Regnan Credit Impact Trust (APIR: PDL5969AU)
(the “Fund”)
The following information contains an important update to the exclusionary screens disclosed in the Product Disclosure Statement and Additional Information to the Product Disclosure Statement for the Regnan Credit Impact Trust dated 11 January 2023 (together, “the PDS”) and should be read in conjunction with the PDS.
The changes to the Fund’s exclusionary screens are outlined below. In our view, these changes ensure that the Fund remains true to label and more closely aligned with investor expectations in relation to responsible investment funds.
1. Broader screening for fossil fuels
The Fund will limit its exposure to issuers directly involved in the exploration, extraction or refinement of fossil fuels (specifically coal, oil and gas).
2. Broader screening definition for controversial weapons
The screening definition for controversial weapons will broaden to also include white phosphorus weapons. As a result, the Fund will not invest in issuers directly involved in the manufacture of white phosphorus weapons.
3. Additional screen for controversial weapons
The Fund will apply an additional exclusionary screen for controversial weapons as follows:
The Fund will not invest in issuers directly involved in the supply of goods or services specifically related to controversial weapons.
4. Removal of current screen for issuers that directly mine uranium for the purposes of weapons manufacturing
The current screen for issuers directly involved in the direct mining of uranium for the purposes of weapons manufacturing will be removed.
Issuers supplying uranium for the purposes of weapons manufacturing will be captured under the new screen for controversial weapons relating to the supply of goods or services specifically related to controversial weapons.
5. Stricter gross revenue thresholds
The Fund will not invest in issuers directly involved in any of the following activities, where such activities account for 5% or more of an issuer’s gross revenue:
- Alcohol
- Gaming facilities
- Non-controversial weapons or armamentsPornography
- Fossil Fuels.
Exclusionary Screens
Effective 15 July 2025, the disclosure relating to the Fund’s exclusionary screens set out in section 5. How we invest your money of the Fund’s Product Disclosure Statement is replaced with the following:
The Fund will not invest in issuers directly involved in any of the following activities:
• tobacco production (including e-cigarettes and inhalers); or
• controversial weapons manufacture (including cluster munitions, landmines, biological or chemical weapons, nuclear weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons, non-detectable fragments and white phosphorus weapons); or
• supply of good or services specifically related to controversial weapons.
The Fund will also not invest in issuers directly involved in any of the following activities, where such activities account for 5% or more of an issuer’s gross revenue:
• the production of alcoholic beverages; or
• manufacture or provision of gaming facilities; or
• manufacture of non-controversial weapons or armaments; or
• manufacture or distribution of pornography; or
• exploration, extraction or refinement of fossil fuels (specifically coal, oil and gas).
Effective 15 July 2025, the disclosure relating to the Fund’s exclusionary screens under the heading ‘Ethical considerations’ in section 3. Labour, environmental, social and ethical considerations of the Fund’s Additional Information to the Product Disclosure Statement is replaced with the following:
The Fund will not invest in issuers directly involved in any of the following activities:
• tobacco production (including e-cigarettes and inhalers); or
• controversial weapons manufacture (including cluster munitions, landmines, biological or chemical weapons, nuclear weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons, non-detectable fragments and white phosphorus weapons); or
• supply of good or services specifically related to controversial weapons.
The Fund will also not invest in issuers directly involved in any of the following activities, where such activities account for 5% or more of an issuer’s gross revenue:
• the production of alcoholic beverages; or
• manufacture or provision of gaming facilities; or
• manufacture of non-controversial weapons or armaments; or
• manufacture or distribution of pornography; or
• exploration, extraction or refinement of fossil fuels (specifically coal, oil and gas).
Exclusionary screen changes
Pendal Sustainable Australian Fixed Interest Fund – Class R (APIR: BTA0507AU)
Pendal Sustainable Australian Fixed Interest Fund – Class W (APIR: PDL3438AU)
(the “Fund”)
The following information contains an important update to the Fund’s exclusionary screens disclosed in the Product Disclosure Statement and Additional Information to the Product Disclosure Statement dated 20 February 2025 for the Pendal Sustainable Australian Fixed Interest Fund (PDS) and should be read in conjunction with the PDS.
