Orca Global Fund

To provide investors with attractive risk-adjusted returns over the long term by investing in a fund of high quality global listed equities.

Global fund menu

NUMBER OF STOCKS

20-40

MAXIMUM CASH PERCENTAGE

10%

HEDGED OR UNHEDGED

Unhedged

BENCHMARK

MSCI World Index

RISK

90% beta

DISTRIBUTION FREQUENCY

Bi-annually

UNIT PRICE

$1.8800 (As at 23/09/2021)

MINIMUM INITIAL INVESTMENT AMOUNT

$5,000

BUY/SELL SPREAD

0.20/0.20%

MANAGEMENT FEE INC. GST

1.37% (of the net asset value of the Fund)

PERFORMANCE FEE

Yes (see PDS for details)

Targeting consistent distributions

Although income from the Fund’s portfolio of securities will fluctuate, it is intended that the Fund will provide a steady cash flow, targeting a cash distribution of 4% per annum based on the NAV at or around the beginning of the relevant distribution period, paid semi-annually.

Meet the managers

Ted Alexander

Portfolio Manager & Head of Investments

Kunal Valia

Portfolio Manager

Jumana Nahhas

Assistant Portfolio Manager

Fund strategy

Investment criteria

The Investment Manager will initially target a concentrated portfolio of 20-40 global listed securities, each with a minimum market capitalisation of $5 billion ― which are considered to be undervalued and exhibit some, or all of the following characteristics:

Quality Management
Good Corporate Governance Standards
Sound Business Model
Solid Financial Position
Sufficient Growth to Justify a Future Premium Over the Current Price

Market reach

The fund will be overweight countries and sectors which the Investment team believes offer greater potential for higher risk-adjusted returns.

There will be no region or sector restrictions.

Investments will be selected on a basis of providing excess return to investors compared to risk ― taking into account the effect of correlation with the remainder of the fund. The risk and return of the entire fund is taken into account when selecting individual investments.

Fund construction

The Investment Manager will target the following fund construction parameters, represented as a proportion of the gross value of the Fund (where applicable):

20-40securities
0-10%cash

At time of purchase, or addition to holdings, there will be a maximum weighting of 15 per cent in any security.

Risk management

The Investment team will actively manage the risk profile of the Fund to provide unitholders with an appropriate level of downside protection and upside gain as broader investor sentiment in the market fluctuates.

It is not presently intended that the Fund will hedge against currency risk ― and as such the performance of the Fund will be impacted by currency fluctuations.

The Investment Manager will target stocks that satisfy our rigorous standards of corporate governance, liquidity, risk management, and valuation. It is not presently intended that the Fund will invest in or use derivatives or gearing.

Fund top 10 holdings

As at 31 August 2021

NAME SECTOR
Alphabet Inc Communication Services
Aon PLC Financials
Apple Inc Information Technology
Dollar General Corp Consumer Discretionary
Merck & Co Inc Health Care
Microsoft Corp Information Technology
Novartis AG Health Care
Orsted AS Utilities
Royal Bank of Canada Financials
Unilever PLC Consumer Staples

Performance

As at 31 August 2021

  1 MONTH 3 MONTHS 6 MONTHS 1 YEAR P.A. 2 YEARS P.A. 3 YEARS P.A. INCEPTION P.A.
Orca Global Fund 2.1% 13.7% 24.8% 26.2% 13.3% 13.1% 15.0%
MSCI World Index (AUD) 3.0% 12.1% 22.7% 31.2% 18.1% 14.3% 15.9%
Excess Return -0.8% 1.7% 2.1% -5.0% -4.8% -1.2% -0.8%

Notes:

  1. All returns beyond one year are annualised. Inception date 6 July 2018.
  2. On 22 June 2018 unitholders voted to convert EMF from an emerging markets fund-of-funds fund to a direct equity global share fund. Effective inception date used for performance purposes is 6 July 2018.
  3. All returns are total returns, inclusive of reinvested distributions and net of fees and costs using net asset value per unit from inception to, and including, 31 January 2021 and exit unit price from this date.
  4. Index net total returns are sourced from Bloomberg.
  5. Past performance is not indicative of future performance.

