some positive trends in explosive and fertiliser volumes and announced a new cost-out program.

Our overweight holding in Telstra Corporation (-11%) contributed negatively. The company reported a solid 2020 earnings result; however its guidance around 2021 earnings and longer-term returns was somewhat disappointing. We remain attracted to Telstra’s defensive properties, sustainable yield and earnings upside as the mobile market recovers. Technology stocks continued their strong run through reporting season, despite in many cases having never reported a profit. It should not be surprising that we are heavily underweight the sector and our decision not to hold stocks like Afterpay Touch Group (+33%) and Wisetech Global (+37%) detracted materially. The valuations are mind boggling, with loss-making Afterpay now worth as much as Coles Group (-1%). Growth stocks outside the Technology sector also tended to outperform and our decision not to hold CSL (+6%) also detracted.

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 1 September 1999.

** Performance figures are calculated using withdrawal values and assume that income is reinvested. Annual management fees and expenses have been taken into account, however no allowance has been made for tax or any rebates that may be given.

*** S&P/ASX 200 Index (Total Returns).

Distributions

Distribution history

Here you will find the distribution history for the Fund.

Generally, the main components of distributions are dividends received, and interest, realised capital gains and other income derived by the Fund, less fees and expenses.

The distributions are expressed as cents per unit.

Date Cents per unit Div 12-H Summary Taxable Component Summary
30/06/2020 0.6660 ¢ Div 12-H Summary Tax Component Summary
31/03/2020 1.8701 ¢ Div 12-H Summary Tax Component Summary
31/12/2019 0.7881 ¢ Div 12-H Summary Tax Component Summary
30/09/2019 1.7118 ¢ Div 12-H Summary Tax Component Summary
30/06/2019 1.0887 ¢ Div 12-H Summary Tax Component Summary

Download distribution history

Unit prices

Unit price history

Here you will find the unit price history for the Fund.

Date Redemption price Net asset value Application price
24/09/2020 $ 0.8801 $ 0.8819 $ 0.8837
23/09/2020 $ 0.8868 $ 0.8886 $ 0.8904
22/09/2020 $ 0.8680 $ 0.8697 $ 0.8714
21/09/2020 $ 0.8802 $ 0.8820 $ 0.8838
18/09/2020 $ 0.8847 $ 0.8865 $ 0.8883
17/09/2020 $ 0.8870 $ 0.8888 $ 0.8906
16/09/2020 $ 0.8931 $ 0.8949 $ 0.8967
15/09/2020 $ 0.8874 $ 0.8892 $ 0.8910
14/09/2020 $ 0.8920 $ 0.8938 $ 0.8956
11/09/2020 $ 0.8823 $ 0.8841 $ 0.8859

^ Ex price.

Download unit price history

Forms & reports

Forms & reports

Below is a range of important forms and reports that are available.

The Fact Sheet will provide you with an update on the Fund including performance and positioning.

If you would like more information or have any questions, please contact us on 1300 097 995 or mba@unitregistry.com.au.

Taxation

Further information in relation to the Maple-Brown Abbott Sharemarket Fund