Effective from 30 June 2025, the exclusionary screens applied by the Fund will be changing, as outlined below:
- the definition of controversial weapons applied by the Fund will broaden to include white phosphorus weapons. As a result, the Fund will not invest in issuers involved in the manufacture of white phosphorus weapons;
- the Fund will introduce an additional exclusionary screen and not invest in issuers directly involved in the supply of goods or services specifically related to controversial weapons; and
- the Fund will remove its current screen for issuers that mine uranium for the purposes of weapons manufacturing as this will be captured under the new screen. Specifically, any issuer supplying uranium for the purposes for weapons manufacturing will now be captured under the supply of goods or services specifically related to controversial weapons exclusionary screen.
In our view, these changes ensure that the Fund remains true to label and is more closely aligned with investor expectations in relation to responsible investment funds.
Exclusionary Screens Effective 30 June 2025
Effective 30 June 2025, the section ‘Exclusionary Screens’ in section 5 of the Product Disclosure Statement is replaced with the following:
Exclusionary Screens
The Fund will not invest in issuers directly involved in any of the following business activities:
• tobacco production (including e-cigarettes and inhalers);
• controversial weapons manufacture (including cluster munitions, landmines, biological or chemical weapons, nuclear weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons, non-detectable fragments and white phosphorus weapons); or
• supply of good or services specifically related to controversial weapons.
Additional exclusionary screens are applied differently across industries and business activities.
The Fund applies exclusionary screens to its investments in corporate debt securities. Exclusionary screens are not applied to government securities, semi-government securities, supranational securities, cash or derivatives. This is because it is not reasonably practicable to apply exclusionary screens to such securities or issuers. The use of derivatives may result in the Fund having indirect exposure to issuers that would otherwise be excluded.
For further information on the Fund’s exclusionary screens, go to the ‘Exclusionary Screens’ heading in the ‘Labour, environmental, social and ethical considerations’ section of the ‘Additional Information to the Product Disclosure Statement’.
Effective 30 June 2025, the section ‘Exclusionary Screens’ in section 3 of the Additional Information to the Product Disclosure Statement is replaced with the following:
The following text contains further information on the environmental, social (including labour standards) and ethical considerations that we take into account when selecting, retaining or realising investments in the Fund and should be read in conjunction with the PDS.
Exclusionary Screens
The Fund will not invest in issuers directly involved in any of the following business activities:
• tobacco production (including e-cigarettes and inhalers);
• controversial weapons manufacture (including cluster munitions, landmines, biological or chemical weapons, nuclear weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons, non-detectable fragments and white phosphorus weapons); or
• supply of good or services specifically related to controversial weapons.
The Fund will also not invest in issuers directly involved in any of the following activities, where such activities account for 5% or more of an issuer’s gross revenue:
• exploration, extraction or refinement of fossil fuels (specifically coal, oil and gas);
• the production of alcohol;
• manufacture or provision of gaming facilities;
• manufacture of non-controversial weapons or armaments; or
• manufacture or distribution of pornography.
The Fund applies exclusionary screens to its investments in corporate debt securities. Exclusionary screens are not applied to securities issued by government, semi-government or supranational entities, derivatives or cash. This is because it is not reasonably practicable to apply exclusionary screens to such securities or issuers. The use of derivatives may result in the Fund having indirect exposure to issuers that would otherwise be excluded.
All reasonable care has been taken to implement the Fund’s exclusionary screens to meet the criteria described above. We draw on internal and supplementary external research, believed to be accurate, to determine whether an issuer is subject to the exclusionary screens. However, as the nature and conduct of businesses may change over time, and publicly available financial or other information is not always comprehensive or up to date, we cannot guarantee that the Fund will meet all these criteria at all times.
We review issuers subject to the exclusionary screens monthly, and monitor the Fund’s compliance with its investment guidelines (including with the exclusionary screens) daily. If we discover an investment no longer meets our criteria, we will divest the holding as soon as we consider appropriate (usually sold within three months), having regard to the interests of investors.
