Fund Performance

The Fund commenced in April 2008 and its performance is benchmarked against the S&P/ASX300 A-REIT Accumulation Index

As at 31 December 2016. Fund Performance is presented after fees and costs. Past performance is not an indicator of future performance.

This award winning Fund is one of the top performing property securities funds in Australia, with underlying investments chosen by investment manager, Phoenix Portfolios.

The Fund is closed to new investors. Existing investors can, however, apply for additional units. Cromwell continues to offer access to the Fund, as well as a diversified portfolio of unlisted property investments, through the Cromwell Australian Property Fund.  You can find out more about this fund here www.cromwell.com.au/apf.

Investment Strategy

Expand

The Fund provides investors with exposure to a broad range of Australian Stock Exchange listed property securities which hold underlying investments including office, retail, industrial and hotel assets. 

The Fund aims to deliver a total return (after fees) in excess of the S&P/ASX 300 A-REIT Accumulation Index over three to five years with lower overall volatility of capital.

The Fund will not be constrained by benchmark considerations and instead will be managed in a ‘benchmark unaware’ manner. 

Features

Expand

Access to Investment Manager - Phoenix Portfolios Pty Ltd

Cromwell has appointed boutique equity investment manager Phoenix Portfolios Pty Ltd (“Phoenix”) to manage the Fund’s investments. Under the exclusive arrangement, retail investors can now access Phoenix’s established property securities research and investment skills, previously only accessible to institutional investors.

Funds under Management Cap


To allow greater opportunity for benchmark outperformance, Phoenix has set a strategically determined capacity constraint across all its funds. This is intended to allow rapid portfolio readjustment in response to changing circumstances and enable investment in smaller stocks often overlooked by larger managers. Phoenix believes small stocks often offer a higher capability to deliver above average growth in earnings.

In February 2015, the Fund reached its capacity constraint and was closed to new investors.

Diversified Portfolio

The Fund provides exposure to a broad range of ASX-listed property and property-related securities, which hold underlying investments in, among others, the retail, industrial and commercial sectors. It is expected that at least 20 securities will be held at any time.

Benchmark Unaware Portfolio

The Fund’s performance is benchmarked against the S&P/ASX 300 A-REIT Accumulation Index but the Fund is not constrained by the Index composition. The Fund may only invest up to 20% in any one security. This reduces stock specific risk and increases the opportunity for active returns.

Low fees

There are no entry or exit fees. Cromwell currently charges an ongoing management fee of just 0.82% pa of the Fund’s gross asset value, with total ongoing costs and fees of just 0.97% pa.

Quarterly Distributions


Distributions are paid quarterly or can be reinvested to compound growth.

Liquidity


Daily withdrawals usually paid within five business days1.

Potential for capital growth2

Minimum investment $20,0003

Experienced Investment Manager

Expand

Phoenix is a value manager, meaning it looks to exploit market conditions by identifying securities whose fundamental attributes are inconsistent with their current prices - buying securities that represent good value and selling once they become overpriced. Phoenix utilises detailed, yet standardised, financial models allowing a large universe of securities to be reviewed in order to determine the most attractive investment opportunities and create a diversified portfolio.

Risk Disclosure

Expand

All investments carry risk. You should consider the Fund’s risks in light of your personal circumstances and your attitude towards risks.

The key risks of investing in the Fund are typical of the risks associated with managed investment schemes that invest in shares of Australian listed companies. It is important that you know that the value of your investment will go up and down over time, the Fund’s returns will vary over time, future returns may differ from past returns, and returns are not guaranteed. All of this means that there is always the chance that you could lose money on your investment.

As set out in Section 4 of the product disclosure statement dated 1 November 2012 (“PDS”) and the Additional Information Document dated 1 November 2012 (“AID”), the significant risks for the Fund are security specific risk, market risk, legal and regulatory risk, manager risk, derivative risk, and liquidity risk.

You should read the important risk information in Section 4 of the PDS and AID before making a decision. The material may change between the time when you read the PDS and the day that you acquire the product.

Risk level

CFM believes that the Fund’s risk level is medium. The risk of your investment falling in value over the short term is high when compared to investments in managed investment schemes that invest in asset classes such as cash or fixed interest securities. However, the Fund offers potentially more favourable returns over the medium to long term than cash or fixed interest securities. This is why the minimum suggested timeframe for an investment in the Fund is at least three to five years.

