Maple-Brown Abbott Australian Equity Trust
(as at 29 Feb 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. *|
Unit price as at 31 Mar 2020
Redemption price $ 0.7090
Net asset value $ 0.7103
Application price $ 0.7116
(as at 29 Feb 2020)
Fund update - February 2020
Our overweight holding in Healius (+3%) was a significant positive contributor to performance. The company received an indicative takeover offer from Partners Group at a material premium to the share price and the stock was further supported by the rotation into defensives. Our overweight holding in QBE Insurance Group (-1%) outperformed. The company released its 2019 full-year result during the month. Whilst it reported earnings in line with guidance from its December trading update, the market reacted positively to disclosure of a significant acceleration in premium rates in the 4th quarter which should support margins in 2020. Our overweight holding in Coca-Cola Amatil (-2%) also contributed positively. The company delivered a full-year 2019 result ahead of expectations, driven by stronger performance in Australia and Indonesia. Beverage volume growth in the second half was particularly strong, easing market concerns about structural decline in demand. The rotation into defensives further supported the stock.
Our decision not to hold CSL (-1%) was the main negative contributor to performance. The company delivered a solid half-year result, driven by strong performance from the core plasma business, albeit only in line with market expectations. Our resources holdings also detracted materially. Energy names were the worst hit, including Woodside Petroleum (-17%) and Origin Energy (-15%), which suffered a lower oil price on Coronavirus-related global growth fears. Our overweight holding in BHP Billiton (-15%) also underperformed. Whilst BHP’s iron ore business continues to perform well and spot prices held up over the month, the market has taken a cautious view regarding emerging risks to Chinese and global growth. BHP’s oil exposure further weighed on the share price.
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 31 December 1992.
** 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). The benchmark to 31/3/00 is the old Australian All Ordinaries Accumulation Index.
About the Fund
The Fund aims to outperform the S&P/ASX 300 Index (Total Returns) over rolling four-year periods.
- The opportunity to invest in a fund managed by a team of experienced and dedicated investment professionals
- Access to an Australian share portfolio that aims to deliver long-term capital growth
- Access to investment opportunities and risk management techniques not generally available to individual investors
- Quarterly distributions
- The potential for tax-effective income through access to franked dividends
(as at 29 Feb 2020)
Latest Fact Sheet
|Fund size||$ 148.5 Million|
|Inception date||Dec 1992|
|Unit pricing frequency||Daily|
|Minimum initial investment||$ 500,000|
|Minimum additional investment||$ 10,000|
(as at 29 Feb 2020)
|Australia & New Zealand Banking Gp|
|National Australia Bank|
|QBE Insurance Group|
|Westpac Banking Corporation|
Value and balance sheet characteristics
(as at 29 Feb 2020)
|Price:Cash Flow Ratio||8.9||11.8|
|Price:Net Tangible Assets Ratio||1.8||2.6|
|Grossed up Dividend Yield (%)||6.8||5.3|
|Balance Sheet Strength **||0.25||0.35|
|Growth in Earnings per Share (%)||5.4||3.9|
* Represents our quantitative data which includes 97.70% 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 29 Feb 2020)
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 *||Imputation credits *|
|31/12/2019||1.0797 ¢||Div 12-H Summary|
|30/09/2019||2.0161 ¢||Div 12-H Summary|
|30/06/2019||9.8735 ¢||Div 12-H Summary|
|31/03/2019||3.0386 ¢||Div 12-H Summary|
|31/12/2018||2.2995 ¢||Div 12-H Summary|
* The Fund distributed income annually up to 30 June 2001. From 1 July 2001 income is distributed quarterly. Please note the cents per unit and imputation credits relate to a unit held for the entire distribution period.
Unit price history
Here you will find the unit price history for the Fund.
|Date||Redemption price||Net asset value||Application price|
|31/03/2020||$ 0.7090||$ 0.7103||$ 0.7116|
|30/03/2020||$ 0.7156||$ 0.7170||$ 0.7184|
|27/03/2020||$ 0.6800||$ 0.6813||$ 0.6826|
|26/03/2020||$ 0.7114||$ 0.7128||$ 0.7142|
|25/03/2020||$ 0.6988||$ 0.7001||$ 0.7014|
|24/03/2020||$ 0.6611||$ 0.6624||$ 0.6637|
|23/03/2020||$ 0.6420||$ 0.6432||$ 0.6444|
|20/03/2020||$ 0.6828||$ 0.6841||$ 0.6854|
|19/03/2020||$ 0.6690||$ 0.6703||$ 0.6716|
|18/03/2020||$ 0.6963||$ 0.6976||$ 0.6989|
^ 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 310748
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 Australian Equity Trust||310748||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. The Fund invests part of its assets in other funds which we manage. Base fees in those funds are either rebated or not charged, in respect of an investment by the Fund to avoid double counting of fees in respect of those underlying funds.
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 and legal expenses (excluding transaction costs) which are paid by us out of our base fee. Audit costs are paid, and any levy payable to the Australian Securities and Investments Commission (ASIC) may 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.
- Sharemarket Fund (closed to new investors)