Orion Wholesale Australian Share Fund
Important information about the Fund - 10 December 2013
We refer to our update on 2 December 2013 informing you of staffing changes announced by Orion that prompted us to review the management of the Fund. Over the subsequent week, we have had detailed discussions with Orion and during our discussions, Orion confirmed that it continues to have a well-resourced team in place that is managing the Fund. Orion has, however, given notice to Fidante that it plans to retire as investment manager of the Fund as at 31 January 2014. For more information pleaseclick here.
Ability to transact on your investment
On Monday 2 December 2013, we, as responsible entity of the Fund suspended applications into and withdrawals from the Fund received after 3:00pm 29 November 2013 until further notice.
We have now lifted the suspension on withdrawals effective from 10 December 2013. Any withdrawal requests received during this period of suspension will be processed at the next available unit price after 3:00pm 10 December 2013.
The Fund will continue to be closed to new and additional investments until a new Product Disclosure Statement (PDS) is issued. Any distributions made from the Fund may be reinvested according to the usual process. For more information please click here.
If you have any questions regarding this matter, or your investment in the Fund, please contact our Investor Services team on 13 51 53.
The Orion Wholesale Australian Share Fund is a result of a strategic alliance between Fidante Partners and Orion Asset Management Limited.
Orion is a proven active boutique manager that seeks to invest in attractively priced companies that have the potential to grow earnings and sustain profitability.
Fidante Partner's strategic alliance with Orion gives investors access to one of the industry's most experienced and cohesive boutique style investment teams.
Interests in the Orion Wholesale Australian Share Fund are offered by Fidante Partners Limited ABN 94 002 835 592 AFSL 234668 (Fidante Partners). Fidante Partners has appointed Orion Asset Management Limited as the investment manager of the Fund.
To outperform the S&P/ASX 300 Accumulation index over rolling three-year periods.
Investment approachOrion is a specialist, growth style manager that seeks to invest in attractively priced companies that have the potential to grow earnings and sustain profitability. They believe selecting companies that exhibit these characteristics is the most important factor in producing consistent, long-term above-average returns for investors.
PDS update of information - 1 July 2013
Introduction of the future of financial advice reforms
In April 2010, the Government announced the Future of Financial Advice (FOFA) reforms aimed at improving the quality and access to financial advice for Australian investors. The reforms are mandatory from 1 July 2013. Generally, the FOFA reforms introduce a duty for financial advisers to act in the best interests of their clients and prohibit the payment of conflicted remuneration to advisers and platforms.
We have reviewed our procedures to ensure we comply with the new FOFA requirements and this update is made to ensure you have the correct information about the fees and benefits we pay to platforms and advisers.
Please read the following update together with the relevant fund's Product Disclosure Statement (PDS) and Additional Information booklet (AIB) and relates to the 'Additional explanation of fees and costs' section in the AIB.
Update of information
Changes to Goods and Services Tax (GST) from 1 July 2012
This update is to be read together with the Fund's Product Disclosure Statement (PDS) and Additional Information Booklet (AIB) and has been issued to update the PDS and AIB regarding GST changes that commence 1 July 2012.
All fees and costs expressed in the Fund's PDS and AIB are quoted inclusive of any GST and net of reduced input tax credits (RITCs) that are expected to be available to the Fund.
For acquisitions by the Fund before 1 July 2012, the prescribed RITC rate was 75%. Under recent changes to the GST law, acquisitions by the Fund from 1 July 2012 can attract RITCs at a prescribed rate of either 75% or 55 %, depending on the nature of the acquisition. The introduction of a lower RITC rate increases net costs disclosed in the PDS and AIB, which were calculated on the basis of a RITC rate of 75%. Fees stated in the PDS and AIB are rounded to two decimal places.
The information in this update is up-to-date at the time of preparation. However, some information can change from time to time. For updated information about the Fund, please contact your financial adviser, call our Investor Services team on 13 51 53 or refer to this website. We will also send you a copy of the updated information free of charge upon request. If a change is considered materially adverse we will issue a replacement PDS and AIB.
Change to asset allocation
This update is to be read together with the Fund's PDS and has been issued to update information regarding the asset allocation of the Fund.
Specifically, the cash range has narrowed, while the minimum allowable exposure to Australian shares has increased, as outlined below. The purpose of this change is to better align the strategic asset allocation with the Fund's investment objective to outperform the S&P/ASX 300 Accumulation Index over rolling three-year periods.
|Previous asset allocation||Updated asset allocation*|
Securities 80% - 100%
Securities 90% - 100%
* These are the indicative asset allocations for the Fund. If market movements, applications or withdrawals from the Fund, or changes in the nature of an investment, cause the Fund to move outside these ranges, this will be rectified by us or the investment manager as soon as practicable.
The information in this update is up-to-date at the time of preparation. However, some information can change from time to time. For updated information about the Fund, please contact your financial adviser, visit our website www.fidante.com.au or call our Investor Services team on 13 51 53, during Sydney business hours. We will also send you a copy of the updated information free of charge upon request. If a change is considered materially adverse we will issue a replacement PDS.