- 9.7% p.a. yield² since inception¹
- 0.6% p.a. outperformance vs benchmark since inception¹
Australian Shares Income Fund
- Class A
MARCH 2024, At a Glance:
1Inception date 9 September 2011.
2Including franking credits. The 1 month number in Jan, Feb, Apr, May, July, Aug, Oct and Nov include the accrued but not distributed income.
3Benchmark is the S&P/ASX 200 Franking Credit Adjusted Daily Total Return Index (Tax-Exempt).
All data is as at 31 March 2024 unless indicated otherwise.
Fund returns are after applicable fees, costs and taxes. All p.a. returns are annualised. Past performance is not a reliable indicator of future performance.
2Including franking credits. The 1 month number in Jan, Feb, Apr, May, July, Aug, Oct and Nov include the accrued but not distributed income.
3Benchmark is the S&P/ASX 200 Franking Credit Adjusted Daily Total Return Index (Tax-Exempt).
All data is as at 31 March 2024 unless indicated otherwise.
Fund returns are after applicable fees, costs and taxes. All p.a. returns are annualised. Past performance is not a reliable indicator of future performance.
DISTRIBUTION HISTORY
Source: Plato Investment Management
REALISED YIELD
Source: Iress, Plato Investment Management
Cash rate = RBA Cash Rate
ASX200 = S&P/ASX 200 Franking Credit Adjusted Daily Total Return Index (Tax-Exempt)
Fund = Plato Australian Shares Income Fund.
Summary
As at 31 March 2024, the Plato Australian Shares Income Fund (‘Fund’) delivered a total return of 11.9% p.a.2 (after fees) and a yield of 9.7% p.a.2 (incl. franking) since inception1 compared to the S&P/ASX 200 Franking Credit Adjusted Daily Total Return Index (Tax-Exempt) (‘Benchmark’) return of 11.3% p.a.2 and a yield of 5.7% p.a.2
The Australian market rose 3.5% (including franking credits) in March, in line with global markets as the Australian 10yr bond yield fell 17bps to below 4%. During the month, the inflation rate fell to 3.4% and there was a large fall in the unemployment rate to 3.7% as employment rose by 117k (as reported by the ABS) which is positive for the Australian economy. Gold (+16.6%) stocks rallied as gold prices hit an all-time high above US$2,250 as well as Real Estate (+9.2%) stocks which benefited from the fall in bond yields. In contrast, Communication Services (-0.8%) and Consumer Discretionary (+0.8%) stocks lagged.
The largest positive contributors to the Fund’s performance during the month were overweight positions in Ramelius Resources, Perseus Mining, Northern Star and QBE Insurance as well as an underweight position in Transurban. However, underweight positions in Newmont, Santos, Virgin Money UK, Life360 and Resmed detracted from relative performance.
The Fund remains actively positioned to seek superior income than the benchmark.
Companies mentioned are illustrative only and not a recommendation to buy or sell any particular security.
1Stocks listed are the largest 10 yielding stocks in our portfolio with a greater than 0.5% portfolio weight. 2Yield is calculated as the dividends (including specials and franking credits) paid over the last 12mths divided by the price as at the report date.
CUMULATIVE PERFORMANCE - GROWTH OF $10,000
Source: Iress, Plato Investment Management
ABOUT THE FUND MANAGERS
DR PETER GARDNER
Senior Portfolio Manager
Peter is a founder of Plato and has twelve years investment experience. Peter is a Senior Portfolio Manager at Plato and manages the Plato Australian Shares Income Fund.
Peter received 1st Class Honours and a PhD from The University of New South Wales where his thesis topic was behaviour of Australian active investment managers. He has previous worked at Macquarie Bank, Mercer and ING.
DR DON HAMSON
Managing Director
Don is the founding Managing Director of Plato Investment Management. He is well known as a leader in the practical application of after-tax investing.
Prior to forming Plato, Don was Head of Active Equities, Asia Pacific at State Street Global Advisors. Don has also held various positions at Westpac Investment Management, including Chief Investment Officer and Head of Equities where he managed a $1B Imputation Fund.
