Macquarie Significant Investor Visa Funds

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1 Macquarie Significant Investor Visa Funds Managed funds frequently asked questions For licensed financial advisers and licensed migration agents only only What does an investment in a managed fund entitle me to? When investing in a managed fund, you are subscribing for units in that fund. Owning units in a fund entitles you to a portion of the income and growth generated by the assets within the fund, based on the number of units you own as a percentage of the total units on issue. Australian Managed funds may be either registered under the Corporations Act or unregistered. Registered managed funds are regulated by the Australian Securities and Investments Commission (ASIC). What is a fund Net Asset Value (NAV)? The assets within a managed fund are valued and the total value of the fund is then divided by the number of units on issue to give a unit price, or fund Net Asset Value (NAV). For example, assume you own 1m units in a managed fund consisting of 100m total units. The value of the fund is $200m which means the Net Asset Value per unit is $2.00 ($200m / 100m), bringing the net asset value of your 1m units to $2m (1m x $2.00). What are managed fund distributions? Holding units in a managed fund entitles you to any income derived from the assets within that fund. Managed funds generally distribute income on a periodic basis (either monthly, quarterly, semi-annually or annually). What is managed fund liquidity? Liquidity refers to how often you can invest or withdraw money from a managed fund. An investment in a managed fund is referred to as a subscription and a withdrawal is referred to as a redemption. For example, if a fund has monthly liquidity, this means you can generally invest or withdraw money once per month. Daily liquidity means you can generally invest or withdraw money on any business day. 1

2 What is gating? From time to time a managed fund may not be able to sell assets quickly enough to meet the total value of withdrawals. If this occurs the fund may become gated which means that there may be a delay in receiving your funds after you submit a request to withdraw money. When considering the risk of gating, you should consider how quickly the assets the fund invests in may be sold in distressed and/or volatile markets. How are fees charged for a managed fund investment? Some managed funds may charge a fee upon initial investment. This may be a flat dollar fee or expressed as a percentage of the amount of money invested. This is often referred to as an establishment fee. Most managed funds will charge an ongoing management fee to cover the expenses incurred from management of a managed fund. This will generally be deducted from assets and/or income of the fund and will be charged as a percentage of the value of the assets within the fund. Note a management fee will generally be charged even when the income generated within the fund is negative. Some managed funds may charge a performance fee in addition to the flat management fee. This will only be charged if certain performance targets are hit. Often managed funds will have a buy/sell spread associated with investments in, and withdrawals from, the fund. For example, if a fund has a buy/sell spread of 0.15 per cent and the fund NAV is $1.00, a purchase of one fund unit will cost you $ and for sale of a unit you will receive $ The buy/sell spread is retained by the fund and is not paid to the fund manager. The purpose of the buy/sell spread is to ensure that existing investors are not disadvantaged by applications and withdrawals from the Fund, which themselves may cause the Fund to incur certain expenses, such as brokerage on share purchases and sales. Some funds may also charge a redemption fee when you withdraw your money from the fund. This will generally be either a flat dollar fee or a percentage of the value of the units you redeem. What are the most commonly quoted interest rates in Australia? The Reserve Bank of Australia (RBA) Overnight Cash Rate is the interest rate on unsecured overnight loans between banks. For example, as at 8 August 2013 the RBA Overnight Cash Rate was 2.50% pa. This means that if Bank A has an unsecured cash debt to Bank B of $20m for one night they will pay interest of $1, for that day ($20m x 2.50 per cent x 1 / 365). The Bank Bill Swap (BBSW) Reference Rate is the wholesale interbank rate within Australia and is published by the Australian Financial Markets Association (AFMA). It is widely used as the benchmark interest rate for financial instruments. 14 panellists generally contribute rates, with the top four and lowest four removed and the published rate being the average of the six remaining rates. BBSW is quoted for one, two, three, four, five and six month terms. What is portfolio diversification? Portfolio diversification refers to having a range of different investment assets so you aren t overexposed to a single asset, counterparty or single industry sector. Please note that the below examples exclude the effect of fees which will operate to reduce the return on your investment, the time value of money and taxation considerations. For example, if you have $1m of money to invest and you place it all in the Australian sharemarket and the sharemarket falls by 20 per cent, you will lose 20 per cent of your investment. If, however, the market increases by 20 per cent you will gain 20 per cent on your investment. If the sharemarket is flat throughout the term your end investment value will be equal to your starting investment. Conversely, if you have 100 per cent of your money invested in a one year bond yielding 3% pa, you will have a set return of $30,000 at the end of one year (note the bond analysis assumes the bond issuer does not default on their obligation). Below is a table showing the outcome of three possible scenarios assuming bond yields are 3% pa and assuming the share market falls by 20 per cent, stays flat and increases by 20 per cent. 2

3 Scenario 1: $1m sharemarket investment Scenario End investment ($) Portfolio return Sharemarket decreases by 20% $800,000-20% Sharemarket is flat $1,000,000 0% Sharemarket increases by 20% $1,200,000 20% Scenario 2: $1m bond investment Bond yield End investment ($) Portfolio return 3% pa $1,030,000 3% Scenario 3: $500k sharemarket investment and $500k bond investment Scenario Bond yield End investment ($) Portfolio return Sharemarket decreases by 20% 3% $915, % Sharemarket is flat 3% $1,015, % Sharemarket increases by 20% 3% $1,115, % Before making any investment decision, it is also important that you consider any fees that you will incur/need to pay in connection with any investment you make, as these will affect the return you can realise on an investment, and therefore your ability to generate a positive return on your investment. 3

4 More information If you have any further questions or would like more information regarding these and other solutions please contact Macquarie Specialist Investments macquarie.com.au/sivfunds 4

5 * Ignores the effect of fees and other costs that might be incurred in connection with the investment. These examples also exclude the effect of any taxation considerations, and ignore the time value of money. Important Information. This information is current as at 16 August 213 and is provided by Macquarie Financial Products Management Limited ABN AFSL (MFPML). This information is confidential and is provided to holders of an Australian Financial Services Licence and licensed migration agents for information purposes only. It must not be reproduced, distributed or disclosed to any other persons. In no circumstances is this information to be used by, or presented to, a retail client for the purposes of making a decision to invest in a financial product. This information is general advice and does not take account of any potential investor s objectives, financial situation or needs. Before acting on this general advice potential investors should therefore consider the appropriateness of this information having regard to their objectives, financial situation or needs. No members of the Macquarie Group give tax advice. Any tax information in this document is based on current laws and anticipated legislation at the time of writing. Those laws and the level of taxation may change. The application of taxation laws to each investor depends on that investor s individual circumstances. Accordingly, investors should seek independent professional advice on taxation implications before making any investment decisions. MFPML or its associates, officers or employees may have interests in the financial products referred to in this information by acting in various roles including as investment adviser, broker or lender. MFPML or its associates may receive fees, brokerage or commissions for acting in these capacities. In addition, MFPML or its associates, officers or employees may buy or sell the financial products as principal or agent. Investors may contact MFPML on An investment in any Macquarie Significant Investor Visa Fund is not a deposit with, or liability of, Macquarie Bank Limited or any other Macquarie Group company, and is subject to investment risk, including possible delays in repayment and loss of income and capital invested. Neither Macquarie Bank nor any other member of the Macquarie Group guarantees any particular rate of return or the performance of any Macquarie Significant Investor Visa Fund, nor do they guarantee the repayment of capital from any Macquarie Significant Investor Visa Fund. A reference to the Macquarie Group in this information shall be a reference to Macquarie Group Limited ABN and its related bodies corporate. 5

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