Regnan Global Equity Impact Solutions Fund – Class R (APIR: PDL4608AU)
(the “Fund”)
The following information contains an important update to the Fund’s exclusionary screens disclosed in the Product Disclosure Statement and Additional Information to the Product Disclosure Statement dated 2 September 2024 for the Regnan Global Equity Impact Solutions Fund (PDS) and should be read in conjunction with the PDS.
Effective from 30 June 2025, the Fund will introduce an additional exclusionary screen and not invest in companies directly involved in the supply of goods or services specifically related to controversial weapons.
In our view, this change ensures that the Fund remains true to label and is more closely aligned with investor expectations in relation to responsible investment funds.
Further, we have provided clarified that the Fund’s definition of controversial weapons includes white phosphorus weapons.
Exclusionary Screens Effective 30 June 2025
Effective 30 June 2025, the section ‘Exclusionary Screens’ in section 5 of the Product Disclosure Statement is replaced with the following:
Exclusionary Screens
The Fund will not invest in companies which directly:
• produce tobacco (including e-cigarettes and inhalers); or
• manufacture controversial weapons (including cluster munitions, landmines, biological or chemical weapons, nuclear weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons, non-detectable fragments and white phosphorus weapons); or
• supply good or services specifically related to controversial weapons.
Additional exclusionary screens are applied differently across industries and business activities. For further information on the Fund’s exclusionary screens, go to the ‘Exclusionary Screens’ heading in the ‘Labour, environmental, social and ethical considerations’ section of the ‘Additional Information to the Product Disclosure Statement’at www.pendalgroup.com/RegnanGlobalEquityImpactSolutionsFundR-PDS.
The Fund may also hold cash and may use derivatives from time to time. Derivatives may be used to reduce risk and can act as a hedge against adverse movements in a particular market and/or in the underlying assets. Derivatives can also be used to gain exposure to assets and markets. Exclusionary screens are not applied to cash or derivatives. The use of derivatives may result in the Fund having indirect exposure to the excluded companies.
Effective 30 June 2025, the section ‘Exclusionary Screens’ in section 3 of the Additional Information to the Product Disclosure Statement is replaced with the following:
Exclusionary Screens
The Fund will not invest in companies which directly:
• produce tobacco (including e-cigarettes and inhalers);
• manufacture controversial weapons (including cluster munitions, landmines, biological or chemical weapons, nuclear weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons, non-detectable fragments and white phosphorus weapons);
• supply good or services specifically related to controversial weapons; or
• extract or explore for fossil fuels (specifically, coal, oil and natural gas).
The Fund will also not invest in companies which derive 10% or more of their gross revenue directly from:
• fossil fuel-based power generation, or fossil fuel distribution or refinement (coal, oil and natural gas)*;
• the production of alcoholic beverages;
• manufacture, ownership or operation of gambling facilities, gaming services or other forms of wagering;
• manufacture of non-controversial weapons or armaments;
• manufacture or distribution of pornography; or
• uranium mining for the purpose of nuclear power generation.
*Companies with a climate transition plan may be exempted from this exclusion, provided that they have in place a Paris Agreement aligned transition plan and produce climate-related financial disclosures annually, which in both cases Regnan considers credible.
All reasonable care has been taken to implement the Fund’s exclusionary screens to meet the criteria described above. Regnan draws on internal and supplementary external research, believed to be accurate, to determine whether a company is subject to the exclusionary screens. Regnan reviews companies subject to the exclusionary screens monthly and monitors the Fund’s compliance with its investment guidelines (including exclusionary screens) daily. If Regnan discovers an investment no longer meets our criteria, Regnan will divest the holding as soon as Regnan considers appropriate, having regard to the interests of investors (and this will be on a case by case basis). However, as the nature and conduct of businesses may change over time, and publicly available financial or other Information is not always comprehensive or up to date, we do not guarantee that the Fund will meet all of these criteria at all times
Regnan Global Equity Impact Solutions Fund – Class W (APIR: PDL7011AU)
(the “Fund”)
The following information contains an important update to the Fund’s exclusionary screens disclosed in the Product Disclosure Statement and Additional Information to the Product Disclosure Statement dated 2 September 2024 for the Regnan Global Equity Impact Solutions Fund (PDS) and should be read in conjunction with the PDS.
