Lazard Defensive Australian Equity Fund
About this Fund
|FUND MANAGER||Lazard Asset Management Pacific Co.|
|ASSET CLASS||AUSTRALIAN EQUITIES|
|INVESTMENT STYLE||The Fund invests in Australian companies with sustainable dividends, and cash.|
|INVESTMENT PROFILE||The Fund seeks a total return that exceeds the RBA and an income return at a premium to the Benchmark dividend yield.|
|BENCHMARK||S&P/ASX 200 Accumulation Index|
|FUND SIZE||S&P/ASX 200 Accumulation Index|
|NO. OF HOLDINGS||Up to 50|
|FEES||0.75% p.a. of the NAV (see PDS)|
Benefits of investing in the Lazard Defensive Australian Equity Fund
Lazard believes some of the significant benefits of investing in the Fund are:
Investors seeking an investment return objective similar to the Fund and are comfort- able with the risks of investing, as described in the PDS.
About the Fund
The Lazard Defensive Australian Equity Fund is designed to provide regular, tax effective income that grows over time. It sources that income by investing in Australian companies with sustainable dividends, or by investing in cash, depending on where the best opportunities exist.
Investment return objective
Over an investment cycle, the Fund seeks to achieve:
How we invest your money
The investment strategy of the Fund is to provide investors with access to companies listed on the Australian Securities Exchange that Lazard believes offer sustainably high dividends and capital appreciation potential.
The number of stocks will generally range from 0 to 50, which means Lazard makes active investment decisions as to which stocks the Fund holds. The Fund may reallocate capital from equities towards Cash investments, up to 100%, as cash yields rise and / or dividend yields fall or when in our opinion equities appear to be over-priced, so reducing the number of equities that qualify for inclusion in the Fund.
The Fund may hold a position of generally up to 3% in any one company at the time of purchase (except in the event of a corporate action).
Given the nature of the Fund, Lazard considers it important to avoid derivatives which will not be used in this Fund during the life of the PDS.
The Fund may also invest in initial public offerings which are expected to be listed within 3 months from the date of purchase.
Asset classes and range
Within this range the Fund may also invest up to 10% in the equities of companies listed on the New Zealand Stock Exchange.
Within this class and range, the Fund can invest in: