Changes to the Bennelong Kardinia Absolute Return Fund

2 December 2019

Following a review of the Bennelong Kardinia Absolute Return Fund, Bennelong Funds Management (the responsible entity) and Kardinia Capital (the fund manager) have decided to remove the numerical reference in the investment objective, reduce the management fee and increase the performance fee hurdle rate as set out below.

Why are these changes occurring?

The Fund has a focus on capital preservation, which is reflected in its lower net market exposure and risk objective. As the Fund uses cash equivalent instruments as a significant part of its investment strategy, Bennelong and Kardinia believe these changes are appropriate for the Fund and its unitholders in a long-term low interest rate environment.

Kardinia remains committed to helping its investors achieve their financial objectives by building and protecting wealth.

These changes are effective at 2 December 2019, in line with the Fund’s new Product Disclosure Statement.

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