Effective from 30 June 2025, the Fund will introduce an additional exclusionary screen and not invest in companies directly involved in the supply of goods or services specifically related to controversial weapons.
In our view, this change ensures that the Fund remains true to label and is more closely aligned with investor expectations in relation to responsible investment funds.
Further, we have provided clarified that the Fund’s definition of controversial weapons includes white phosphorus weapons.
Exclusionary Screens Effective 30 June 2025
Effective 30 June 2025, the section ‘Exclusionary Screens’ in section 5 of the Product Disclosure Statement is replaced with the following:
Exclusionary Screens
The Fund will not invest in companies which directly:
• produce tobacco (including e-cigarettes and inhalers); or
• manufacture controversial weapons (including cluster munitions, landmines, biological or chemical weapons, nuclear weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons, non-detectable fragments and white phosphorus weapons); or
• supply good or services specifically related to controversial weapons.
Additional exclusionary screens are applied differently across industries and business activities. For further information on the Fund’s exclusionary screens, go to the ‘Exclusionary Screens’ heading in the ‘Labour, environmental, social and ethical considerations’ section of the ‘Additional Information to the Product Disclosure Statement’, a copy of which can be obtained by calling us.
The Fund may also hold cash and may use derivatives from time to time. Derivatives may be used to reduce risk and can act as a hedge against adverse movements in a particular market and/or in the underlying assets. Derivatives can also be used to gain exposure to assets and markets. Exclusionary screens are not applied to cash or derivatives. The use of derivatives may result in the Fund having indirect exposure to the excluded companies.
Effective 30 June 2025, the section ‘Exclusionary Screens’ in section 3 of the Additional Information to the Product Disclosure Statement is replaced with the following:
Exclusionary Screens
The Fund will not invest in companies which directly:
• produce tobacco (including e-cigarettes and inhalers);
• manufacture controversial weapons (including cluster munitions, landmines, biological or chemical weapons, nuclear weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons, non-detectable fragments and white phosphorus weapons);
• supply good or services specifically related to controversial weapons; or
• extract or explore for fossil fuels (specifically, coal, oil and natural gas).
The Fund will also not invest in companies which derive 10% or more of their gross revenue directly from:
• fossil fuel-based power generation, or fossil fuel distribution or refinement (coal, oil and natural gas)*;
• the production of alcoholic beverages;
• manufacture, ownership or operation of gambling facilities, gaming services or other forms of wagering;
• manufacture of non-controversial weapons or armaments;
• manufacture or distribution of pornography; or
• uranium mining for the purpose of nuclear power generation.
*Companies with a climate transition plan may be exempted from this exclusion, provided that they have in place a Paris Agreement aligned transition plan and produce climate-related financial disclosures annually, which in both cases Regnan considers credible.
