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The fund charges for each fund are set out in the table below.

Fund Annual fee* Other costs (estimate)* Total estimated annual fund charges*
Conservative Fund 0.70% 0.03% 0.73%
Balanced Fund 0.80% 0.08% 0.88%
Growth Fund 0.90% 0.13% 1.03%

* Percentage of net asset value per annum.

We don’t currently charge performance-based fees.

What the annual fund charges cover:

  • The Supervisor’s services
  • Administration services
  • Investment management services
  • Registry and custody costs
  • Audit fees
  • Legal fees
  • Marketing and communications
  • Printing and postage

Other costs and expenses

The other costs are an estimate of third-party charges relating to other funds that the Funds invest in. Where we invest in other third-party funds, those underlying funds charge fees and expenses and may charge performance fees.

The annual fund charges do not include trading expenses (these are the actual costs incurred in the buying and selling of assets in a Fund, such as brokerage). These are a separate cost for each Fund in addition to the annual fund charges.

Please refer to the Product Disclosure Statement for more information on fees.

Variable Buy/Sell Spreads

Investors are charged a variable buy/sell spread to reflect the cost of buying and selling underlying investments held by a fund when making an investment or withdrawal (including for switching and rebalancing).

The Buy/Sell spread is intended to ensure that any transaction costs arising are met by those investors making the transactions and not by other investors in that fund who aren’t transacting. We don’t receive any benefit from it.

The spreads are currently:

Fund Buy spread
(Percentage of each contribution added to the unit value when you apply for units in a Fund and paid to the Fund)
Sell spread
(Percentage of each withdrawal deducted from the unit value when you redeem units in a Fund and paid to the Fund)
Conservative Fund 0.1569% 0.1564%
Balanced Fund 0.1331% 0.1294%
Growth Fund 0.1152% 0.1092%

The buy/sell spread is variable in that investors will pay a lower buy/sell spread than listed above if there are both investments into and withdrawals out of a fund taking effect on the same pricing valuation day. This is because the fund does not need to buy or sell underlying investments to the extent that there is a netting of investments and withdrawals.

We review the buy/sell spreads periodically and can change them without notice.

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