An actively managed, research driven and competitively priced portfolio of 70-90 of the world's best businesses. The fund leverages Magellan's DNA, that is Magellan's proprietary definition of quality, investment process and investment team.
NOTICE OF INTENTION TO TERMINATE MAGELLAN CORE GLOBAL FUND (MANAGED FUND)
The Board of Magellan Asset Management Limited (‘Magellan’), the responsible entity of the Magellan Core Global Fund (Managed Fund) ARSN 645 514 110 (‘Fund’), announces that it has decided that it is in the best interests of unitholders to terminate the Fund (‘Termination’).
The Fund is being terminated pursuant to the Responsible Entity’s power under the Fund’s constitution (‘Constitution’) and pursuant to section 601NA of the Corporations Act. The effective date of the Termination will be Wednesday, 20 November 2024 (‘Termination Date’).
As a result of the Termination, trading of the Fund’s units on the Cboe securities exchange has been suspended with immediate effect. Additionally, direct applications into, and redemptions from, the Fund have also ceased, effective today. Subject to formal approval from Cboe Australia, it is expected that the Fund will be removed from quotation on the Termination Date.
The Fund’s primary investment objective is to achieve attractive risk-adjusted returns over the medium to long term through investment in a diversified portfolio of high quality companies.
Fund Overview
The portfolio is constructed using Magellan’s DNA - our long-standing proven investment process and our experienced investment team. The investment team actively researches companies to apply our proprietary definition of ‘Quality’. Identifying companies with unique attributes which enables the business to generate attractive sustainable returns over the longer-term.
The iNAV reflects the estimated NAV per Unit updated for portfolio stocks that have live market prices during the Trading Day, or where they do not have live market prices, may be updated for equivalent securities or movements in after-market trading and for foreign exchange movements. The iNAV will not be updated for market-based movements such as movements in stock market indices.
Magellan has engaged ICE Data Indices, LLC and Solactive AG as iNAV calculation agents to independently calculate and disseminate an iNAV. Both iNAVs are freely available to investors. From time to time there may be differences between the two iNAVs as a result of different calculation methodologies or timing of the data.
Management Fee
0.51% p.a.
Distribution Frequency
Semi-annually
ARSN
645 515 082
APIR Code
MGE3851AU
Buy / Sell Spread
0.10%/0.10%
(Only applicable to investors who apply for units directly with the Fund)
Benchmark
MSCI World Net Total Return Index (AUD)
Investment Risks
All investments carry risk. While it is not possible to identify every risk relevant to an investment in a fund, we have provided details of risks in the fund's Product Disclosure Statement.
Transaction costs may also apply - refer to the Product Disclosure Statement. All management costs described above are inclusive of the estimated net effect of GST.
The inception date represents the first date the Fund was offered to retail investors.
* iNAV calculations as shown on www.magellancoreseries.com.au (the "data") provided by ICE Data Indices, see ICE Terms of Use, and is updated during Cboe trading hours. Powered by Factset. iNAV is indicative and for reference purposes only. The Fund is not sponsored, endorsed, sold or marketed by ICE Data Indices, LLC, its affiliates ("ICE Data") and ICE Data or its respective third party suppliers MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE iNAV, IOPV, FUND OR ANY FUND DATA INCLUDED THEREIN. IN NO EVENT SHALL ICE DATA HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, DIRECT, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. You acknowledge that the data is provided for information only and should not be relied upon for any purpose.
Benchmark Information
Materials provided by Magellan may use or reference data sourced from third parties. The following provisions apply to certain third-party data used by Magellan.
MSCI
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
MSCI ESG
Certain information contained herein (the “Information”) is sourced from/copyright of MSCI Inc., MSCI ESG Research LLC, or their affiliates (“MSCI”), or information providers (together the “MSCI Parties”) and may have been used to calculate scores, signals, or other indicators. The Information is for internal use only and may not be reproduced or disseminated in whole or part without prior written permission. The Information may not be used for, nor does it constitute, an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product, trading strategy, or index, nor should it be taken as an indication or guarantee of any future performance. MSCI has established an information barrier between index research and certain Information. None of the Information in and of itself can be used to determine which securities to buy or sell or when to buy or sell them. The Information is provided “as is” and the user assumes the entire risk of any use it may make or permit to be made of the Information. No MSCI Party warrants or guarantees the originality, accuracy and/or completeness of the Information and each expressly disclaims all express or implied warranties. No MSCI Party shall have any liability for any errors or omissions in connection with any Information herein, or any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
Any Trademarks are trademarks of the respective owners and these trademarks may have been licensed for use by SPDJI and sublicensed for certain purposes by Magellan. Magellan’s financial products or services (“Magellan Products”) are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates or third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the index data.
