Continuous disclosure and updates
Cromwell Phoenix Property Securities Fund
Continuous disclosure and updates
Cromwell Phoenix Property Securities Fund
Continuous disclosure and updates
Cromwell follows ASIC’s good practice guidance for website disclosure of material information. This means that all material information in relation to the Cromwell Phoenix Property Securities Fund will be posted on this webpage as soon as practicable after Cromwell becomes aware of it.
Cromwell Funds Management Limited (CFM) is the responsible entity of the Cromwell Phoenix Property Securities Fund (Fund).
Units in the Fund were available for subscription under a product disclosure statement (PDS) and additional information document (AID) dated 16 December 2021 (collectively, the 2021 Disclosure Documents). Recently a wholesale unit class was established for the Fund. All existing units on issue in the Fund are now known as ordinary units.
Ordinary units are now available for subscription under a new ordinary class PDS and AID dated 15 November 2023 (collectively, the 2023 Disclosure Documents), and the 2021 Disclosure Documents are no longer applicable.
The 2023 Disclosure Documents and application form are issued by CFM and are available from www.cromwell.com.au/psf.
If you have any questions, please contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.
Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (“CFM”) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Phoenix Property Securities Fund ARSN 129 580 267 (“Fund”). In making an investment decision in relation to the Fund, it is important that you read the product disclosure statement dated 29 September 2017 (“PDS”). The PDS is issued by CFM and is available from www.cromwell.com.au/psf or by calling Cromwell Investor Services on 1300 276 693. This notice has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Fund fits your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this notice. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.
Phoenix Portfolios Pty Ltd ABN 80 117 850 254 AFSL 300302 (“Phoenix”) is the investment manager of the Fund. None of CFM, Phoenix, nor their related entities, directors or officers makes any promise or representation, or gives any guarantee as to the success of the Fund, distributions, the amount you will receive on withdrawal, your income or capital return or the tax consequences of investing.
Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not a reliable indicator of future performance. Forward-looking statements in this notice are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.
Cromwell Funds Management Limited (CFM) is the responsible entity of the Cromwell Phoenix Property Securities Fund (Fund).
Units in the Fund were available for subscription under a product disclosure statement (PDS) and additional information document (AID) dated 29 September 2017 (collectively, the 2017 Disclosure Documents).
Units are now available for subscription under a new PDS and AID dated 16 December 2021 (collectively, the 2021 Disclosure Documents), and the 2017 Disclosure Documents are no longer applicable.
The fees and other costs sections of the 2021 Disclosure Documents comply with the new enhanced fee disclosure regulations (please refer to ASIC Regulatory Guide 97 – Disclosing fees and costs in PDSs and periodic statements for further information).
The 2021 Disclosure Documents and application forms are issued by CFM and are available from www.cromwell.com.au/psf.
If you have any questions, please contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.
Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (“CFM”) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Phoenix Property Securities Fund ARSN 129 580 267 (“Fund”). In making an investment decision in relation to the Fund, it is important that you read the product disclosure statement dated 29 September 2017 (“PDS”). The PDS is issued by CFM and is available from www.cromwell.com.au/psf or by calling Cromwell Investor Services on 1300 276 693. This notice has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Fund fits your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this notice. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.
Phoenix Portfolios Pty Ltd ABN 80 117 850 254 AFSL 300302 (“Phoenix”) is the investment manager of the Fund. None of CFM, Phoenix, nor their related entities, directors or officers makes any promise or representation, or gives any guarantee as to the success of the Fund, distributions, the amount you will receive on withdrawal, your income or capital return or the tax consequences of investing.
Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not a reliable indicator of future performance. Forward-looking statements in this notice are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.
Cromwell Funds Management Limited (CFM) is the Responsible Entity of the Cromwell Phoenix Property Securities Fund (the Fund).
Annual Fees and Costs
In section 6 of the Fund’s product disclosure statement dated 29 September 2017 (PDS), CFM provides a breakdown of management costs and an example of the annual fees and costs associated with an investment in the Fund.
CFM wishes to update this disclosure based on amounts for the financial year ended 30 June 2021:
6. Fees and costs
TYPE OF FEE OR COST Breakdown Of Management Costs | Amount |
---|---|
Base management fee | 0.82%1 |
Annual administration cost | 0.10%2 |
Indirect costs | 0.03%3 |
Total management costs | 0.95% |
1. Management fee of 0.82% p.a. of the Fund’s gross asset value represented as a percentage of the Fund’s net asset value.
2. Annual administration costs of 0.10% of the Fund’s net asset value for the 12 months to 30 June 2021.
3. Indirect costs of investing through interposed vehicles was 0.03% of the Fund’s average net assets for the 12 months to 30 June 2021. This amount will depend on the Fund’s portfolio composition, however is unlikely to exceed 0.1% p.a. of the Fund’s average net assets on an ongoing basis.
