Fund Summary
Perpetual International Shares
Integra Super
30 April 2017
Fund performance
Fund details
Investment manager
Perpetual Investments
Fund code
MMF0170AU
Asset type
Equity / Large Cap
Region
Global
Fund size
$6.51 million as at 28 Apr 2017
Commencement date
01 Sep 1999
Distributions
Retained
Investment objective
The primary objectives of the fund are to achieve attractive risk adjusted
returns over the medium to long-term, while reducing the risk of permanent
capital loss.
As at 30 Apr 2017
1 mth
%
3 mth
%
1 yr
%
3 yr
% pa
5 yr
% pa
7 yr
% pa
10 yr
% pa
Total Return †
3.04
6.79
14.30
11.05
13.07
8.52
2.98
Benchmark ‡
1.10
4.96
16.87
8.23
11.96
9.90
4.05
Excess Return
1.95
1.83
-2.57
2.82
1.11
-1.38
-1.08
Risk (1 Std Dev)
-
-
10.55
9.74
9.88
9.55
10.85
Tracking Error
-
-
8.98
8.74
9.39
10.53
13.37
Info. Ratio
-
-
-0.3
0.3
0.1
-0.1
-0.1
YTD
2016
2015
2014
2013
6.03
3.75
10.73
10.41
34.30
Calendar year
returns
Total Return †
Investment strategy
Benchmark ‡
6.33
8.14
1.81
10.18
29.12
Excess Return
-0.31
-4.39
8.92
0.23
5.18
The fund seeks to invest in outstanding companies at attractive prices, while
exercising a deep understanding of the macroeconomic environment to
manage investment risk. Magellan perceives outstanding companies to be
those that are able to sustainably exploit competitive advantages in order to
Growth of $50,000 invested since
fund inception
continually earn returns on capital that are materially in excess of their cost
of capital. Magellan focusses on risk adjusted returns rather than
benchmark relative returns; as a result, the fund’s investment process is
designed to generate an unconstrained, concentrated portfolio of high
quality companies. Magellan believes that an appropriately structured
portfolio of 20 to 40 investments can provide sufficient diversification to
ensure that investors are not overly correlated to any single company,
industry-specific or macroeconomic risk.
Minimum time horizon
7+ years
Standard Risk Measure*
n OnePath Integra Sup-Perpetual International Shares
n MSCI World Hedged AUD
The Standard Risk Measure (SRM) is based on industry guidance to allow
investors to compare funds that are expected to deliver a similar number of
negative annual returns over any 20 year period. The SRM for this fund is
shown below:
Top 10 holdings
Security
Country allocation
n North America (70.14%)
n Other (15.19%)
n Europe ex UK (9.55%)
n UK (5.12%)
% of fund
ZHAOPIN LTD. SPONSORED ADR CLASS A
4.56%
DEUTSCHE BOERSE AG
4.13%
WELLS FARGO & COMPANY
3.92%
ORACLE CORPORATION
2.98%
TOTAL SA
2.97%
21ST CENTURY FOX
2.93%
ROYAL PHILIPS NV
2.82%
ALPHABET INC.
2.78%
JULIUS BAER GRUPPE AG
2.61%
BRITVIC PLC
2.60%
Total Top 10
32.32%
* For further information on Standard Risk Measures and the calculation methodology used, go to onepath.com.au/personal/performance/product-updates.aspx
† Returns quoted use the unit price which is calculated using the net asset values for the relevant month end. The prices shown may differ from the actual unit price if an
investor is applying for or redeeming an investment. Actual unit prices will be confirmed following any transaction on an investor's investment. Please note that all returns
are after the deduction of management fees and expenses and assumes all distributions are re-invested. Where applicable, management fees have been deducted at the
highest entry fee option rate. No allowance has been made for entry fees, exit fees, or //Select fund fee rebates.
‡ Benchmark returns should be used for indicative purposes only. These returns may not be a true indication of this Fund's performance against its investment objective.
Fund Summary
Perpetual International Shares
Integra Super
30 April 2017
Market and portfolio review
Future investment strategy
Global markets generally performed positively in April as the MSCI World
An extended period of historically low interest rates across the globe has led
Total Return Index rose 3.5% in Australian dollar terms. The US market
to a repricing of risk and a subsequent inflation of asset values across many
posted moderate gains, up 0.9%, despite the release of weaker-than-
markets. With trillions of dollars of bonds now trading at negative yields,
expected GDP and jobs figures, and an outline of Trump’s tax reform
future shifts in official interest rates have the potential to heavily impact
proposal. Investor reactions to US 1Q earnings announcements were mostly
asset valuations, leading market participants to remain increasingly focused
positive with aggregate results exceeding expectations. The UK FTSE
on central bank policy. In addition, ongoing shifts in the global political
slumped, as slow 1Q economic growth was recorded. French shares
landscape are likely to nourish uncertainty across markets and deliver
responded positively amidst an optimistic presidential outlook. This, along
periods of heightened volatility.
with positive Eurozone inflation data stimulated the Euro. A surge in
Over the last few months, confidence in the real global economy has
construction activity, a rebound in company profits and robust trade pushed
underpinned broad based appreciation across risk assets. This follows a
up China’s annual growth rate in the first quarter to a better-than-expected
combination of new US fiscal policy proposals and a run of positive data
6.9 per cent. Crude oil prices slipped amid lingering concerns that an OPEC-
prints, especially in the US and Europe. Potential inflation increases and the
led production cut has failed to significantly tighten an oversupplied market,
associated prospect of rising long term bond yields may see defensive,
as was reflected in the underperformance of world energy stocks over the
higher yielding sectors of the market, such as healthcare, infrastructure and
month. Iron ore fell 14.4%, while gold rose 1.5% amid concerns over North
property, underperform the broader market. The fund has been positioned
Korea. The Australian Dollar slid against the US Dollar (-1.8%) after key
away from these areas of the market for some time as they became
inflation figures revealed a pickup in price pressure, though coming in lower
increasingly overpriced throughout the year. The portfolio is composed of
than expected which dampened expectations of a future rate rise.
stocks that are attractively valued with the ability to sustainably grow
The best performing sectors for the month were consumer discretionary
earnings in the future.
(+5.0%), industrials (+5.0%) and information technology (+4.9%). The
worst performers were energy (-0.3%), telecommunication services
(+0.8%) and utilities (+2.7%).
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issuer of this material. Each issuer is a wholly owned subsidiary of Australia and New Zealand Banking Group Limited (ABN 11 005 357 522) (ANZ). ANZ is an authorised
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income and principal invested.
This information is current as at 30 Apr 2017 but may be subject to change. Updated information will be available free of charge by contact Client Services on 133 665. The
information is of a general nature and does not take into account your personal needs, financial circumstances or objectives. Before acting on this information, you should
consider the appropriateness of the information, having regard to your needs, financial circumstances and objectives. Past performance is not indicative of future
performance. The future value of investments may rise and fall with changes in the market. You should read the relevant PDS available at onepath.com.au and consider
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