S&P Dow Jones Indices, its affiliates and third party licensors make no representation or warranty, express or implied, to the owners of Magellan Products or any member of the public regarding the advisability of investing in securities generally or in Magellan Products particularly or the ability of the index supplied by SPDJI or its affiliates or third party licensors to track general market performance. S&P Dow Jones Indices' only relationship to Magellan with respect to such index is the licensing of the index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The index is determined, composed and calculated by S&P Dow Jones Indices without regard to Magellan or the Magellan Products. S&P Dow Jones Indices, its affiliates and third party licensors have no obligation to take the needs of Magellan or the owners of Magellan Products into consideration in determining, composing or calculating the index. S&P Dow Jones Indices, its affiliates and third party licensors are not responsible for and have not participated in the determination of the prices, and amount of Magellan Products or the timing of the issuance or sale of Magellan Products or in the determination or calculation of the equation by which any Magellan Product is to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices, its affiliates and third party licensors have no obligation or liability in connection with the administration, marketing or trading of Magellan Products. There is no assurance that investment products based on the index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices, its affiliates or third party licensors to buy, sell or hold such security, nor is it considered to be investment advice.
S&P DOW JONES INDICES, ITS AFFILIATES AND THIRD PARTY LICENSORS DO NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES, ITS AFFILIATES AND ALL OF THEIR THIRD PARTY LICENSORS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES, ITS AFFILIATES AND ALL OF THEIR THIRD PARTY LICENSORS MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE (INCLUDING, WITHOUT LIMITATION, COMPLIANCE WITH SHARIAH LAW) OR AS TO RESULTS TO BE OBTAINED BY MAGELLAN, OWNERS OF MAGELLAN PRODUCTS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO, SOFTWARE OR PRODUCTS CONTAINED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES, ITS AFFILIATES OR THIRD PARTY LICENSORS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND MAGELLAN, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.
A reference to a particular investment or security, a credit rating or any observation concerning a security or investment provided in the services provided by S&P Dow Jones Indices or its affiliates or third party licensors is not a recommendation to buy, sell or hold such investment or security or make any other investment decisions. Accordingly, any user of the information contained in any of the data supplied by S&P Dow Jones Indices, its affiliates or any third party licensors should not rely on any credit rating or other opinion contained therein in making any investment decision. THE DATA AND SERVICES PROVIDED BY S&P DOW JONES INDICES, ITS AFFILIATES OR THIRD PARTY LICENSORS AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND USE IS AT THE USER’S OWN RISK.
S&P, ITS AFFILIATES AND THEIR THIRD-PARTY LICENSORS SHALL NOT BE LIABLE FOR ANY CLAIMS AGAINST MAGELLAN BY THIRD PARTIES.
Ratings are only one factor to be taken into account when deciding whether to invest in a financial product. See Research house ratings disclaimers
Investment philosophy
Investment Philosophy, Magellan's DNA
Magellan’s DNA is focused on our people and our process. Our proprietary definition of quality is forward looking and focused on sustainable earnings. This is a qualitative assessment which, relies on Magellan’s experienced investment team, vs. historical quantitative metrics.
The investment team undertakes active fundamental research, to identify the unique attributes of a company that enable it to generate sustainable attractive returns over the longer-term. This process is overseen by the Investment Committee and Portfolio Managers. We regard companies with an economic moat, or sustainable competitive advantage as key to investing with a long-term horizon. Identifying businesses with strong moats (for example – brand, scale or industry structure), sensible management, the ability to invest capital at high rates of return and with discernible tailwinds, means we are positioning our portfolio towards those businesses that are most likely to succeed and thus enabling better outcomes for our investors.
Businesses protected by structural advantages in combination with the opportunity for sustainable growth at strong returns are more valuable. As such, the Magellan Core Global Fund is designed to provide investors with a diversified portfolio of high-quality companies with the opportunity to compound their earnings over time.
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Portfolio Construction
Actively constructed and systematically managed
Rigorous fundamental investment research
Systematic portfolio management
Continuous active monitoring
Magellan's investment research DNA is based on the proven ability to find the world's best businesses. This forward-looking assessment of competitive advantages, and risk mitigation is a key tenet of Magellan's long-term investment process that seeks to grow our client's portfolios over the medium to long term.
This process is predicated on building in-depth knowledge and expertise on the economics and key risk considerations of each business within our universe.
Born out of Magellan's investment research DNA, the Magellan Core Global Fund focuses on five key factors when identifying the universe and assessing businesses:
Economic moat: a proprietary view on the sustainability of a companies competitive advantages. This will include consideration of for example scale, switching costs and industry structure.
Moat trend: direction and stability of moat over time.
Business risk: predictability of earnings over the next 4 years. This will include company specific risks, industry risks, macro economic and geopolitical risks.
Agency risk: risk surrounding the deployment of cash flows generated. For example, confidence in management execution and M&A risks.
Re-investment potential: through the cycle sustainable levels of growth and returns.