Table 1 Example of annual fees and costs for the Fund. This table gives an example of how the fees and costs of the Fund can affect your investment over a one year period. You should use this table to compare this Fund with other managed investment products. |
||
---|---|---|
EXAMPLE: | BALANCE OF $50,000 WITH A CONTRIBUTION OF $5,000 DURING THE YEAR | |
Contribution Fee | 0% | For every additional $5,000 you put in, you will be charged $0. |
PLUS Management Costs | 0.95% | And, for every $50,000 you have in the Fund you will be charged $475 each year. |
Equals Cost of Fund | If you had an investment of $50,000 at the beginning of the year and you put an additional $5,000 in during that year then for that year, you would be charged fees of: $475 – $521. What it costs you will depend on the fees you negotiate with your financial adviser. |
Section 6 of the PDS should be read accordingly.Transactional and operational costsAs disclosed in the Fund’s Additional Information Document dated 29 September 2017 (AID), transactional and operational costs are disclosed based on amounts paid in the previous financial year and in any year will differ depending on the investment activity of the Fund.CFM wishes to disclose that the total transactional and operational costs of the Fund for the financial year ended 30 June 2021 were 0.08% of the net assets of the Fund (e.g., $40 for every $50,000 of net assets).If the buy/sell spread applied is not sufficient to cover the Fund’s total transactional and operational costs, the balance of the costs will be paid out of the Fund’s assets. If the buy/sell spread applied exceeds the Fund’s transactional and operational costs, the balance of the buy/sell spread will be retained by the Fund. The deficit of transactional and operational costs not covered by the Fund’s buy/sell spread for the financial year ending 30 June 2021 was 0.005% of the net asset value of the Fund (e.g., $2.32 for every $50,000 of net assets).The relevant part of the AID should be read accordingly.If you have any questions or would like to know more about the Cromwell Phoenix Property Securities Fund, please visit www.cromwell.com.au/psf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (“CFM”) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Phoenix Property Securities Fund ARSN 129 580 267 (“Fund”). In making an investment decision in relation to the Fund, it is important that you read the product disclosure statement dated 29 September 2017 (“PDS”). The PDS is issued by CFM and is available from www.cromwell.com.au/psf or by calling Cromwell Investor Services on 1300 276 693. This notice has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Fund fits your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this notice. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.Phoenix Portfolios Pty Ltd ABN 80 117 850 254 AFSL 300302 (“Phoenix”) is the investment manager of the Fund. None of CFM, Phoenix, nor their related entities, directors or officers makes any promise or representation, or gives any guarantee as to the success of the Fund, distributions, the amount you will receive on withdrawal, your income or capital return or the tax consequences of investing.Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not a reliable indicator of future performance. Forward-looking statements in this notice are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.
Cromwell Funds Management Limited (CFM) is the Responsible Entity of the Cromwell Phoenix Property Securities Fund (the Fund).
Annual Fees and Costs
In section 6 of the Fund’s product disclosure statement dated 29 September 2017 (PDS), CFM provides a breakdown of management costs and an example of the annual fees and costs associated with an investment in the Fund.
CFM wishes to update this disclosure based on amounts for the financial year ended 30 June 2020:
6. Fees and costs
TYPE OF FEE OR COST Breakdown Of Management Costs | Amount |
---|---|
Base management fee | 0.82%1 |
Annual administration cost | 0.13%2 |
Indirect costs | 0.02%3 |
Total management costs | 0.97% |
1. Management fee of 0.82% p.a. of the Fund’s gross asset value represented as a percentage of the Fund’s net asset value.
2. Annual administration costs of 0.11% of the Fund’s net asset value for the 12 months to 30 June 2020.
3. Indirect costs of investing through interposed vehicles was 0.02% of the Fund’s average net assets for the 12 months to 30 June 2020. This amount will depend on the Fund’s portfolio composition, however is unlikely to exceed 0.1% p.a. of the Fund’s average net assets on an ongoing basis.
Table 1 Example of annual fees and costs for the Fund. This table gives an example of how the fees and costs of the Fund can affect your investment over a one year period. You should use this table to compare this Fund with other managed investment products. |
||
---|---|---|
EXAMPLE: | BALANCE OF $50,000 WITH A CONTRIBUTION OF $5,000 DURING THE YEAR | |
Contribution Fee | 0% | For every additional $5,000 you put in, you will be charged $0. |
PLUS Management Costs | 0.97% | And, for every $50,000 you have in the Fund you will be charged $485 each year. |
Equals Cost of Fund | If you had an investment of $50,000 at the beginning of the year and you put an additional $5,000 in during that year then for that year, you would be charged fees of: $485 – $534. What it costs you will depend on the fees you negotiate with your financial adviser. |
Section 6 of the PDS should be read accordingly.
Transactional and operational costs
As disclosed in the Fund’s Additional Information Document dated 29 September 2017 (AID), transactional and operational costs are disclosed based on amounts paid in the previous financial year and in any year will differ depending on the investment activity of the Fund.
CFM wishes to disclose that the total transactional and operational costs of the Fund for the financial year ended 30 June 2020 were 0.12% of the net assets of the Fund (e.g., $60 for every $50,000 of net assets).
