Spheria Emerging Companies
About this Fund
Fund Detail
PDS | |
FUND MANAGER | Spheria Asset Management |
ASX Code | SEC* |
APIR | |
ASSET CLASS | LISTED INVESTMENT COMPANY |
INVESTMENT STYLE | RYD pursues a high conviction long only value style investment strategy specialising in small to mid-cap Australasian equities. |
INVESTMENT PROFILE | SEC aims to provide both total returns in excess of the Benchmark and capital growth over each full investment cycle. |
CURRENCY MANAGEMENT | Unhedged |
INCEPTION DATE | |
BENCHMARK | S&P/ASX Small Ordinaries Accumulation Index |
FUND SIZE | S&P/ASX Small Ordinaries Accumulation Index |
DISTRIBUTION FREQUENCY | Half-yearly |
NO. OF HOLDINGS | 20-65 |
FEES | 1.00% p.a. |
STRUCTURE |
Benefits
Benefits | Benefits of investing in SECSEC has been established to provide investors with access to the following features and benefits:
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RISK LEVEL | |
INVESTOR SUITABILITY |
Risks
Title | |
Detail |
Key Features
About the FundThe Company's Investment Strategy is to invest in an actively managed Portfolio which aims to achieve the investment objectives outlined above. The Portfolio will be predominantly comprised of Australian Small Cap Securities, however New Zealand listed securities, Pre-IPO Securities and cash are also permitted investments. The Company's Portfolio will be constructed in accordance with investment guidelines agreed between the Company and the Manager from time to time (initially being those set out in Section 3.5 of the Prospectus) and in line with the Manager's investment philosophy and process. The Manager will seek to purchase securities in businesses where the present value of future free cash flows can be reasonably ascertained, and the security is trading at a discount to the assessed fundamental valuation. Risk controls are an important component of the Investment Strategy. The Manager will give preference for companies it considers to have relatively low risks, for example, entities that are geared to a level that the Manager considers appropriate, given the nature of the relevant businesses and have free cash flow to support that relevant level of gearing. Investment objectivesThe Company's investment objectives are to provide both:
over each full investment cycle (which the Manager and the Company consider to be a period of typically 3 to 5 years). In addition, the Company seeks to provide income, with the aim of allowing fully franked dividends to be paid to Shareholders. |
Mandate
How we invest your moneyThe Company may invest in listed Australian or New Zealand securities, Pre-IPO Securities and cash. Notwithstanding this broad mandate, the majority of the Portfolio is expected to be comprised of Australian Small Cap Securities. The Company will typically invest in 20 to 65 different securities. In addition, once fully invested, up to 20% of the Portfolio may be held in cash when attractively valued securities cannot be found. The Company's Investment Strategy does limit investments geographically to Australian and New Zealand securities. Whilst the Investment Strategy does have regard to the Benchmark, the Manager will not seek to replicate the Benchmark in the construction of the Portfolio. The Portfolio will be constructed in accordance with investment guidelines agreed between the Company and the Manager from time to time, with the aim of ensuring adequate diversification across securities, sectors and investment themes. Permitted investmentsThe types of securities and other financial products included in the Company's investable universe are limited to:
Under the Investment Management Agreement, the Manager may undertake investments in the Portfolio without the prior approval of the Board provided they are in accordance with the investment objectives, strategies, policies and guidelines agreed with the Company from time to time. |