Imputation Fund

Fund objective
The Imputation Fund (‘the Fund’) aims to provide its investors with an above average franked dividend yield whilst providing the potential for capital growth. Its benchmark is the S&P ASX200 Accumulation Index.

Present strategy
We continue to manage the Fund in line with our long established value-based investment philosophy. This places particular emphasis on companies with high quality recurring earnings, high fully franked dividend yields and conservative balance sheets. As a result, the Fund tends to hold shares from the Top 100 companies listed on the Australian Stock Exchange, most of which would be well known to investors. The holdings in these shares change over time according to our
assessment of their relative value.

Risk and return profile
The price of securities listed on the Australian Stock Exchange can be extremely volatile, and may fall as well as rise. That volatility will be directly reflected in the price of units in this Fund. Investors in this Fund should have a time frame of five or more years.

Investment style
The Fund is managed using a value-based investment style. The selection process for the Imputation Fund portfolio involves a comparison of securities against the following criteria:

• a track record of paying dividends at a yield above the market average
• the underlying strength to continue and increase those dividends
• reasonable price multiples
• sound debt to equity ratios, and
• quality of management.

Trust Company Limited is the responsible entity and issuer of units in the Fund. The information on this page is of a general nature only and should not be relied upon as it has been prepared without taking account of your objectives, financial situation or needs. It is not intended to constitute investment, legal or taxation advice as it is of a general nature only. Accordingly, before acting on the information you should consider its appropriateness having regard to your objectives, financial situation and needs. Before deciding whether to acquire, or to continue to hold the product, you should obtain and consider the current product disclosure statement.