If the buy/sell spread applied is not sufficient to cover the Fund’s total transactional and operational costs, the balance of the costs will be paid out of the Fund’s assets. If the buy/sell spread applied exceeds the Fund’s transactional and operational costs, the balance of the buy/sell spread will be retained by the Fund. The deficit of transactional and operational costs not covered by the Fund’s buy/sell spread for the financial year ending 30 June 2020 was 0.04% of the net asset value of the Fund (e.g., $60 for every $50,000 of net assets).
The relevant part of the AID should be read accordingly.
If you have any questions or would like to know more about the Cromwell Phoenix Property Securities Fund, please visit www.cromwell.com.au/PSF or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.
Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (“CFM”) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Phoenix Property Securities Fund ARSN 129 580 267 (“Fund”). In making an investment decision in relation to the Fund, it is important that you read the product disclosure statement dated 29 September 2017 (“PDS”). The PDS is issued by CFM and is available from www.cromwell.com.au/psf or by calling Cromwell Investor Services on 1300 276 693. This notice has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Fund fits your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this notice. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.
Phoenix Portfolios Pty Ltd ABN 80 117 850 254 AFSL 300302 (“Phoenix”) is the investment manager of the Fund. None of CFM, Phoenix, nor their related entities, directors or officers makes any promise or representation, or gives any guarantee as to the success of the Fund, distributions, the amount you will receive on withdrawal, your income or capital return or the tax consequences of investing.
Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not a reliable indicator of future performance. Forward-looking statements in this notice are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.
Cromwell Funds Management Limited (CFM) is the responsible entity of the Cromwell Phoenix Property Securities Fund (the Fund).
As disclosed in the Fund’s Additional Information Document dated 29 September 2017 (AID), CFM is required to withhold tax on a non-resident investor’s behalf in respect of any Australian taxable income distributed or attributed by the Fund.
From 1 July 2019, a withholding tax rate of 30% will apply to distributions of any income relating to cross staple arrangements, trading business income, Managed Investment Trust (MIT) residential housing income or MIT agricultural income which has been derived by the Fund from the underlying investments of the Fund.
If you have any questions or would like to know more about the Cromwell Phoenix Property Securities Fund, please visit www.cromwell.com.au/psf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.
Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (“CFM”) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Phoenix Property Securities Fund ARSN 129 580 267 (“Fund”). In making an investment decision in relation to the Fund, it is important that you read the product disclosure statement dated 29 September 2017 (“PDS”). The PDS is issued by CFM and is available from www.cromwell.com.au/psf or by calling Cromwell Investor Services on 1300 276 693. This notice has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Fund fits your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this notice. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.
Phoenix Portfolios Pty Ltd ABN 80 117 850 254 AFSL 300302 (“Phoenix”) is the investment manager of the Fund. None of CFM, Phoenix, nor their related entities, directors or officers makes any promise or representation, or gives any guarantee as to the success of the Fund, distributions, the amount you will receive on withdrawal, your income or capital return or the tax consequences of investing.
Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not a reliable indicator of future performance. Forward-looking statements in this notice are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.
Cromwell Funds Management Limited (CFM) is the responsible entity of the Cromwell Phoenix Property Securities Fund (Fund).
CFM is pleased to announce that the Fund is again available to new investment.
Units in the Fund are available for subscription under a product disclosure statement dated 29 September 2017 (PDS).
The PDS is issued by CFM and is available from www.cromwell.com.au/psf.
If you have any questions, please contact Cromwell’s Investor Services Team on 1300 CROMWELL (1300 276 693) or email invest@cromwell.com.au.
Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (“CFM”) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Phoenix Property Securities Fund ARSN 129 580 267 (“Fund”). In making an investment decision in relation to the Fund, it is important that you read the product disclosure statement dated 29 September 2017 (“PDS”). The PDS is issued by CFM and is available from www.cromwell.com.au/psf or by calling Cromwell Investor Services on 1300 276 693. This notice has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Fund fits your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this notice. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.
Phoenix Portfolios Pty Ltd ABN 80 117 850 254 AFSL 300302 (“Phoenix”) is the investment manager of the Fund. None of CFM, Phoenix, nor their related entities, directors or officers makes any promise or representation, or gives any guarantee as to the success of the Fund, distributions, the amount you will receive on withdrawal, your income or capital return or the tax consequences of investing.
Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not a reliable indicator of future performance. Forward-looking statements in this notice are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.
Cromwell Funds Management Limited (CFM) is the responsible entity of the Cromwell Phoenix Property Security Fund (Fund).
Units in the Fund were available for subscription under a product disclosure statement dated 1 November 2012 (2012 PDS).
Units are now available for subscription under a new product disclosure statement dated 29 September 2017 (2017 PDS), and the 2012 PDS is no longer applicable.
The fees and other costs section of the 2017 PDS complies with the new enhanced fee disclosure regulations (please refer to “ASIC Regulatory Guide 97 – Disclosing fees and costs in PDSs and periodic statements” for further information).
As disclosed in the 2017 PDS, initial investments in the Fund must now be at least $10,000 rather than $20,000.
The PDS is issued by CFM and is available from www.cromwell.com.au/psf.
