Subscriptions are accepted on the 24th of each month.
To register for our issue of Kauri Toru Units, please click here.
Summary of Kauri Toru Units
Subscription to Kauri Toru Units offers investors an enhanced diversification to debt and equity portfolios.
By providing attractive returns in both bear and bull markets Kauri Toru Units are designed to increase client portfolio returns and reduce volatility.
The Unit Trust vehicle makes them attractive from a tax perspective as they are treated like an international share portfolio.
The wide diversification of managers and investment strategies is the means by which risk is managed.
They can be bought and sold each month.
Investor Security and Risk Management
A Unit Trust entity with a statutory trustee Perpetual Trust acting on behalf of investors protects the management of all investor funds.
The Manager of funds allocation is Permal Group. This has a successful 30 year track record of preserving principal and generating attractive returns over the medium term.
Permal selects, allocates, and monitors the investment activities of over 150 managers within the Units, each of whom receives a small percentage of the funds.
Permal has successfully invested with the large majority of these 150 managers for over 10 years.
Interested? Phone us on 0800 668 889 or download our Investment Statement and Application Form:
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July 2010
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Underlying Fund Performance
Permal Macro Holdings
Macro was up 0.9%% for the month.
Permal Fixed Income Holdings
Fixed Income was up 0.9% for the month.
Permal Investment Holdings
Investment Holdings was up 2.2% for the month
Investment Highlights
Capital Appreciation Objective
Kauri Toru Unit holder's returns are expected to be generated through the accumulation of capital appreciation represented in the monthly Net Asset Value of the Units.
Investment Manager with over 30 years successful Track Record
Permal Investment Management Services Limited ("Permal"), a member of the Permal Group, serves as the Investment Manager of the three Permal Funds into which Kauri Toru Units are invested. Permal is a subsidiary of Legg Mason's Wealth Management Division. It has over 33 years of experience in multi-manager investment and as at August 2008 had approximately US $35 billion of funds under management. Legg Mason is a global funds management firm with approximately US $1 trillion of funds under management around the world.
Kauri Toru Units Permal Fund Investments
Kauri Toru Units subscriptions are invested in Permal Shares issued by three Permal Funds: Permal Macro Holdings Fund (44.35%), Permal Fixed Income Holdings N.V. (45.97%) and Permal Investment Holdings N.V. (9.69%). Between the three Permal Funds there is over US $25 billion invested by subscribers.
Macro Holdings
The US $5.3 billion Permal Macro Holdings invests with 45 managers using four different investment strategies across many different asset classes. Macro Holdings has been operating successfully since 1995, has been selected for its long history of delivering real returns to investors in all market conditions, for its resilience to past market shocks and for the liquidity of the instruments in which its managers invest. Macro Holdings has a Standard & Poor's AA rating. The Standard & Poor's rating signifies "The Fund demonstrates very high standards of quality in its sector based upon its investment process and managements consistency of performance as compared to funds with similar objectives" (Standard & Poor's website - www.standardandpoors.com).
Fixed Income
The US $4.1 billion Permal Fixed Income Holdings invests with 50 managers using six different investment strategies across many different debt and related asset classes. Fixed Income Holdings has been operating successfully since 1996; it has been selected for its diversified fixed income portfolio with both credit spread and non-credit spread strategies. The fund delivers real returns to investors in all market conditions which are non-correlated with equity markets. Fixed Income Holdings also has a Standard & Poor's AA rating.
Investment Holdings
The US $2.5 billion Permal Investment Holdings invests with 85 widely diversified managers using eight different investment growth strategies across many different geographies and asset classes. Investment Holdings has been operating successfully since 1992; it has been selected for its attractive long term returns with low volatility.
Investment Holdings has a Standard & Poor's AAA rating. The Standard & Poor's rating signifies "The Fund demonstrates the highest standards of quality in its sector based upon its investment process and managements consistency of performance as compared to funds with similar objectives" (Standard & Poor's website - www.standardandpoors.com).
Further information about the Permal group and the Permal Funds can be found at www.permal.com. The NAV of each Permal Fund share can be found at the Irish Stock Exchange at www.ise.ie.
Audited Financial Statements for the Funds are filed with the Irish Stock Exchange from where they are available.
Subscriptions and Redemptions
Kauri Toru Units are subscribed for at NAV on the 24th of each month. Kauri Toru Units are redeemed on a monthly basis with 3 months notice without charge. Notification on the 5th day of the month results in a redemption in the third subsequent month end at NAV and disbursement to the Unit holder as soon as funds are received.
Currency Hedging
Kauri Toru Units returns are hedged into New Zealand dollars.
Fees
Upfront fee 1.3%. Of this brokerage of 1.05% is paid to BNZ Private Bank (after the first $19 million in subscriptions) and other approved financial Intermediaries. A Management fee of 0.5% p.a. up to NZ $20 million and 0.375% p.a. thereafter.
Kauri Toru Units Manager Savings & Investments Limited
Biographies of Key Personnel
Denis Kirkcaldie, Director
13 years Chief Manager responsible for National Bank Private Banking, 16 years Senior Management roles Lloyds Bank Plc Group.
Don Cowie, Consultant
5 years Strategy Manager National Bank of New Zealand, 7 years Joint Managing Director Southpac Corp.
Maurizio Piglia, Director
10 years Manager International Equities Trading Desk of Italian bank, Co-founder of London FSA regulated hedge fund, Manager US Equities Swiss Private Bank hedge fund.
Scott Masters, Director
7 years in various Management roles with Trust Bank, Westpac Banking Corporation and AGC Finance.
Milenko Boric, Director
Chairman and Director of a number of private companies.
| Disclaimer: This website provides information only and does not purport to give investment advice. While this website has been prepared by Savings & Investments Limited with all reasonable care, Savings & Investments accepts no responsibility or liability for any errors and omissions. |
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