ASSETS UNDER MANAGEMENT:
$2,715 Million
PLATFORM AVAILABILITY
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Wealthtrac
| wdt_ID | INVESTMENT MANAGER | PLATO INVESTMENT MANAGEMENT LIMITED |
|---|---|---|
| 1 | OBJECTIVE |
|
| 2 | BENCHMARK | S&P/ASX 200 Franking Credit Adjusted Daily Total Return Index (Tax-Exempt) |
| 3 | INVESTMENT APPROACH | The Fund is intended to be managed for low tax investors who can utilise franking credits. These investors include, but are not limited to, superannuation funds and charities. |
| 4 | MANAGEMENT COSTS | 0.90% p.a. (inclusive of the net effect of GST and RITC). |
| 5 | BUY/SELL SPREAD | +0.20% / -0.20%. |
| 6 | MINIMUM INVESTMENT |
|
| 12 | RISK/RETURN PROFILE | This product is likely to be appropriate for a consumer seeking regular income to be used as a small allocation within a portfolio where the consumer has a minimum investment timeframe of 3-5 years, and a high risk/return profile. |
This strategy is specifically managed for low tax investors, thus providing an aligned investment strategy for pension and charity investors. The Fund aims to generate higher income (including franking credits) than its Benchmark. A distinguishing feature of the strategy is that it aims to deliver higher yield without taking on large sector biases, such as overweighting banks.
For more information or older versions, please contact Pinnacle Investment Management Limited on 1300 010 311 or email distribution@pinnacleinvestment.com
This communication is prepared by Plato Investment Management Limited (‘Plato’) (ABN 77 120 730 136, AFSL 504616) as the investment manager of the Plato Australian Shares Income Fund (ARSN 152 590 157) (‘the Fund’). Pinnacle Fund Services Limited (‘PFSL’) (ABN 29 082 494 362, AFSL 238371) is the product issuer of the Fund. PFSL is not licensed to provide financial product advice. PFSL is a wholly-owned subsidiary of the Pinnacle Investment Management Group Limited (‘Pinnacle’) (ABN 22 100 325 184). The Product Disclosure Statement (‘PDS’) and Target Market Determination (‘TMD’) of the Fund are available via the links below. Any potential investor should consider the PDS and TMD before deciding whether to acquire, or continue to hold units in, the Fund.
Link to the Product Disclosure Statement
Link to the Target Market Determination
For historic TMD’s please contact Pinnacle client service Phone 1300 010 311 or Email service@pinnacleinvestment.com
This communication is for general information only. It is not intended as a securities recommendation or statement of opinion intended to influence a person or persons in making a decision in relation to investment. It has been prepared without taking account of any person’s objectives, financial situation or needs. Any persons relying on this information should obtain professional advice before doing so. Past performance is for illustrative purposes only and is not indicative of future performance.
Whilst Plato, PFSL and Pinnacle believe the information contained in this communication is reliable, no warranty is given as to its accuracy, reliability or completeness and persons relying on this information do so at their own risk. Subject to any liability which cannot be excluded under the relevant laws, Plato, PFSL and Pinnacle disclaim all liability to any person relying on the information contained in this communication in respect of any loss or damage (including consequential loss or damage), however caused, which may be suffered or arise directly or indirectly in respect of such information. This disclaimer extends to any entity that may distribute this communication.
Any opinions and forecasts reflect the judgment and assumptions of Plato and its representatives on the basis of information available as at the date of publication and may later change without notice. Any projections contained in this presentation are estimates only and may not be realised in the future.
Unauthorised use, copying, distribution, replication, posting, transmitting, publication, display, or reproduction in whole or in part of the information contained in this communication is prohibited without obtaining prior written permission from Plato. Pinnacle and its associates may have interests in financial products and may receive fees from companies referred to during this communication.
The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (assigned Plato Australian Shares Income Fund (Class A) – June 2023) referred to in this piece is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at Fund Research Regulatory Guidelines.
The Lonsec Rating (Plato Australian Shares Income Fund (Class A) assigned September 2023) presented in this document is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445. The Rating is limited to “General Advice” (as defined in the Corporations Act 2001 (Cth)) and based solely on consideration of the investment merits of the financial product(s). Past performance information is for illustrative purposes only and is not indicative of future performance. It is not a recommendation to purchase, sell or hold Plato product(s), and you should seek independent financial advice before investing in this product(s). The Rating is subject to change without notice and Lonsec assumes no obligation to update the relevant document(s) following publication. Lonsec receives a fee from the Fund Manager for researching the product(s) using comprehensive and objective criteria. For further information regarding Lonsec’s Ratings methodology, please refer to our website at: https://www.beyond.lonsec.com.au/intelligence/lonsec-ratings.
Evergreen Research Pty Ltd trading as ERIG Index ABN 17 647 506 590 is Authorised Representative 001289533 of Evergreen Fund Managers Pty Ltd ABN 75 602 703 202 AFSL 486275. The material is for the information purposes of non-retail clients only. It is not, and is not to be construed as, advice or a recommendation to acquire, hold or dispose of financial products or to use financial services. The ERIG Index measures only the Responsible Investment capabilities of funds. It does not assess the performance or other features of the funds.
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“Opinion is the medium between knowledge and ignorance”
Plato (427-347 BC)
“Opinion is the medium between knowledge and ignorance”
Plato (427-347 BC)