If you have any questions, please contact Cromwell Investor Services on 1300 CROMWELL (1300 276 693) or email invest@cromwell.com.au.
Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (“CFM”) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Phoenix Property Securities Fund ARSN 129 580 267 (“Fund”). In making an investment decision in relation to the Fund, it is important that you read the product disclosure statement dated 29 September 2017 (“PDS”). The PDS is issued by CFM and is available from www.cromwell.com.au/psf or by calling Cromwell Investor Services on 1300 276 693. This notice has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Fund fits your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this notice. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.
Phoenix Portfolios Pty Ltd ABN 80 117 850 254 AFSL 300302 (“Phoenix”) is the investment manager of the Fund. None of CFM, Phoenix, nor their related entities, directors or officers makes any promise or representation, or gives any guarantee as to the success of the Fund, distributions, the amount you will receive on withdrawal, your income or capital return or the tax consequences of investing.
Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not a reliable indicator of future performance. Forward-looking statements in this notice are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.
Cromwell Funds Management Limited (CFM) is the responsible entity of the Cromwell Phoenix Property Securities Fund (the Fund).
As disclosed in section 5.2 of the Fund’s product disclosure statement dated 1 November 2012 (PDS), the Fund will generally invest in keeping with the following targeted asset allocations as a percentage of its total portfolio:
INVESTMENT CLASS (% of portfolio) | TARGET RANGE |
---|---|
ASX listed property and property related securities1 | 80-100% |
ASX classified A-REITs | 50-100% |
International property securities | 0-10% |
Derivatives | 0-10% |
Cash2 | 0-20% |
Maximum position in any single security | 20% |
1. Includes securities expected to be listed within 6 months
2. Upper limit may be exceeded if one or more large applications or withdrawals are received.
For the investment classes of ‘ASX listed property and property related securities’ and ‘ASX classified A-REITs’, the Fund may continue to hold previously listed securities that have de-listed. Section 5.2 of the PDS, and the ‘How we invest your money’ section of the Fund’s Additional Information Document dated 1 November 2012, should be read accordingly. The investment management agreement with Phoenix Portfolios Pty Ltd has been amended to reflect this change.
If you have any questions, please contact your financial adviser or Cromwell Investor Services on 1300 276 693.
Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (“CFM”) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Phoenix Property Securities Fund ARSN 129 580 267 (“Fund”). In making an investment decision in relation to the Fund, it is important that you read the product disclosure statement dated 29 September 2017 (“PDS”). The PDS is issued by CFM and is available from www.cromwell.com.au/psf or by calling Cromwell Investor Services on 1300 276 693. This notice has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Fund fits your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this notice. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.
Phoenix Portfolios Pty Ltd ABN 80 117 850 254 AFSL 300302 (“Phoenix”) is the investment manager of the Fund. None of CFM, Phoenix, nor their related entities, directors or officers makes any promise or representation, or gives any guarantee as to the success of the Fund, distributions, the amount you will receive on withdrawal, your income or capital return or the tax consequences of investing.
Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not a reliable indicator of future performance. Forward-looking statements in this notice are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.
Further to our announcement of 16 March 2017, Cromwell Funds Management Limited (ABN 63 114 782 777) (“CFM”) as the responsible entity of Cromwell Phoenix Property Securities Fund (ARSN 129 580 267) (“PSF”) did not receive a request from unit holders (holding at least 5% of the votes that may be cast on the resolution) to call and arrange to hold a meeting of unit holders of PSF to consider and vote on a special resolution to amend the constitution of PSF on the terms described in that announcement.
Accordingly, CFM as the responsible entity of PSF executed and lodged the supplemental deed with the Australian Securities and Investments Commission on 27 March 2017 to give effect to the amendments.
The amendments will enable PSF to apply the new income tax regime for managed investment trusts that was recently enacted under the Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016 (Cth). The amendments to the constitution of PSF are being made in accordance with the requirements of notional subsection 601GCA(3) of the Corporations Act 2001 (Cth), as modified by ASIC Corporations (Attribution Managed Investment Trusts) Instrument 2016/489.
If you have any questions, please contact Cromwell Investor Services on 1300 CROMWELL (1300 276 693) or email invest@cromwell.com.au.
Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (“CFM”) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Phoenix Property Securities Fund ARSN 129 580 267 (“Fund”). In making an investment decision in relation to the Fund, it is important that you read the product disclosure statement dated 29 September 2017 (“PDS”). The PDS is issued by CFM and is available from www.cromwell.com.au/psf or by calling Cromwell Investor Services on 1300 276 693. This notice has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Fund fits your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this notice. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.
Phoenix Portfolios Pty Ltd ABN 80 117 850 254 AFSL 300302 (“Phoenix”) is the investment manager of the Fund. None of CFM, Phoenix, nor their related entities, directors or officers makes any promise or representation, or gives any guarantee as to the success of the Fund, distributions, the amount you will receive on withdrawal, your income or capital return or the tax consequences of investing.
Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not a reliable indicator of future performance. Forward-looking statements in this notice are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.