All reasonable care has been taken to implement the Fund’s exclusionary screens to meet the criteria described above. Regnan draws on internal and supplementary external research, believed to be accurate, to determine whether a company is subject to the exclusionary screens. Regnan reviews companies subject to the exclusionary screens monthly and monitors the Fund’s compliance with its investment guidelines (including exclusionary screens) daily. If Regnan discovers an investment no longer meets our criteria, Regnan will divest the holding as soon as Regnan considers appropriate, having regard to the interests of investors (and this will be on a case by case basis). However, as the nature and conduct of businesses may change over time, and publicly available financial or other Information is not always comprehensive or up to date, we do not guarantee that the Fund will meet all of these criteria at all times
Effective 30 April 2025, the buy-sell spread for a number of Pendal funds (the Funds) will decrease as set out in the table below:
Table 1: Old and New Buy-Sell Spreads
| Fund Name | Old (%) | New (%) | ||
| Buy | Sell | Buy | Sell | |
| Pendal Dynamic Income Fund | 0.12% | 0.15% | 0.12% | 0.12% |
| Pendal Dynamic Income Trust | 0.12% | 0.15% | 0.12% | 0.12% |
| Pendal Fixed Interest Fund | 0.06% | 0.08% | 0.06% | 0.06% |
| Pendal Monthly Income Plus Fund | 0.10% | 0.16% | 0.10% | 0.10% |
| Pendal Short Term Income Securities Fund | 0.03% | 0.07% | 0.03% | 0.03% |
| Pendal Short Term Income Securities Trust | 0.03% | 0.07% | 0.03% | 0.03% |
| Pendal Sustainable Australian Fixed Interest Fund | 0.07% | 0.11% | 0.07% | 0.07% |
| Regnan Credit Impact Trust | 0.10% | 0.17% | 0.10% | 0.10% |
The buy-sell spread is an additional cost to you and is generally incurred whenever you invest in or withdraw from a Fund. The buy-sell spread is retained by the Fund (it is not a fee paid to us) and represents a contribution to the transaction costs incurred by the Fund such as brokerage and stamp duty, when the Fund is purchasing and selling assets. The buy-sell spread also reflects the market impact of buying and selling the underlying securities in the market. Importantly, the buy-sell spread helps to ensure different unit holders are being treated fairly by attributing the costs of trading securities to those unit holders who are buying and selling units in the Funds.
Following the initial impact of the Trump tariff announcement, investment markets have experienced an improvement in market conditions. This has led to increasing liquidity and a reduction in market impact when selling Australian credit securities. Consequently, trading costs in these markets have decreased, leading to lower trading costs for the Pendal Income and Fixed Interest Funds (as set out in Table 1 above).
Pendal has determined to decrease the buy-sell spread for each of the Funds as set out in Table 1 above. The buy spread is payable on application to a Fund. The sell spread is payable on withdrawal from a Fund.
Pendal will continue to monitor market conditions and review and update the buy-sell spread regularly as required. You should therefore review the current buy-sell spread information before making a decision to invest or withdraw from a Fund.
Please refer to our website www.pendalgroup.com, click ‘Products’, select the Fund and click on ‘View fund information’ for the latest buy-sell spread for each Fund.
We have updated and reissued the Product Disclosure Statement (PDS) for the Pendal Horizon Sustainable Australian Share Fund (the Fund) effective on and from Thursday, 20 February 2025.
The following is a summary of the key changes reflected in the PDS for the Fund.
Labour, environmental, social and ethical (ESG) considerations
We have enhanced our ESG disclosure to describe the Fund’s sustainability objective, the sustainable themes Pendal focuses on when managing the Fund and the sustainability assessment framework employed by the Fund.
The way the Fund is managed has not changed because of the enhancements in sustainability disclosure.
Exclusionary Screens
We have taken this opportunity to review the Fund’s exclusionary screens to assure they align with investors’ expectations. Effective 20 February 2025, the Fund will implement an exclusionary screen for companies that directly engage in live animal export.
We have also clarified the Fund’s exclusionary screens are not applied to cash or derivatives and the use of derivatives may result in the Fund having indirect exposure to the excluded companies or issuers.
Updates to significant risks disclosure
The Fund’s investment strategy involves specific risks.
We have updated the significant risks disclosure applicable to the Fund to ensure that our disclosure continues to align with the nature and risk profile of the Fund and the current economic and operating environment.
Updates to ongoing annual fees and costs disclosure
The estimated ongoing annual fees and costs for the Fund have been updated to reflect financial year 2024 fees and costs. These include changes to estimated management costs and estimated transaction costs.
We now also disclose the maximum management fee we are entitled to charge under the Fund’s constitution.
Updates to restrictions on withdrawals
We have updated the disclosure on restrictions on withdrawals to align closer to what is in the Fund’s constitution.