Important Information: Calculations are based on exit price with distributions reinvested, after ongoing fees and expenses but excluding individual tax, member fees and entry fees (if applicable). Inception date 11 December 2020 (inclusive). Past performance is not a reliable indicator of future performance.
31 October 2024
Performance
3 Months
6 Months
1 Year
3 Years (% p.a.)
Since Inception** (% p.a.)
Magellan Core Global
1.67%
5.83%
19.54%
7.40%
10.91%
Benchmark*
2.14%
10.17%
29.22%
11.35%
14.44%
Out/Under Performance
-0.47%
-4.34%
-9.68%
-3.95%
-3.53%
* Benchmark is the MSCI World NTR Index (AUD)
** Fund inception 11 December 2020 (inclusive)
Important Information: Calculations are based on exit price with distributions reinvested, after ongoing fees and expenses but excluding individual tax, member fees and entry fees (if applicable). Inception date 11 December 2020 (inclusive). Past performance is not a reliable indicator of future performance.
Please ensure that your Tax File Number (TFN) or Australian Business Number (ABN) is provided to the Unit Registry by Record Date, otherwise tax will be withheld on income attributed to you at the top marginal tax rate plus Medicare Levy.
If you have elected to receive distributions in cash, please ensure that your bank account details are provided to the Unit Registry by Record Date, otherwise your distribution payment will be withheld until a valid bank account is provided.
To review or update your TFN/ABN and bank account details, log on to the Unit Registry’s online portal.
Last day for trading in units in the Fund and last day for applications / redemptions by the 2pm cut-off time
13 November 2024
Termination notice dispatched to unitholders in accordance with their communication preferences
13 November 2024
Effective date of the Termination of the Fund
20 November 2024
Fund is removed from quotation
After close of trading on 20 November 2024
Final distribution to be paid to investors
On or around 26 November 2024
Final tax statements dispatched to investors
By 31 December 2024
You will receive payment on or around 26 November to your nominated bank account noted on the fund’s unit registry. To update your bank account details, please contact the fund’s unit registry Automic Group.
Automic Group
T | 1300 408 792 (or +61 2 8072 1481)
F | +61 2 8072 1409
E | magellanfunds@automicgroup.com.au
A | GPO Box 2629, Sydney NSW 2001
Following the payment of the termination proceeds, investors will receive a redemption statement reflecting the value of the final payment received. Tax and periodic statements for the period from 1 July 2024 up until the termination date will be issued to you by 31 December 2024.
The costs associated with the Termination (except for the transaction costs of liquidating the Fund’s assets) will be paid by Magellan and will not be borne by the Fund.
For enquiries about your holdings, please contact the unit registry for the funds, Automic Group, at the details below :
Automic Group
T | 1300 408 792 (or +61 2 8072 1481)
F | +61 2 8072 1409
E | magellanfunds@automicgroup.com.au
A | GPO Box 2629, Sydney NSW 2001
Offering a range of funds that invest in high-quality companies for the long-term which translate into returns on capital in excess of their cost of capital for a sustained period of time.
Why Global Equities?
Unit Registry Enquiries
Automic
Automic Group provides a range of registry services including the processing of applications, redemptions and distributions as well as the maintenance of unitholder records.
Please contact Automic Group directly for assistance with your unitholdings.
Important Information: Units in the fund(s) referred to herein are issued by Magellan Asset Management Limited (ABN 31 120 593 946, AFS Licence No 304 301). Past performance is not necessarily indicative of future results and no person guarantees the future performance of the fund(s), the amount or timing of any return from the fund(s), or that the investment objectives of the fund(s) will be achieved. This material has been provided for general information purposes and must not be construed as investment advice. It does not take into account the investment objectives, financial situation or particular needs of any particular person. Investors should consider obtaining professional investment advice tailored to their specific circumstances and should obtain and read the relevant Target Market Determination ('TMD') and Product Disclosure Statement ('PDS') applicable to the fund(s) prior to making a decision about whether to acquire or continue to hold an interest in the fund(s). The TMD and PDS for the fund(s) are available on this website or can be obtained by calling 02 9235 4888. Any trademarks, logos, and service marks contained herein may be the registered and unregistered trademarks of their respective owners. Nothing contained herein should be construed as granting by implication, or otherwise, any licence or right to use any trademark displayed without the written permission of the owner. No part of this material may be reproduced or disclosed, in whole or in part, without the prior written consent of Magellan Asset Management Limited.
The Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (assigned November 2023) referred to in this document is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at https://www.zenithpartners.com.au/our-solutions/investment-research/
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Important Information
This document does not constitute an offer of units in a Magellan Fund in any jurisdiction other than Australia or New Zealand (or in jurisdictions where it is lawful to make such an offer). Applications for units in a Magellan Fund from residents outside of Australia and New Zealand may not be accepted.
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