We have updated and reissued the Product Disclosure Statements (PDSs) for the Pendal Global Emerging Markets Opportunities 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 considerations
We have clarified that the investment manager of the Fund, J O Hambro Capital Management Limited (JOHCM), does not have a predetermined view of the environmental, social (including labour standards), corporate governance and ethical factors (ESG factors), but they do assess ESG factors in their investment process and portfolio construction to the extent JOHCM deems those considerations to be material to the financial performance of an investment.
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 and performance 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 the 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 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 Statement (PDS) for the Pendal Sustainable Australian Fixed Interest 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, the sustainability assessment employed by the Fund and the benefits associated with the Fund’s approach to ESG.
The way the Fund is managed has not changed.
Exclusionary Screens
We have clarified, the Fund’s exclusionary screens are not applied to government securities, semi-government securities, supranational securities, cash or derivatives. And that 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.
This document has been prepared by Pendal Fund Services Limited (PFSL) ABN 13 161 249 332 AFSL 431426 and the information is current as at the date of this document. It is general information only and is not intended to provide you with financial advice or take into account your personal objectives, financial situation or needs. You should consider whether the information is suitable for your circumstances and we recommend that you seek professional advice.
The product disclosure statement (PDS) for the Pendal Sustainable Australian Fixed Interest Fund (ARSN 612 664 730) (Fund) is issued by PFSL. PFSL is the responsible entity of, and issuer of units in, the Fund. You should consider the PDS before deciding whether to acquire, dispose, or hold units in the Fund. The PDS and Target Market Determination for the Fund can be obtained by visiting www.pendalgroup.com.
To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information. Neither PFSL nor any company in the Perpetual Group (Perpetual Limited ABN 86 000 431 827 and its subsidiaries) guarantees the performance of the Fund or the return of an investor’s capital. All investing involves risk including the possible loss of principal.
We have updated and reissued the Product Disclosure Statement (PDS) for the Pendal MicroCap Opportunities 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.
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 performance fee and 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.
If you are a non-advised investor investing directly in the Fund, you will need to request an Application Form by completing a form at www.pendalgroup.com. An issuer representation will contact you, and you will be required to complete a series of questions to assist us in understanding whether you are likely to be within the target market for the Fund. An Application Form will only be issued if you are assessed as being likely to be in 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 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 Statement (PDS) for the Pendal Multi-Asset Target Returns Fund (the Fund) effective on and from Thursday, 19 December 2024.
The following is a summary of the key changes reflected in the PDS for the Fund.
Labour, Environmental, Social and Ethical considerations
We have clarified, the Fund’s exclusionary screens are not applied to government securities, semi-government securities, supranational securities, cash or derivatives. And that 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.
Unit prices delayed during the period 5 December 2024 to 11 December 2024 for:
- Pendal Dynamic Income Fund – Class R (APIR: BTA8657AU ARSN: 622 750 734)
- Pendal Dynamic Income Fund – Class W (APIR: PDL7550AU ARSN: 622 750 734)
The calculation of the unit prices for Class R and Class W of the Pendal Dynamic Income Fund (the Fund) will be delayed during the period 5 December 2024 to 11 December 2024 (the Period). This will, in turn, delay the processing of applications and withdrawals received during the Period.
We anticipate that unit prices for the Fund will be available by Thursday 12 December 2024.
Why are unit prices being delayed?
The Fund is invested in the Pendal Pure Alpha Fixed Income Fund which has terminated effective 5 December 2024. Unit prices for the Fund cannot be calculated until the termination of the Pendal Pure Alpha Fixed Income Fund is complete.
The termination proceeds from the Pendal Pure Alpha Fixed Income Fund are expected to be received by the Fund on or around 12 December 2024. Once the Fund receives the termination proceeds, we will then be able to calculate the unit prices for Class R and Class W, for each day during the Period.
What does this mean for you?
Unit prices for the Fund will not be published during the Period. However, investors will still be able to apply and withdraw from each class of the Fund during the Period.
This delay will not affect the unit price that investors receive for transactions they make during the Period. All valid application and withdrawal requests received before the daily cut-off time (i.e. 2.00pm (Sydney time)) will continue to be processed using the entry or exit price calculated for that business day, once the prices become available on or around 12 December 2024.
