Concord Australian Equity Fund
The Fund is managed by Concord Capital Limited ("Concord"), an independent firm that specialises in managing Australian equity portfolios. Concord was established in June 2000 and currently manages over $3.2 billion* for a range of institutional clients, including superannuation funds and corporations. Concord is wholly owned by its key investment personnel, which helps create a strong alignment between business and client success. Prior to the relationship with Macquarie, Concord was only accessible to institutional clients.
Fund materials
Process
Concord is an active, 'bottom-up' growth manager. Stocks are selected from the universe of companies listed on the Australian Stock Exchange. Concord aims to identify superior businesses which typically exhibit the following characteristics:
- high return on capital employed and shareholders' equity
- strong balance sheet
- below average price/earnings ratio
- a strong industry outlook with appropriate strategic positioning by the company
- an established business model with identifiable competitive advantage and growth opportunities
- proven and reliable management
Whilst Concord's analysts adhere to a broad philosophical framework, they have the flexibility to apply their own methodology and financial models to come up with the best stock ideas within their sectors of responsibility. Team members construct their own portfolios based on the best ideas across the firm, which are then combined to form an aggregate portfolio of generally 25 to 40 stocks. Since each company is selected on individual merit alone, the structure of the portfolio will differ substantially from the composition of the benchmark index.
Benefits
- Invests in quality companies with good track records, an identifiable competitive advantage and strong growth prospects.
- Concentrated portfolio of 25 to 40 stocks.
- Multiple portfolio manager approach, which adds diversification and reduces the dependency on a single key person.
- A deliberate disregard for benchmark indices in portfolio construction.
- Highly experienced and stable investment team who own the business.
- Highly successful, institutional quality manager
- Concord's investment process has been highly rated by van Eyk Research†.
Key features
Fund name |
Concord Australian Equity Fund |
APIR code |
MAQ0424AU |
Responsible entity |
Macquarie Investment Management Limited |
Investment manager |
Concord Capital Limited |
Investment objective |
To seek achieve a long-term (at least three to five years) total return before fees and expenses that exceeds the S&P/ASX 200 Accumulation Index |
Investment approach |
Concord is an active, 'bottom-up' growth manager |
Asset allocation |
Australian shares: 95% to 100%
Cash: 0% to 5% |
Inception date |
31 October 2005 |
Benchmark |
S&P/ASX 200 Accumulation Index in $A dollars with net dividends reinvested |
No. of stocks |
Generally 25 - 40 |
Portfolio turnover |
Approximately 40% per year |
MER |
1.08% p.a. (inclusive of the net effect of GST) |
Buy/sell spread |
0.25%/0.25% |
Entry fee |
Nil |
Exit fee |
Nil |
Suggested minimum investment timeframe |
At least 5-7 years |
Minimum investment |
Indirect investors: refer to the operator of your service
Direct investors: minimum initial investment $50,000
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Distributions |
Paid annually as at 31 December and 30 June |
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Resources
Below is a list of downloadable resources. Please click to view.
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* 30 September 2008. Source: Concord Capital Limited
Investments in the Concord Australian Equity Fund ARSN 116 355 465 ("Fund") are offered by Macquarie Investment Management Limited ABN 66 002 867 003 ("MIML").
† van Eyk Research Limited (ABN 99 010 664 632 AFSL 237917) (van Eyk) rates investment management capabilities rather than individual products. Ratings can change or cease at any time without notice and should not be relied upon without referring to the meaning of the rating as well as the full manager report available at www.iRate.vaneyk.com.au.
van Eyk has not directed the publication of Concord's rating. The rating is not intended to influence you and your client's decision in relation to any products managed by Concord and does not take into account your client's individual financial situation, needs or objectives. We recommend that you and your client obtain the current product disclosure statement from the fund manager before making any investment decision. Rating current as at October 2006.
This information is general advice only and has been prepared without taking into account the individual objectives, financial situation or needs of any particular investor. Before making a decision to invest in the Fund on the basis of this information, investors should read the Fund's product disclosure statement ("PDS") and consider, with or without their financial adviser, whether it fits their objectives, financial situation and needs. Applications for units in the Fund can only be made on an application form contained in the current PDS.
Investments in the Fund are not deposits with or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 or any Macquarie Group company and are subject to investment risk, including possible delays in repayment and loss of income or principal invested. None of Macquarie Bank Limited, MIML or any other Macquarie Group company guarantees the performance of the Fund or the repayment of capital from the Fund or any particular rate of return.
Any financial product advice provided by us is free of charge. MIML may receive remuneration for distributing financial products issued by other Macquarie Group companies.
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