PROPOSED CONSTITUTION AMENDMENTS TO FACILITATE ADOPTION OF THE ATTRIBUTION MANAGED INVESTMENT TRUST (AMIT) REGIME
NOTICE PURSUANT TO SECTION601GCA OF THE CORPORATIONS ACT
Cromwell Phoenix Property Securities Fund (ARSN 129 580 267) (“Trust”) is eligible to be an Attribution Managed Investment Trust (“AMIT”) and to apply the new income tax regime for managed investment trusts that was recently enacted under the Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016 (Cth)(“AMIT regime”). The key feature under the AMIT regime is unit holders are taxed on income from the Trust attributed to them by Cromwell Funds Management Limited (“CFM”) (ABN 63 114 782 777) on a fair and reasonable basis. Under the current taxation rules under Division 6 of the Income Tax Assessment Act 1936 (Cth) unit holders who are presently entitled to trust income are subject to income tax on their proportionate share of the taxable income of the Trust. The potential benefits of adopting the AMIT regime are outlined further below. An election by CFM for the Trust to be an AMIT is irrevocable.
As the responsible entity of the Trust, CFM is yet to decide whether the Trust should elect into the new AMIT regime. CFM has published this notice under notional subsection 601GCA(3) of the Corporations Act 2001 (Cth) as modified by ASIC Corporations (Attribution Managed Investment Trusts) Instrument 2016/489 to inform unit holders of proposed modifications to be made to the Constitution of the Trust (“Constitution”) to allow the Trust to operate under the AMIT regime if an election is made. CFM will decide whether to elect into the AMIT regime based on the best interests of the unit holders as a whole. If an election is made, the Trust will inform unit holders accordingly.
A summary of the effect of the proposed modifications to the Constitution is set out below.
Reasons for proposed amendments to the Constitution
If implemented, the proposed amendments would allow CFM to choose to adopt the AMIT regime to the Trust. CFM believes the potential benefits of operating under the AMIT regime include:
- Greater certainty associated with the AMIT regimes attribution of taxable income to unit holders compared to the current “present entitlement” tax regime.
- Greater certainty as to the tax status of the Trust and its entitlement to certain tax concessions including deemed “fixed trust” status for tax purposes.
- Reduced potential for double taxation by allowing for cost base adjustments where distributions are less than the taxable income assessed to the unit holder.
- Preservation of the character of the income for income tax purposes in the hands of the unit holder.
- Provision of the ability to reconcile “under” and “over” estimations of net income of the Trust to allow adjustments in the year they are discovered rather than the approach under the current law that requires amendments to unit holders previously lodged income tax returns.
As the AMIT regime has only recently been enacted, there may be some uncertainty regarding certain aspects of the AMIT regimes operation in the initial years.
How to contact us if you wish to respond to this notice
CFM will proceed to modify the Constitution as proposed on or after the date which is 7 days from the date of this notice unless it receives requisitions to call and arrange a meeting of unit holders of the Trust to consider and vote on a special resolution to modify the Constitution as proposed from unit holders with at least 5% of the votes that may be cast on the resolution.
Unit holders are not required to respond to this notice, but should a unit holder wish to request a meeting of unit holders of the Trust to vote on the amendments to the Constitution as proposed in this notice, the unit holder must send a request to CFM by 5pm (AEST) on Friday, 24 March 2017. A written request may be sent by email to invest@cromwell.com.au.
CFM will modify the Constitution by executing a supplemental deed to the Constitution and lodging it with the Australian Securities and Investments Commission, unless a meeting of unit holders is requested by unit holders with at least 5% of the votes that may be cast on the resolution to call and arrange to hold a meeting by 5pm (AEST) on Friday, 24 March 2017.
Effect of amendments to the Constitution
Set out below is a summary of the effect of the proposed modifications to the Constitution. CFM as responsible entity of the Trust reasonably considers that the modifications are necessary for or incidental to the Trust being able to be operated in a manner permitted by the AMIT regime as an attribution managed investment trust with the CFM as its trustee.
Summary of Amendments to the Constitution of Cromwell Phoenix Property Securities Fund
Powers in relation to AMIT:
A new clause 16.7 will be inserted in the Constitution to ensure the Responsible Entity has all powers necessary to adopt into the AMIT regime including doing all things necessary to give effect to the proposed clause 31A.
Recoveries – Holders’ liabilities:
A new paragraph (e) will be inserted to clause 30.1 to clarify that any fees, Taxes and costs incurred in relation to Attribution Amounts are the liability of each unit holder.
Distributions – Application:
A new clause 31.1A will be inserted to “switch off” clause 31 when the Trust elects to be an AMIT, in particular it “switches off” the distribution and present entitlement requirements when the Trust is an AMIT. Clause 31 is relevant to Division 6 of the Income Tax Assessment Act 1936 (Cth).
AMIT:
A new clause 31A will be inserted which contains the general powers for the Responsible Entity to comply with the new AMIT rules.
Clause 31A.1 provides the Responsible Entity with the discretion to choose to apply the AMIT rules.
Clause 31A.2 determines the period that the Trust is an AMIT.
