Maple-Brown Abbott Diversified Investment Trust
(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. *|
(as at 31 Aug 2020)
Unit price as at 23 Sep 2020
Redemption price $ 1.9288
Net asset value $ 1.9319
Application price $ 1.9350
Fund update - July 2020
The Trust returned -0.4% in July. The Trust’s Australian equities holdings returned -1.1%, below the benchmark. The ‘value’ style continued to come under pressure in July, with many of the key themes of recent months impacting performance. Around half of our Australian equities underperformance came from our energy holdings, including overweight positions in Origin Energy (-8%) and Woodside Petroleum (-8%). This was in spite of a material improvement in both spot and future oil prices over the month. The strong growth in gold and iron ore prices also proved a drag, as we have no exposure to gold miners or Fortescue Metals Group (+26%), which is particularly leveraged to the iron ore price. Highly rated tech stocks not held by the portfolio also outperformed, providing a further drag. Our decision not to hold CSL (-6%) was a significant positive contributor to performance. Whilst seen as a safe haven stock during the initial stages of COVID-19, CSL’s earnings are now facing some pressure from lower US plasma collections due to donor health risks and increased government stimulus. Whilst having retreated somewhat from its highs, CSL still trades on nearly 40x forward earnings and in our view remains very expensive. Our overweight holding in QBE Insurance (+12%) also contributed positively, with the company pre-releasing its half year financial result which showed very strong underlying growth in premium rates. The Trust’s international equities holdings returned 1.0%, broadly in line with the benchmark. The Trust’s A-REIT holdings returned -4.2%, underperforming the benchmark due to our overweight exposure to retail REITs. The Trust’s fixed interest holdings returned 0.4%, broadly in line with the benchmark. The Trust’s exposure to alternative assets, through its holding in the MBA Global Listed Infrastructure Fund, returned -0.2%, underperforming its RBA cash rate benchmark return of 0.0%.
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 May 1988.
** 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 and foreign tax credits are not included in the performance figures.
*** The Index to 31 May 2008 is the Standard & Poor’s Multisector 80 Wholesale Index and from 1 June 2008 is the Morningstar Australia Fund Multisector Growth category average from 1 June '08.
**** © 2017 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. Any general advice or ‘class service’ have been prepared by Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Our publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782 ("ASXO").
About the Fund
The Fund aims to outperform the Morningstar Australia Fund Multisector Growth category average over rolling four-year periods.
- The opportunity to invest in a fund managed by a team of experienced and dedicated investment professionals
- Access to a diversified portfolio that aims to deliver long-term capital growth
- Access to investment opportunities, markets, asset allocation and risk management techniques not generally available to individual investors
- The potential to receive quarterly distributions
- The potential for tax-effective income through access to franked dividends derived from the Australian equities holdings within the Fund
(as at 31 Aug 2020)
Latest Fact Sheet
|Fund size||$ 265.7 Million|
|Inception date||May 1988|
|Unit pricing frequency||Daily|
|Minimum initial investment||$ 20,000|
|Minimum additional investment||$ 5,000|
(Australian equities - as at 31 Aug 2020)
|Australia & New Zealand Banking Gp|
|National Australia Bank|
|QBE Insurance Group|
|Westpac Banking Corporation|
(as at 31 Aug 2020)
Overseas equities weightings
(as at 31 Aug 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||Div 12-H Summary||Taxable Component Summary|
|30/06/2020||3.2941 ¢||Div 12-H Summary||n/a|
|31/03/2020||0.7500 ¢||Div 12-H Summary||n/a|
|31/12/2019||1.5000 ¢||Div 12-H Summary||n/a|
|30/09/2019||1.0000 ¢||Div 12-H Summary||n/a|
|30/06/2019||11.5236 ¢||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|
|23/09/2020||$ 1.9288||$ 1.9319||$ 1.9350|
|22/09/2020||$ 1.9148||$ 1.9179||$ 1.9210|
|21/09/2020||$ 1.9228||$ 1.9259||$ 1.9290|
|18/09/2020||$ 1.9309||$ 1.9340||$ 1.9371|
|17/09/2020||$ 1.9384||$ 1.9415||$ 1.9446|
|16/09/2020||$ 1.9443||$ 1.9474||$ 1.9505|
|15/09/2020||$ 1.9392||$ 1.9423||$ 1.9454|
|14/09/2020||$ 1.9415||$ 1.9446||$ 1.9477|
|11/09/2020||$ 1.9278||$ 1.9309||$ 1.9340|
|10/09/2020||$ 1.9327||$ 1.9358||$ 1.9389|
^ 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 310649
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 Diversified Investment Trust||310649||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 & 4
% 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.
4) Indirect costs are any amounts reflected in the value of the Fund's investments that we know or estimate will reduce the Fund's returns, other than the base fee, recoverable expenses and transactional and operational costs. The indirect costs represent the fees paid to external managers of the individually managed portfolios in the Maple-Brown Abbott International Equity Trust.
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 *
|0.16 / 0.16|
* 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.