Navra Asia Pacific Growth Fund
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Key Features
The Navra Asia Pacific Growth Fund (ARSN 133 304 158) (Fund) is a registered managed investment scheme and NavraInvest Limited is the responsible entity.
OFFER
The minimum investment is $25,000. The whole of the investment amount will be provided by way of a loan. The investment and the loan, matures approximately 10 years after the offer close date. The loan has an annual walk-away feature.
INVESTMENT OBJECTIVE
The Fund provides investors with exposure to a managed portfolio of 100 companies (reconstituted daily from a pool of 150 stocks) listed on the principal securities exchanges in the Asia Pacific region. The exposure is obtained through investment in a rule-based absolute returns long/short investment strategy.
Investors will receive a minimum investment return of 50% of the issue price (i.e. $0.50 per unit inclusive of Contingent Coupons) if the investment is held until maturity.
DISTRIBUTIONS
There may be an annual Contingent Coupon at the end of each year during the Investment Term depending on the performance of the Underlying Investment Strategy. The amount of the Contingent Coupon will vary between 0% and 10% of the Issue Price depending on the performance of the Underlying Investment Strategy. The annual Contingent Coupon will be capped at 10% of the issue price i.e. $0.10 per unit.
THE LOAN
To invest in the Fund, investors must apply for a loan for 100% of the investment amount. The loan is secured by a charge over an investor's units and there is no other recourse to the investor.
| Series 1 | Series 2 | |
| Interest on the loan is fixed at | 8% | 8.5% |
Interest is prepaid annually in advance. Any annual Contingent Coupon amounts will be automatically applied to the payment of interest on the loan.
Each year investors will have the option to either:
- continue with the investment by prepaying the annual interest amount or
- terminate the loan and their investment in units.
On termination, investors will receive the net redemption amount calculated as specified in the Product Disclosure Statement. If the net redemption amount is less than the amount of the initial investment, the loan and the investment in units is terminated without recourse to the investor. Minimum investment return will not apply if the loan and the investment is terminated before the maturity date.
PARTICIPATION RATE
The participation rate is a feature of the Fund that indicates the extent to which you are exposed to the Fund's investment strategy. The participation rate varies each year. The proposed participation rates are detailed in the table below::
| Year | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| Participation Rate | 50% | 60% | 70% | 80% | 100% | 120% | 140% | 160% | 180% | 200% |
NET REDEMPTION AMOUNT
Net redemption amount is generally calculated by applying the participation rate to the value of the investment strategy on the redemption date and deducting the amount of the loan. The net redemption amount is in addition to any coupons that you may have received previously. Please refer to the Product Disclosure Statement for details and examples.
APPLICATION CLOSE DATE
| Series 1 | Series 2 | |
| Application close date | 30/03/2010 | 15/06/2010 |
* Terms and conditions apply - please refer to disclaimer.
Fund Performance
Performance figures are for past performance only and have no bearing on future performance.
| As at 31 Jan 2012 | |||
| Fund | Inception Date | Performance * | Distribution # |
| Series 1 | 19/05/2010 | 0.14% | 0.00% |
| Series 2 | 30/07/2010 | -0.19% | 0.00% |
# The distribution is the total distribution paid since inception
Performance Chart
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Once the chart is visible, you can use your mouse and hover over the points to read the accumulative performance for the time frame selected.
| Your selected chart will appear here. |
Unit Prices
| As at 31 Jan 2012 | ||
| Fund | Indicative Unit Price * | Underlying Investment Strategies Value |
| Series 1 | $1.0014 | 0.9369 |
| Series 2 | $0.9981 | 0.9436 |
*The Indicative Unit Price is based on the theoretical values of the underlying components of the investment. This value is not the actual value of these components at the time of withdraw. The Indicative Unit Price is not a quote or a withdrawal price, nor does it represent a formal net asset value for the Navra Asia Pacific Growth Fund.