Clause 31A.3 allows the Responsible Entity to attribute “Attribution Amounts” (as defined) in accordance with the Constitution, this is a feature of the new AMIT rules. The definition utilises consistent terminology with the applicable Tax Act (as defined) to allow flexibility to attribute amounts of different character.
Clause 31A.3(b) provides a discretion for the Responsible Entity to distribute any amount of income or capital of the Trust to unit holders.
Clause 31A.3(c) provides that any taxes paid or remitted on behalf of a unit holder are taken to be made for that unit holder.
Clause 31A.3(d) confers specific powers on the Responsible Entity to issue and amend ‘AMMA Statements’ (as defined) to unit holders.
Clause 31A.3(e) facilitates the exercise of the Responsible Entity’s powers in relation to “unders and overs” as permitted in the AMIT regime.
Clause 31A.3(f) limits the Responsible Entity’s liability to the unit holders in making choices and complying with the AMIT rules.
Unit holder Objections:
Proposed clause 31A.4 provides steps to ensure that should a unit holder object to an attribution as afforded under the AMIT regime, the unit holder must give notice and provide information to the Responsible Entity and the unit holder must meet all costs or liabilities incurred by the Responsible Entity associated with the process of acknowledging the objection and assessing the impact on other unit holders.
Further, each unit holder indemnifies the Responsible Entity for any tax payable by the Responsible Entity in complying with the AMIT rules that reasonably relates to the unit holder.
Definitions:
Incidental amendments will include inserting into clause 1.1 specific definitions relevant for the AMIT regime. The definitions of these specific terms have been drafted consistently with the Tax Act to preserve the intended flexibility of the legislation.
Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (“CFM”) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Phoenix Property Securities Fund ARSN 129 580 267 (“Fund”). In making an investment decision in relation to the Fund, it is important that you read the product disclosure statement dated 29 September 2017 (“PDS”). The PDS is issued by CFM and is available from www.cromwell.com.au/psf or by calling Cromwell Investor Services on 1300 276 693. This notice has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Fund fits your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this notice. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.
Phoenix Portfolios Pty Ltd ABN 80 117 850 254 AFSL 300302 (“Phoenix”) is the investment manager of the Fund. None of CFM, Phoenix, nor their related entities, directors or officers makes any promise or representation, or gives any guarantee as to the success of the Fund, distributions, the amount you will receive on withdrawal, your income or capital return or the tax consequences of investing.
Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not a reliable indicator of future performance. Forward-looking statements in this notice are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.
Cromwell Funds Management Limited (CFM) is the Responsible Entity of the Cromwell Phoenix Property Securities Fund (the Fund).
As disclosed in section 2.5 of the Fund’s product disclosure statement dated 1 November 2012 (PDS), the Fund is expected to earn income, such as distributions, dividends, interest and realised capital gains, from its investments. When calculating the amount of the distribution, these expected returns from the Fund’s investments (on an annualised basis) are taken into account.
In distributing income earned from the Fund’s investments, CFM expects that it will distribute net realised capital gains at least once a year.
Section 2.5 of the PDS should be read accordingly.
If you have any questions, please contact Cromwell Investor Services on 1300 CROMWELL (1300 276 693) or email invest@cromwell.com.au.
Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (“CFM”) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Phoenix Property Securities Fund ARSN 129 580 267 (“Fund”). In making an investment decision in relation to the Fund, it is important that you read the product disclosure statement dated 29 September 2017 (“PDS”). The PDS is issued by CFM and is available from www.cromwell.com.au/psf or by calling Cromwell Investor Services on 1300 276 693. This notice has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Fund fits your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this notice. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.
Phoenix Portfolios Pty Ltd ABN 80 117 850 254 AFSL 300302 (“Phoenix”) is the investment manager of the Fund. None of CFM, Phoenix, nor their related entities, directors or officers makes any promise or representation, or gives any guarantee as to the success of the Fund, distributions, the amount you will receive on withdrawal, your income or capital return or the tax consequences of investing.
Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not a reliable indicator of future performance. Forward-looking statements in this notice are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.
The Foreign Account Tax Compliance Act (“FATCA”) is United States (“US”) tax legislation that enables the US Internal Revenue Service to identify and collect tax from US residents that invest in assets through non-US entities. If you are a US resident for tax purposes, then you should note that the Cromwell Phoenix Property Securities Fund (“Fund”) is or is expected to be a ‘Foreign Financial Institution’ under FATCA and it intends to comply with its FATCA obligations, as determined by either the FATCA regulations or any inter-governmental agreement entered into by Australia and the US for the purposes of implementing FATCA. Under these obligations, the Fund will have to obtain and disclose information about certain investors to the Australian Taxation Office.
In order for the Fund to comply with its obligations, Cromwell Funds Management Limited (“CFM”) will request that you provide certain information about yourself, including your US Taxpayer Identification Number. CFM will only use such information for this purpose if it is required to do so.
Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (“CFM”) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Phoenix Property Securities Fund ARSN 129 580 267 (“Fund”). In making an investment decision in relation to the Fund, it is important that you read the product disclosure statement dated 29 September 2017 (“PDS”). The PDS is issued by CFM and is available from www.cromwell.com.au/psf or by calling Cromwell Investor Services on 1300 276 693. This notice has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Fund fits your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this notice. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.
Phoenix Portfolios Pty Ltd ABN 80 117 850 254 AFSL 300302 (“Phoenix”) is the investment manager of the Fund. None of CFM, Phoenix, nor their related entities, directors or officers makes any promise or representation, or gives any guarantee as to the success of the Fund, distributions, the amount you will receive on withdrawal, your income or capital return or the tax consequences of investing.
Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not a reliable indicator of future performance. Forward-looking statements in this notice are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.
With effect from 1 August 2014, the Fund’s investment management agreement with Phoenix Portfolios Pty Ltd was amended to cease any potential for allocation to international listed property securities in order to enable compliance with the Significant Investor Visa regime.
This amendment has now been reversed such that the asset class of international property related securities has been reintroduced with a minimum asset allocation of 0% and a new maximum asset allocation of 20%.
Sections 5.1 and 5.2 of the Fund’s product disclosure statement dated 1 November 2012 should be read accordingly. The Fund’s investment management agreement with Phoenix Portfolios Pty Ltd has also been amended to reflect this change.
On and from Thursday 5 February 2015, the Cromwell Phoenix Property Securities Fund (PSF) will no longer accept applications from new investors. Existing investors can, however, apply for additional units.
PSF has closed to new investors because it has reached its capacity constraint (see page three of the PSF product disclosure statement dated 1 November 2012 (PDS)).
Cromwell believes closing PSF now will put Phoenix Portfolios, PSF’s investment manager, in the best position to continue to outperform PSF’s benchmark going forward.
Cromwell continues to offer access to the PSF as well as a diversified portfolio of unlisted property investments through the Cromwell Australian Property Fund. You can find out more about this fund www.cromwell.com.au/apf.
If you have any questions, please contact Cromwell Investor Services on 1300 Cromwell (1300 276 693) or email invest@cromwell.com.au.
On 23 December 2014, White Outsourcing Pty Ltd ABN 44 114 914 215 replaced JP Morgan Chase Bank, National Association ABN 43 074 112 011 as the custodian of the Cromwell Phoenix Property Securities Fund.
Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this update and is the responsible entity of, and the issuer of units in, the Cromwell Phoenix Property Securities Fund ARSN 129 580 267 (Fund). Before making an investment decision in relation to the Fund, investors should read the product disclosure statement dated 1 November 2012 (PDS). The PDS is issued by CFM and is available from www.cromwell.com.au or by calling Cromwell Investor Services on 1300 276 693. Applications for units can only be made on the application form accompanying the PDS.
The Fund does not currently invest in international listed property securities. To enable compliance with the Significant Investor Visa regime, from 1 August 2014 the Fund’s investment mandate was amended to cease any potential for allocation to international listed property securities. Sections 5.1 and 5.2 of the Fund’s product disclosure statement dated 1 November 2012 should be read accordingly. The Fund’s investment management agreement with Phoenix Portfolios Pty Ltd has also been amended to reflect this change.
Cromwell respects the privacy of its investors and is committed to protecting their personal information.
The way we manage personal information is governed by the Privacy Act 1988 (Cth) and the Australian Privacy Principles established under the Privacy Act.
On 12 March 2014, Australia’s Privacy Act changed, and Cromwell’s Privacy Policy has been updated to comply with the changes. Click here to read our updated Privacy Policy.
Cromwell may also disclose some of your personal information to external service providers, for example, White Outsourcing, who provide administration services to the Fund. White Outsourcing handles your personal information in accordance with its privacy policy, a copy of which can be found at www.whiteoutsourcing.com.au.
The Cromwell Phoenix Property Securities Fund (PSF) continues to be recognised as one of the top-performing funds in Australia after taking out the Money magazine “Best of the Best award” in the Property Securities Fund category.
The award is the second honour for the Fund this year, its success having earned Cromwell & Phoenix Portfolios the title of 2012 Money Management/Lonsec Fund Manager of the Year for Australian property securities.
Cromwell National Head of Sales, Michael Blake said the award from Money magazine reflected the Cromwell and Phoenix Portfolios teams’ experience and consistency and the strong performance of the Fund.
“For a Fund to win both of the key awards in the industry in the same year is a huge endorsement and puts the excellence of the PSF’s management team beyond doubt,” Mr Blake said.
“This Fund has established itself as the leading property securities fund in Australia and should be considered by any investor seeking a diversified exposure to property securities.”
To select its Best of the Best, Money magazine works with research partners including Morningstar, Standard & Poor’s and Zenith Investment Partners.
Now in its 11th year, the annual Best of the Best awards is a leading independent guide to Australia’s best financial products and services.
The Cromwell Phoenix Property Securities Fund gives investors exposure to a diversified portfolio of predominantly ASX-listed property securities selected by its investment manager Phoenix Portfolios Pty Ltd.