Distribution History

Expand

Distribution and reinvestment prices2

Distribution

Period 
Ending 

Distribution
Amount

Reinvestment
Unit Price

Ex Distribution 
Exit Price

FY17 Quarterly Distribution

31-Dec-16

0.0208913

1.3157

1.3130

FY17 Quarterly Distribution

30-Sept-16

0.0150600

1.3540

1.3513

2017 Total Annual Distribution

 

0.0359513

   

FY16 Quarterly Distribution

30-Jun-16

0.0514372

1.3693

1.3665

FY16 Quarterly Distribution

31-Mar-16

0.0144701

1.3010

1.2984

FY16 Quarterly Distribution

31-Dec-15

0.0159242

1.2580

1.2555

FY16 Quarterly Distribution

30-Sept-15

0.0151838

1.1995

1.1971

2016 Total Annual Distribution

 

0.0970153

   

FY15 Quarterly Distribution

30-Jun-15

0.0141886

1.1670

1.1647

FY15 Quarterly Distribution

31-Mar-15

0.0144786

1.2179

1.2155

FY15 Quarterly Distribution

31-Dec-14

0.0137685

1.1357

1.1334

FY15 Quarterly Distribution

30-Sept-14

0.0134622

1.0397

1.0376

2015 Total Annual Distribution

 

0.0558979

   

FY14 Quarterly Distribution

30-Jun-14

0.0138294

1.0309

1.0288

FY14 Quarterly Distribution

31-Mar-14

0.0128641

0.9623

0.9604

FY14 Quarterly Distribution

31-Dec-13

0.0125197

0.9331

0.9312

FY14 Quarterly Distribution

30-Sept-13

0.0131

0.9433

0.9414

2014 Total Annual Distribution

 

0.0523132

 

 

FY13 Quarterly Distribution

30-Jun-13

0.0281

0.9328

0.9309

FY13 Quarterly Distribution

31-Mar-13

0.0126

0.9304

0.9285

FY13 Quarterly Distribution

31-Dec-12

0.0111

0.8879

0.8861

FY13 Quarterly Distribution

30-Sept-12

0.0062

0.8317

0.8300

2013 Total Annual Distribution

 

0.0580

 

 

FY12 Quarterly Distribution

30-Jun-12

0.0082

0.7694

0.7679

FY12 Quarterly Distribution

31-Mar-12

0.0104

0.7232

0.7218

FY12 Quarterly Distribution

31-Dec-11

0.0097

0.6645

0.6632

FY12 Quarterly Distribution

30-Sept-11

0.0087

0.6351

0.6339

2012 Total Annual Distribution

 

0.0370

 

 

FY11 Quarterly Distribution

30-Jun-11

0.0078

0.6803

0.6789

FY11 Quarterly Distribution

31-Mar-11

0.0058

0.6573

0.6553

FY11 Quarterly Distribution

31-Dec-10

0.0088

0.6350

0.6331

FY11 Quarterly Distribution

30-Sept-10

0.0065

0.6213

0.6194

2011 Total Annual Distribution

 

0.0289

 

 

FY10 Quarterly Distribution

30-Jun-10

0.0097

0.5853

0.5835

FY10 Quarterly Distribution

31-Mar-10

0.0056

0.5999

0.5981

FY10 Quarterly Distribution

31-Dec-09

0.0102

0.6065

0.6047

FY10 Quarterly Distribution

30-Sept-09

0.0032

0.6094

0.6076

2010 Total Annual Distribution

 

0.0287

 

 

FY09 Quarterly Distribution

30-Jun-09

0.0060

0.4540

0.4526

FY09 Quarterly Distribution

31-Mar-09

0.0129

0.3744

0.3733

FY09 Quarterly Distribution

31-Dec-08

0.0078

0.4951

0.4936

FY09 Quarterly Distribution

30-Sept-08

0.0127

0.7523

0.7500

2009 Total Annual Distribution

 

0.0394

 

 

FY08 Quarterly Distribution

30-Jun-08

0.0232

0.8288

0.8263

2008 Total Annual Distribution

 

0.0232