| Investment |
Objectives - The Fund aims to generate capital growth over the long term, and currency exposure is actively managed. |
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Strategy - The Fund invests in a concentrated portfolio of approximately 10-15 select companies listed on the New Zealand and Australian share markets. The Alpha Fund does not follow an equity index and is actively managed, which means that we make our own investment decisions rather than have the Alpha Fund passively follow an index. When appropriate investment opportunities cannot be identified, the Alpha Fund may hold cash or cash equivalent securities. The Alpha Fund aims to generate capital growth over the long term. The Fund is able to hold shares listed outside of Australasia and to short-sell shares (sell shares without owning them, on the expectation that prices will fall and could be purchased later for a lesser price). |
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Limits - 0 - 100% NZ shares, 0 - 100% AU shares, 0 - 100% Cash |
| Portfolio Manager |
Slade Robertson |
| Hedging |
Typically we fully hedge the Australian exposure, unless the NZ dollar is materially undervalued. |
| Structure |
Portfolio Investment Entity (PIE) registered |
| Suitability |
We recommend a minimum investment period of at least 5 years. |
| Fund Details |
Date of Establishment: 13 May 2010 |
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Date of Transition to the FMCA Regime: 14 October 2016 |
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Manager: Devon Funds Management Limited |
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Supervisor: The New Zealand Guardian Trust Company Limited |
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Auditor: PricewaterhouseCoopers |
| Minimum Amount for: |
Initial Investment - $10,000
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Additional Investment - $1,000 or $100 per quarter with a regular savings plan |
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Withdrawal: $2,000 |
| Fees |
Entry & Exit Fees - Nil
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Management Fee - 1.0% p.a. |
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Performance Fee - The performance fee is the first 1% of gross portfolio performance above the hurdle rate of return of 12% p.a. up to 13% p.a. then 15% of the amount thereafter by which the gross return of the Fund exceeds 13% p.a. The high water mark can be reset every 3 years at the Manager's discretion and will be adjusted to take into account any distributions made. |
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Switching Fee - Nil |
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Other Fees - Please refer to the investment statement for details of other fees |
| Distributions |
6 Monthly (at Manager's discretion) |
| Trailing Commission |
Nil |
| Buy/Sell Spread |
Nil |
| Applications & Withdrawals |
Daily, by 2.30pm (NZ time) to receive that COB price. |
| Unit pricing |
Available here |
| Previous Fund Updates |
Available here |