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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 May 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 ** 3.4 -13.7 -16.2 -0.9 3.1 0.2 7.4
Benchmark *** 4.4 -9.9 -6.7 4.3 6.0 4.3 7.7

Unit price as at 8 Jul 2020

Redemption price $ 0.8876

Net asset value $ 0.8894

Application price $ 0.8912

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, March 2020
Dougal Maple-Brown

Performance chart
(as at 31 May 2020)

Data Source: Maple-Brown Abbott and IRESS

Fund update - May 2020

The Fund returned 3.44% (after fees) for the month, underperforming the benchmark by 0.92%.

The largest positive contributor to performance was our decision not to hold CSL (-11%). After outperforming strongly during the downturn, improving market sentiment saw money flow away from CSL and other defensives towards cyclical names, most notably the banks. Whilst CSL has now fallen materially from its peak, it still trades on nearly 40x forward earnings and we continue to view it as expensive. Our overweight holding in Janus Henderson Group (+36%) performed very strongly. The company released its first quarter earnings result, beating market expectations due to higher performance fees and lower variable remuneration. Pleasingly, they also updated the market on April fund flows, which showed a stabilisation following recent institutional losses. Our exposure to the banks also contributed positively. Whilst we were modestly underweight to the outperforming sector, we were materially underweight in Commonwealth Bank of Australia (+2%) which was the worst performing bank.

The main negative contributors to performance were underperformance from several ‘value’ names held by the portfolio and strong performance from high growth IT and gold stocks not held by the portfolio. With respect to stocks held, our overweight position in Incitec Pivot (-16%) was a key detractor. The company released its first half financial result during the month and, whilst the result was broadly in line with expectations, it surprised the market with an equity raising which saw the stock underperform. Whilst not without near-term challenges, the longer-term earnings outlook is attractive, as pricing for its key products recover from cyclical lows. Our overweight holding in Alumina (-14%) underperformed, reflecting continued weak sentiment in alumina markets. Our decision not to hold any gold stocks materially detracted, with sentiment towards the sector buoyed by elevated gold prices. Similar, a number of ‘hyper-PE’ growth stocks not held by the portfolio performed very strongly, with Afterpay Touch Group (+52%) the most prominent.

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
08/07/2020 $ 0.8876 $ 0.8894 $ 0.8912
07/07/2020 $ 0.8992 $ 0.9010 $ 0.9028
07/07/2020 $ 0.8992 $ 0.9010 $ 0.9028
06/07/2020 $ 0.9025 $ 0.9043 $ 0.9061
03/07/2020 $ 0.9065 $ 0.9083 $ 0.9101
02/07/2020 $ 0.9067 $ 0.9085 $ 0.9103
01/07/2020 $ 0.8951 $ 0.8969 $ 0.8987
01/07/2020 $ 0.9018 $ 0.9036 $ 0.9054
30/06/2020 ^ $ 0.8893 $ 0.8911 $ 0.8929
30/06/2020 $ 0.8959 $ 0.8977 $ 0.8995

^ 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