Avoca Investment Management // Bennelong Avoca Emerging Leaders Fund

Performance

Performance summary

As at 31 July 2017

Fund

Benchmark

Value add

1 mnth	3 mnths	6 mnths	1 yr	3 yrs (pa)	5 yrs (pa)	Since inception*
0.12%	1.22%	4.69%	2.69%	5.62%	7.57%	4.50%
0.34%	0.24%	4.00%	-1.09%	5.55%	5.77%	1.99%
-0.22%	0.98%	0.70%	3.78%	0.07%	1.80%	2.52%

The Bennelong Avoca Emerging Leaders Fund's inception date is 01/07/2011; since inception returns are calculated on a p.a. basis.*

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Prices

Application	1.023
Redemption	1.0168
Effective date	17 August 2017

Unit price history

How to invest

The Bennelong Avoca Emerging Leaders Fund selects stocks from the S&P/ASX Small Ordinaries and S&P/ASX Mid-Cap 50 Indices, and typically holds between 30 and 50 stocks. The Fund holds small and mid-cap stocks that present significant growth opportunities; the investment team aims to add value by investing only in companies they believe can generate alpha.

Advisers

Our fund is open to investments directly via the PDS, a range of platforms and mFund. To obtain details about the fund’s ratings or Approved Product List inclusions, please contact Adviser Services.

Investors

New investors

Prior to filling in the Application Form, please ensure you have read and understood the Product Disclosure Statement (PDS) and Additional Information Booklet (AIB). Please note, our Client Services team can assist with general enquiries, but cannot make any product recommendations, or determine whether a fund will meet your personal needs. If you are uncertain, please consult your financial adviser.

Existing investors

If you would like to make an additional investment, withdrawal request, or update your personal details, please select the appropriate form below.

New investors	Product Disclosure Statement (PDS) Additional Information Booklet New Zealand Investors' Information PDS Application Form
Existing investors	Additional investment Withdrawal request Change of details
Platform access	BT Wrap; Federation Managed Accounts Hub 24; Netwealth (Super Service, Wrap Service); Oasis Wealthtrac; and UBS.
mFund Settlement Service	This Fund is available on the mFund Settlement Service.

Distribution history

Distribution analysis - 30 June 2017

30 June 2017 distribution CPU (cents)	9.3260
CUM distribution exit price ($AUD)	1.0809
Ex distribution exit price ($AUD)	0.9879
Ex distribution NAV price used for reinvestment ($AUD)	0.9909

Distribution analysis

APIR Code	BFL0008AU
Benchmark	S&P/ASX Small Ordinaries Accumulation Index
Portfolio managers	John Campbell/Jeremy Bendeich
Stock range	Typically 30-50 (maximum of 70 allowable)
Active stock limit	± 6%
Cash limit	0-10%
Client risk profile	Growth
Investment team	Avoca Investment Management
Responsible entity	Bennelong Funds Management Ltd AFSL 296806 Level 1, 9 Queen St, Melbourne Vic 3000
Recommended investment period	Long term (five years plus)
Inception date	1 Jul 2011
Fees and charges	Management Fee: 1.25% p.a. (including GST net of reduced input tax credits) of Net Asset Value of the Fund. Performance Fee: 17.5% (including GST net of reduced input tax credits) of any amount by which the Fund's investment return (before fees and expenses) is more than 1.25% p.a. greater than the return generated by the S&P/ASX Small Ordinaries Accumulation Index.
Investment amount	Initial Investment Minimum: $20,000 Withdrawal Minimum: $5,000 Subject to the Responsible Entity's absolute discretion.