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Australian Unity Vianova Core Plus Trust


Australian Unity Vianova Core Plus Trust
Rebate 4.00% as additional units
Minimum Investment $1,000

About the Fund
The Fund combines the strength of Vianova’s Australian fixed interest investment management with that of global fixed interest manager Newton Investment Management Limited.

The Fund offers investors exposure to both Australian and global fixed interest securities with the aim to provide attractive and regular income, and to preserve capital.

The investment manager applies a global view to the management of the portfolio, recognising that global economies and events have an impact on the relative value of both foreign and domestic fixed interest securities.

The investment managers focus on delivering positive returns to investors regardless of the performance of the broader fixed interest market (index).

Who is the investment manager?

Vianova Asset Management Pty Ltd (Vianova) is the investment manager of the Fund.

Vianova directly manages the Australian exposure of the Fund and Newton Investment Management Limited manages the global exposure.

What does the Fund invest in?
The Fund is a blended portfolio of two funds:
 

Australian Unity Investments Strategic Fixed Interest Trust managed by Vianova. This fund invests in a range of Australian fixed interest securities, including Government, corporate, bank and other bonds, debentures, notes and other debt related securities, derivatives and cash.

Mellon Global Bond Fund managed by Newton. This Fund invests in a range of fixed interest securities and financial instruments traded across global markets.


The Australian Unity Investments Vianova Core Plus Trust typically has a 50-90% exposure to Australian fixed interest (including cash) and 10-50% exposure to global fixed interest (including currency).

What is the Fund’s investment process?
Identify themes

The starting point of Vianova’s investment process is to identify structural interest rate themes. Each theme is then applied to the fixed interest market elements of duration, yield curve position, and sector exposure.

In expanding the investment universe for this Fund, Vianova can look beyond the set of investment opportunities within Australia to consider:
 

Markets of other countries

Sectors not available in Australia

Corporations that may fit with Vianova’s thematic views but do not issue in Australian capital markets

Opportunities arising from selectively running unhedged exposures to different global currencies

pdf download Download PDS (2.60mb)
pdf download Fund Update
pdf download Performance Summary
 
 

Australian Unity Vianova Core Plus Trust - Retail Units

APIR Code

AUS0034AU

Inception date

December 2007

Minimum Initial Investment

$1,000

Minimum Additional Investment

$500

Minimum Regular Saving Plan

$100 per month

Entry/Contribution Fee

4.10%

Minimum Withdrawal Amount

$1,000

Exit/Withdrawal Fee

Nil

Management Costs

1.20%pa

Buy/Sell Spread

Buy: Nil Sell: Nil

Income Distributions

Quarterly

Analyse strategies
For the portion of the portfolio that is to be invested in Australian assets, the themes developed produce multiple strategies for further evaluation. Vianova then identify and analyse the pricing inefficiencies and investment opportunities that these strategies present.

Duration strategy
The portfolio’s sensitivity to changes in interest rates is managed and compared to Vianova’s expectations on economic outlook with current market pricing.

Yield curve strategy
Vianova’s aim is to position the Fund’s portfolio to take advantage of current and expected differences between short and long term interest rates.

Sector strategy
Vianova seeks mis-pricing opportunities across the Australian fixed interest landscape, considering Government, semi-government, corporate, and short term money market sectors.

Security Selection
Upon identifying undervalued opportunities, a “bottom-up” credit analysis and security selection process is then applied by Vianova to confirm the investment opportunity.

This begins with an analysis of a debt issuer’s ability to repay its debt and its ability to generate cash flow and/or the ability to tax (for a government issuer). The review of the debt repayment abilities of the Commonwealth Government and semi government issuers is supported by the analysis of the major rating agencies.

The individual company selection process for corporate bonds recognises the additional inherent risk and also focuses on:
 

Company cash flow management – the company must be able to adequately demonstrate strong cash flows to support the business; and

Company competitive advantage – companies must be operating in a sector with a business model that provides them with a distinct competitive advantage.


Vianova reviews and determines a borrower’s ability to withstand economic duress. Securities will then be chosen as a result of this analysis with due consideration given to (but not limited to) liquidity, strength of the issuer’s management and the complexity of the debt instrument.

Consistency with the thematic views and investment process is also a key factor when selecting securities.

Currency hedging
The Mellon Global Bond Fund is operated in US dollars and the currency exposure of its underlying investments is actively managed. In order to manage the additional currency risk of investing in this offshore fund, hedging is usually undertaken to reduce the impact of changes in the value of the Australian dollar.

Derivatives
The Fund may use derivatives for hedging unwanted risks and for portfolio diversification. Hedging activity is used primarily for duration protection and credit protection. Derivatives may also be used by Vianova to change exposures of the Fund to the Underlying Funds quickly and for lower cost. However, it is not our policy to use derivatives for gearing purposes or for speculative activities.

The Underlying Funds may also use derivatives and are likely to do so more actively.


More information
The Fund’s performance and unit prices are available to view at: http://www.australianunityinvestments.com.au/vcpt

Important information

This investment product is issued by Australian Unity Funds Management Limited ABN 60 071 497 115, AFS Licence No 234454. This information is intended only to provide a broad summary of this financial product. Investment decisions should not be made upon the basis of its past performance or distribution rate, since future returns will vary. You should refer to the current Product Disclosure Statement if you wish to know more about this product. The information provided here was current at the time of publication only.

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