This delay will not affect the way that we currently manage the Fund.
Questions?
If you have any questions, please contact our Investor Relations Team during business hours Monday to Friday on 1300 346 821.
Changes to the Pendal Dynamic Income Fund effective from 5 December 2024:
- Pendal Dynamic Income Fund – Class R (APIR: BTA8657AU ARSN: 622 750 734)
- Pendal Dynamic Income Fund – Class W (APIR: PDL7550AU ARSN: 622 750 734)
We are implementing changes to the Pendal Dynamic Income Fund (the Fund) with effect from 5 December 2024.
The Fund is an actively managed portfolio of fixed interest securities that invests primarily in Australian issued investment grade corporate bonds, international credit and emerging markets sovereign debt.
Effective 5 December 2024, the Fund will be authorised to invest in high yield credit, as part of its international credit exposure. The Fund’s international credit (including high yield) exposure will be obtained through indices, primarily using derivatives.
With the addition of high yield credit, the Fund will be allowed to purchase non-investment grade international credit securities. International credit securities (including high yield) may be rated non-investment grade at the time of purchase. All Australian credit securities, including corporate bonds, will continue to be rated investment grade at the time of purchase and can continue to be held if the corporate bond is downgraded after purchase. The Fund’s maximum investment exposure to Australian and international non-investment grade credit securities (in aggregate) is limited to 15% of the value of the Fund.
Effective 5 December 2024, the Fund will also be able to implement direct active currency management as part of its investment strategy when we believe market conditions are supportive.
The leverage obtained from investing in derivatives to manage interest rate duration or active currency will not be limited. However, leverage obtained from investing in Australian and international credit derivatives and sovereign emerging markets derivatives is limited to a maximum of 20% above the value of the Fund.
The changes are expected to enhance the Fund’s investment returns and not impact the Fund’s overall risk profile. The Fund will continue to be managed to its investment objective of ‘aims to provide a return (before fees, costs and taxes) that exceeds the RBA Cash Rate by 2-3% p.a. over the medium term.’
We have reissued the Fund’s Product Disclosure Statement (PDS) to reflect these changes. A copy of the Class R’s PDS can be found on our website at Pendal Dynamic Income Fund – PDS – Class R.pdf.
Please call us on 1300 246 821 to obtain a copy of Class W’s PDS.
Questions?
If you have any questions, please contact our Investor Relations Team during business hours Monday to Friday on 1300 346 821.
Following a review of the Pendal Pure Alpha Fixed Income Fund (Fund) we have made the decision to terminate the Fund effective Thursday, 5 December 2024.
Why is the Pendal Pure Alpha Fixed Income Fund terminating?
We regularly review our product offerings and investment capabilities to ensure that our business continues to maintain a product suite that is relevant to client demands and commercially viable.
After careful consideration, we have determined that terminating the Fund is in the best interests of all investors.
The Fund has experienced underperformance and has not been able to meet its investment return objective. Also, the Fund has been in outflows for a number of years, with little prospect of any significant growth in funds under management in the foreseeable future. As a result, the Fund cannot remain economically viable without significantly increasing the management fee charged to investors.
How this affects you?
As the decision to terminate the Fund has been made, applications, transfers and withdrawal requests will not be accepted from 10:30am (Sydney time) on Thursday, 5 December 2024.
What happens next?
Following the Fund’s termination on Thursday, 5 December 2024, we will begin to wind up the Fund. The assets of the Fund will be sold and the net proceeds of winding up will be paid to all investors in proportion to their unit holding.
What does this mean for you?
Your pro-rata share of the net cash proceeds from this termination will be paid directly to your nominated bank account on file on or around Thursday, 12 December 2024.
There will be no final distribution of income by the Fund on termination. You will receive an AMIT Member Annual (AMMA) statement which will set out the details of taxable income that has been attributed to you following the end of the 2024/2025 financial year.
Questions?
If you have any questions, please contact our Investor Relations Team during business hours Monday to Friday on 1300 346 821.
We have updated and reissued the Product Disclosure Statement (PDS) for the Pendal Australian Long/Short Fund (the Fund) effective on and from Monday, 25 November 2024.
The following is a summary of the key changes reflected in the PDS for 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 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.