Additional information on how to apply for direct investors
We have provided additional information for non-advised investors (i.e. investors without a financial adviser) investing directly in the Fund who may also be required to complete a series of questions as part of their online Application, to assist us in understanding whether they are likely to be within the target market for the Fund.
Updates to our complaints handling process
We have provided additional details about our complaints handling process and the Australian Financial Complaints Authority.
Effective 14 February 2025 the buy-sell spreads for the following funds have decreased.
| Fund Name | Old (%) | New (%) | Total Change (%) | ||||
| Buy | Sell | Total | Buy | Sell | Total | Total | |
| Pendal Australian Equity Fund | 0.25% | 0.25% | 0.50% | 0.22% | 0.22% | 0.44% | –0.06% |
| Pendal Australian Long/Short Fund | 0.35% | 0.35% | 0.70% | 0.32% | 0.32% | 0.64% | -0.06% |
| Pendal Australian Share Fund | 0.25% | 0.25% | 0.50% | 0.22% | 0.22% | 0.44% | -0.06% |
| Pendal Focus Australian Equities Fund | 0.25% | 0.25% | 0.50% | 0.22% | 0.22% | 0.44% | -0.06% |
| Pendal Focus Australian Share Fund | 0.25% | 0.25% | 0.50% | 0.22% | 0.22% | 0.44% | -0.06% |
| Pendal Horizon Sustainable Australian Share Fund | 0.25% | 0.25% | 0.50% | 0.22% | 0.22% | 0.44% | -0.06% |
| Pendal Imputation Fund | 0.25% | 0.25% | 0.50% | 0.22% | 0.22% | 0.44% | -0.06% |
| Pendal MicroCap Opportunities Fund | 0.60% | 0.60% | 1.20% | 0.55% | 0.55% | 1.10% | -0.10% |
| Pendal Sustainable Australian Share Fund | 0.25% | 0.25% | 0.50% | 0.22% | 0.22% | 0.44% | -0.06% |
More about buy-sell spreads
The buy-sell spread is an additional cost to you and is generally incurred whenever you invest in or withdraw from a fund. The buy-sell spread is retained by the fund (it is not a fee paid to us) and represents a contribution to the transaction costs incurred by the fund such as brokerage and stamp duty, when the fund is purchasing and selling assets.
The buy-sell spread also reflects the market impact of buying and selling the underlying securities in the market. Importantly, the buy-sell spread helps to ensure different unit holders are being treated fairly by attributing the costs of trading securities to those unit holders who are buying and selling units in the fund.
Each Fund’s buy-sell spread will decrease to reflect a reduction in the Fund’s transaction costs.
As transaction costs may change depending on various factors such as market conditions and brokerage costs, buy-sell spreads may change. You should therefore review current buy-sell spread information before making a decision to invest or withdraw from a Fund.
For the latest buy-sell spread for each Fund, please refer to our website www.pendalgroup.com and click ‘Products’ and refer to the Important Information section.
We have updated and reissued the Product Disclosure Statements (PDSs) for the following classes of units in the Regnan Global Equity Impact Solutions Fund (the Fund), effective on and from Monday, 2 September 2024:
- Regnan Global Equity Impact Solutions Fund – Class R
- Regnan Global Equity Impact Solutions Fund – Class W
The following is a summary of the key changes to the PDSs.
Labour, Environmental, Social, Governance and Ethical (ESG) disclosure
We have enhanced our ESG disclosure to describe the Fund’s impact objective and the eight impact themes targeted by the Fund.
We have also provided clarification that the Fund may hold cash and may use derivatives from time to time and that exclusionary screens are not applied to the Fund’s investments in cash or derivatives. The use of derivatives may result in the Fund having indirect exposure to the excluded companies.
There has been no change to the Fund’s investment approach, or the exclusionary screens employed by the Fund.
Updates to significant risks disclosure
The Fund’s investment strategy involves specific risks.
We have updated the significant risks disclosure applicable to the Fund to ensure that our disclosure continues to align with the nature and risk profile of the Fund and the current economic and operating environment.
