Permanent Australian Equity Fund

Fund objective
The Permanent Australian Equity Fund (‘the Fund’) aims to provide investors with exposure to the listed Australian equity market, targeting listed Australian shares and property trusts offering tax-effective income and potential long-term capital growth. The Fund aims to produce an overall pre-fees return exceeding the S&P ASX200 Accumulation Index.

Risk and return profile
Due to the inherent nature of share markets, investment returns have a degree of capital variability and it is therefore recommended that the Fund be viewed over at least a three to five year investment horizon.

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.

Investment style
The Fund is managed using a value-based investment style. The selection process for the Permanent  Australian Equity 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 Fiduciary Services Limited is the responsible entity and issuer of units in the Fund and a wholly owned subsidiary of Trust Company Limited. 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.