Unit price

DATE
NAV UNIT PRICE
ENTRY UNIT PRICE
EXIT UNIT PRICE
23/09/2021 $1.8800 $1.8838 $1.8762
22/09/2021 $1.8791 $1.8829 $1.8753
21/09/2021 $1.8759 $1.8797 $1.8721
20/09/2021 $1.8612 $1.8649 $1.8575
17/09/2021 $1.8742 $1.8779 $1.8705
16/09/2021 $1.8929 $1.8967 $1.8891
15/09/2021 $1.8811 $1.8849 $1.8773
14/09/2021 $1.8810 $1.8848 $1.8772
13/09/2021 $1.8751 $1.8789 $1.8713
10/09/2021 $1.8675 $1.8712 $1.8638
09/09/2021 $1.8777 $1.8815 $1.8739
08/09/2021 $1.8897 $1.8935 $1.8859
07/09/2021 $1.8944 $1.8982 $1.8906
06/09/2021 $1.8913 $1.8951 $1.8875
03/09/2021 $1.8857 $1.8895 $1.8819
02/09/2021 $1.8985 $1.9023 $1.8947
01/09/2021 $1.9060 $1.9098 $1.9022
31/08/2021 $1.9198 $1.9236 $1.9160
30/08/2021 $1.9267 $1.9306 $1.9228
27/08/2021 $1.9195 $1.9233 $1.9157

*Cum-distribution unit price

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Distributions

Target distribution yield for the Fund is 4% p.a.

RECORD DATE PAYMENT DATE DISTRIBUTION PER UNIT
30 Jun 2021 27 Jul 2021 3.20 cents
31 Dec 2020 25 Jan 2021 3.08 cents
30 Jun 2020 31 Jul 2020 12.52 cents
31 Dec 2019 3 Feb 2020 3.25 cents
28 Jun 2019 2 Aug 2019 8.6 cents
31 Dec 2018 4 Feb 2019 3.0 cents

Platform footprint

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Xplore
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Fees

Management fee

Currently, the maximum aggregate amount that will be charged to the Fund to cover the Responsible Entity’s fee, the Investment Manager’s fee and ordinary ongoing expenses incurred in the connection with the administration and operation of the Fund such as custodian fees, administration and audit fees, and other ordinary expenses of operating the Fund (but not including transaction costs, performance fees or extraordinary expenses) will be not more than 1.37%, including GST, of the net asset value of the Fund.

 

The Investment Manager of the Fund may be entitled to a performance fee, payable out of the assets of the Fund. Performance fees are calculated with reference to the index return hurdle and the absolute return hurdle, and are subject to a high water mark requirement and an overall cap. The daily net asset value (NAV) per unit includes an accrual for an estimate of the performance fee that would be payable if it were the end of the relevant calculation period. The return (expressed as a percentage) of the MSCI World net total return index (measured in US dollars and converted to Australian dollars) over the calculation period. The applicable absolute return hurdle is the published 10-year US Government Bond yield as at the first business day of the calculation period, pro-rated for the number of days in the calculation period.

 

Please refer to the Fund’s PDS for further information

How to invest - OGF

2. Complete

Apply online

If you are a new or existing investor wanting to apply online, start your application here. You will be guided through the documents and information required to complete your application.

Note: Online application forms submitted to Boardroom Registry after 2pm will not be processed until the following business day.

Fill in paper form

If you are a new investor, please complete the initial application form and required identification form.

If you are an existing investor, please complete the additional investments form.

3. Send

Please mail your Application Form, Identification Form and certified copies of your required identification to:

Boardroom Pty Limited
GPO Box 3993
Sydney NSW 2001

Or email: [email protected]

If you have an adviser, they may be able to assist you. If you are an existing investor, your adviser will require your Boardroom Registry number (which can be found on your latest distribution or holding statement) and postcode to lodge an application on your behalf.

The fund is available on various platforms and the full list can be viewed here.

If you would like to submit a request for a platform to be added, please contact:

Peter Folkes – Head of Distribution
[email protected]funds.com.au
02 9432 3016