The Navra Asia Pacific Growth Fund is designed to be held until maturity. If you wish to exit from the Fund before the annual redemption date or the maturity date, the value of your units will be determined by the Responsible Entity by reference to the fair market value of the Units on the early maturity date with reference to the value of the Hedge Contract, less any applicable fees and costs. Any amount received on early withdrawal will be applied first in repayment of the Loan Amount and the balance (if any) will be paid to you. If the amount is less than the Loan Amount outstanding then you will receive no additional return above the Contingent Coupons already received and, given the limited recourse nature of the Loan, you can walk away from your investment without any further obligations to the Loan Provider. See Section 9 of the Product Disclosure Statement for details.
Download Historical Unit Prices
Distribution
| As at 31 Jan 2012 | ||
| Fund | (cents/unit) | % |
How To Invest
You can invest directly in the Navra Asia Pacific Growth Fund by reading the Product Disclosure Statement (PDS), completing the application form and sending this into us.
Please select the PDS (Product Disclosure Statement) tab above.
If an electronic copy of the PDS is being printed, all pages including the application forms must be printed. If a PDS is being made available to another person, it must be provided with the entire electronic file or printout, including the application form. An original copy of a PDS (and any supplementary documents) can also be obtained, free of charge, by calling us on 1300 656 131 or by contacting your financial adviser.
Product Disclosure Statement & Product Notice
Navra Asia Pacific Growth Fund
Product Notice
| Series 1 | Series 2 |
Net Interest Payment - 23 May 2011 Reduction of fee and interest payment for 2011 Updated annual loan reset date - 7 June 2010 | Net Interest Payment - 30 Jun 2011 Reduction of Fee and Interest Payment for 2011 PDS Update - 2 Jul 2010 |
Product Disclosure Statement
| Series 1 | Series 2 |
| PDS not available for download as offer closed | PDS not available for download as offer closed |
S & P Research
Click here to see the S & P research document.
Fees/Costs
The following sections show fees and costs that you may be charged. These fees and costs may be deducted from your money, from the returns on your investment or from the Fund's assets as a whole. For information on taxation, please refer to Section 10 "Taxation" of the PDS.You should read all the information about fees and costs because it is important to understand their impact on your investment.
| Type of Fee or Cost | Amount | How and when paid |
| Fees when your money moves in or out of the Funds | ||
| Establishment fee - The fee to open your investment. | Nil | There is no establishment fee payable when you invest in the Fund. |
| Contribution fee (1) - The fee on each amount contributed to your investment. | Nil | Not applicable. |
| Withdrawal fee - The fee on each amount you take out of your investment. [It may also be referred to as an Exit fee]. | Nil | Not applicable. |
| Termination Fee - The fee to close your investment. | Nil | There is no withdrawal fee payable when you close your investment in the Fund. |
| Management Costs (2) | ||
| The fees and costs for managing the investment. These are comprised of: | ||
| Management Fee | 1.56% per annum | This is calculated and deducted from the Underlying Investment Strategy Value daily. This fee is paid to the Index Sponsor and represents the cost of applying the Underlying Investment Strategy. This fee is not negotiable. |
| Performance Costs | 5.0% of the amount by which the Achieved Growth exceeds the Maximum Coupon Amount (calculated in accordance with the formula on page 7 of PDS) | This is deducted from the Underlying Investment Strategy Value and is determined each year on the Coupon Calculation Date. This fee is paid to the Index Sponsor as a performance incentive for the structuring and maintenance of the Underlying Investment Strategy. This fee is not negotiable. |
| Additional Service Fees | ||
| Investment Switching fee - The fee for changing investment options. | Nil | Not applicable. |
| (1) An additional fee will apply on the amount borrowed for investment in the Fund. Please refer to "Loan Administration Fee" below in the “Additional Explanation of Fees and Costs” section for more information. | ||
| (2) Fees and expenses are inclusive of GST less an estimate for RITCs. | ||