The PSF returned 33.7% for the 12 months to November 2012, and has an annualised return of 20.1% over three years.*
Phoenix Portfolios investment philosophy is that over the medium to long term, superior investment performance can be achieved by investing in attractively priced securities as determined by fundamental, bottom up analysis. This analysis culminates in a forecast of future cash flows discounted back into today’s dollars, ensuring a consistent valuation methodology between individual securities.
When combined with one of the most experienced investment managers in the business – Stuart Cartledge of Phoenix Portfolios – this has resulted in a very attractive investment product.
ASX-listed Cromwell Property Group owns an Australian commercial property portfolio valued in excess of $1.7 billion and has an active property and funds management business. Cromwell is committed to building investor wealth through outstanding performance.
For more information, please contact Cromwell Investor Services on 1300 CROMWELL (1300 276 693), or alternatively email invest@cromwell.com.au
* Past performance is not an indication of future performance and is subject to the risks and assumptions set out in the PDS. For up to date performance information visit https://phoenixportfolios.com.au/.
Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (“CFM”) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Phoenix Property Securities Fund ARSN 129 580 267 (“Fund”). In making an investment decision in relation to the Fund, it is important that you read the product disclosure statement dated 29 September 2017 (“PDS”). The PDS is issued by CFM and is available from www.cromwell.com.au/psf or by calling Cromwell Investor Services on 1300 276 693. This notice has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Fund fits your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this notice. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.
Phoenix Portfolios Pty Ltd ABN 80 117 850 254 AFSL 300302 (“Phoenix”) is the investment manager of the Fund. None of CFM, Phoenix, nor their related entities, directors or officers makes any promise or representation, or gives any guarantee as to the success of the Fund, distributions, the amount you will receive on withdrawal, your income or capital return or the tax consequences of investing.
Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not a reliable indicator of future performance. Forward-looking statements in this notice are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.
A combination of earnings uncertainty in the broader market, lower interest rates and increasing acceptance of the secure income streams they provide is creating a positive environment for the A-REIT sector, according to Phoenix Portfolios Managing Director Stuart Cartledge.
In his latest quarterly report to investors in Cromwell Phoenix Property Securities Fund, Mr. Cartledge said recent events were putting the A-REIT sector back on investors’ radars.
“In an environment where many companies across the broader share market are revising earnings forecasts downwards, A-REIT income streams look relatively secure,” he said. “When this is combined with the strong balance sheets that now dominate the investment universe, it is not surprising to see renewed investor enthusiasm in the sector.”
He said declines in the cash rate were also likely to drive investor demand for alternative sources of income.
“We expect that property valuations are likely to rise over the next 12-18 months as the relative spread between capitalisation rates and interest rates compresses from historically wide levels,” he said.
“Despite the recent strong rally, the A-REIT sector trades on an earnings yield in excess of 7% for the fiscal year ending June 2013. Post the dramatic rally in Australian government bonds this still represents a premium to the ten year government bond yield of approximately 4%.
“With the exception of Westfield Group and Goodman Group, both of which have substantial development and funds management activities embedded within their structures, the majority of A-REITs continue to trade at small discounts to book value.”
The Cromwell Phoenix Property Securities Fund is an unlisted fund that gives investors exposure to a diversified portfolio of predominantly ASX listed property securities (A-REITs) selected by its investment manager Phoenix Portfolios Pty Ltd. It aims to provide a total return (after management fees) in excess of the S&P/ASX 300 A-REIT Accumulation Index while delivering lower total risk (as measured by volatility of returns) over the medium to long term.
During June 2012, investors in the Cromwell Phoenix Property Securities Fund ARSN 129 580 267 were advised that Cromwell Property Securities Limited ACN 079 147 809 AFSL 238 052 (CPS) intended to retire as Responsible Entity (RE) of the Fund and appoint a related company, Cromwell Funds Management Limited ACN 114 782 777 AFSL 333 214 (CFM), as the replacement RE. Both CPS and CFM are wholly owned subsidiaries of Cromwell Property Group (ASX:CMW). Investors were sent a Notice which explained the proposed change and were given the opportunity to request a vote on the change.
As at 22 June 2012, CPS had not received the required number of requests from investors to necessitate a meeting to consider the change. As a result, CPS intends to lodge a notice with ASIC advising of the change of RE to CFM on or before 26 June 2012.
As explained in the Notice the change does not affect the legal rights of investors in the Fund and will not adversely affect the operation of the Fund.
Please do not hesitate to contact the Cromwell Investor Services Team on 1300 276 693 or invest@cromwell.com.au if you have any queries or require further clarification.
Effective 1 October 2011, the Cromwell Phoenix Property Securities Fund (“PSF”) will retain all interest received in the PSF applications account.
When an investor applies for units in the PSF, their application money is deposited into the applications account until the application is accepted. The applications account is interest bearing. However, since money in the account is not PSF property the PSF does not have an automatic right to the interest.
In a majority of circumstances applications are accepted and units issued on the same day the application is received, therefore the amount of interest is very low. However, on occasion, there can be a delay in processing the application due to a number of factors out of CPS’s control, including incomplete investor applications and banking delays. In those circumstances the applications account will accrue interest.
CPS will continue to process applications as soon as possible, in accordance with the most recent Product Disclosure Statement.