Updates to ongoing annual fees and costs disclosure
The estimated ongoing annual fees and costs for the Fund has been updated to reflect financial year 2024 fees and costs. These include changes to estimated management costs and estimated transaction costs.
We now also disclose the maximum management fee we are entitled to charge under the Fund’s constitution.
Updates to restrictions on withdrawals
We have updated the disclosure on restrictions on withdrawal to align closer to what is in each Fund’s constitution.
Additional information on how to apply for direct retail investors
We have provided additional information for non-advised retail investors (retail investors without a financial adviser) investing directly in Class R units of the Fund who may also be required to complete a series of questions as part of their online Application, to assist us in understanding whether they are likely to be within the target market for a Fund.
Updates to our complaints handling process
We have provided additional details about our complaints handling process and the Australian Financial Complaints Authority.
We have updated and reissued the Product Disclosure Statements (PDSs) for the following classes of units in the Pendal Global Select Fund (the Fund), effective on and from Friday, 28 June 2024:
- Pendal Global Select Fund – Class R
- Pendal Global Select Fund – Class W
- Pendal Global Select Fund – Class Z
The following is a summary of the key changes to the PDSs.
ESG disclosure
We have removed the Responsible Investment Association of Australasia (RIAA) certification symbol, as the Fund is no longer RIAA certified. We have also provided clarification that exclusionary screens are not applied to the Fund’s investments in cash or derivatives and that the use of derivatives may result in the Fund having indirect exposure to the excluded companies from time to time
There has been no change to the Fund’s investment approach, or the exclusionary screens employed by the Fund.
Updates to significant risks disclosure
The Fund’s investment strategy involves specific risks.
We have updated the significant risks disclosure applicable to the Fund to ensure that our disclosure continues to align with the nature and risk profile of the Fund and the current economic and operating environment.
Updates to ongoing annual fees and costs disclosure
The estimated ongoing annual fees and costs for the Fund has been updated to reflect financial year 2023 fees and costs. These include changes to estimated management costs and estimated transaction costs.
We now also disclose the maximum management fee we are entitled to charge under the Fund’s Constitution.
Additional information on how to apply for direct retail investors
We have provided additional information for non-advised retail investors (retail investors without a financial adviser) investing directly in Class R units of the Fund who may also be required to complete a series of questions as part of their online Application, to assist us in understanding whether they are likely to be within the target market for the Fund.
Updates to our complaints handling process
We have provided additional details about our complaints handling process and the Australian Financial Complaints Authority.
We have updated and reissued the Product Disclosure Statements (PDSs) for the following Pendal funds effective on and from Thursday, 6 June 2024:
- Pendal Australian Equity Fund
- Pendal Australian Share Fund
- Pendal Focus Australian Share Fund
- Pendal Government Bond Fund
- Pendal Imputation Fund
- Pendal MidCap Fund
- Pendal Monthly Income Plus Fund
- Pendal Property Investment Fund
- Pendal Property Securities Fund
- Pendal Short Term Income Securities Fund
- Pendal Smaller Companies Fund
(the Funds).
The following is a summary of the key changes reflected in the PDS for each Fund.
Updates to significant risks disclosure
Each Fund’s investment strategy involves specific risks.
We have updated the significant risks disclosure applicable to each Fund to ensure that our disclosure continues to align with the nature and risk profile of each Fund and the current economic and operating environment.
Updates to ongoing annual fees and costs disclosure
The estimated ongoing annual fees and costs for the Funds have been updated to reflect financial year 2023 fees and costs. These include changes to estimated management costs, estimated performance fees (where applicable) and estimated transaction costs.
We now also disclose the maximum management fee and performance fee (where applicable) we are entitled to charge under each Fund’s Constitution.
Additional information on how to apply for direct investors
We have provided additional information for non-advised investors (investors without a financial adviser) investing directly in each Fund who may also be required to complete a series of questions as part of their online Application, to assist us in understanding whether they are likely to be within the target market for the Fund.
Updates to our complaints handling process
We have provided additional details about our complaints handling process and the Australian Financial Complaints Authority.