Download BT Smaller Companies Fund

Fund Overview
BT Smaller
Companies Fund
Fact Sheet
March 2017
Product Name
APIR
Inception Date
Fund Status
Distribution Frequency
Fund Size
BT Investment Funds
RFA0012AU
August 1987
Open
Half Yearly
$205.08 million
ICR (Management Fee)
1.78%
Asset Class
Recommended Investment Timeframe
Risk Category
Australian Shares
5 years +
Aggressive
As at 30/06/2016
Latest unit prices (entry/exit) information is available at bt.com.au
Fund Management
The Fund is managed by BT Investment Management (Institutional) Limited.
Investment Objective
The Fund aims to provide a return (before fees, costs and taxes) that exceeds the
S&P/ASX Small Ordinaries Accumulation Index over the medium to long term.
Investment Strategy
The Fund is actively managed and invests in companies outside the top 100 listed on
the Australian Securities Exchange and their equivalent on the New Zealand Stock
Exchange that we believe are trading below their assessed valuation, and which we
expect to grow their profits quickly.
Investment Performance
Growth of $10,000 invested
Since inception (net of ongoing fees)
Value ($)
200,000
150,000
100,000
50,000
0
198
7
199
0
199
3
199
6
199
9
200
2
200
5
200
8
201
1
201
4
Month Ended
BT Smaller Companies Fund
Performance (%)
(as at 31/03/2017)
Income Return
3
months
1 year
(pa)
3 years
(pa)
Benchmark
5 years
Since
(pa)
Incep.(pa)
0.00
9.50
11.27
8.49
Growth Return
0.32
-0.37
-3.99
0.40
8.96
2.13
Total Return
0.32
9.12
7.28
8.89
11.08
Benchmark Return
1.46
13.67
6.44
2.28
3.94
Performance returns are calculated net of ICR (Management Fees) and pre tax.
Past performance is not a reliable indicator of future performance, the value of your investment
can go up and down. Performance figures are calculated in accordance with the Financial
Services Council (FSC) standards. Total returns are calculated to the last day of each month
(unless otherwise indicated) using exit prices and assuming reinvestment of distributions (which
may include net realised capital gains from the sale of fund assets). No allowance is made for
tax paid as an investor, other than withholding tax on foreign investments (if any).
Top Holdings
Asset Allocation
Holdings (as at 31/03/2017)
Burson Group Limited
Mantra Group Limited
Technology One Limited
Super Retail Group Limited
Trade Me Group Limited
4.3%
3.5%
2.7%
2.3%
2.3%
Greencross Limited
AP Eagers Limited
Eclipx Group Limited
Cover More Group Limited
Mainfreight Limited (NZ)
Strategic Asset Allocation
Australian shares
New Zealand shares
Cash and other
2.2%
2.1%
2.1%
2.0%
2.0%
Ranges
80-100
0-10
0-20
By Sector Allocation (as at 31/03/2017)
12.4%
Materials
7.2%
Industrials
36.9%
Consumer Discretionary
8.3%
Consumer Staples
5.9%
Health Care
3.6%
Information Technology
17.3%
Financials ex Property Trusts
1.8%
Property Trusts
6.6%
Cash & other
0%
5%
10%
15%
20%
25%
30%
35%
40%
The market exposure (asset allocation) and holdings of the fund may change significantly each day.
Progress of the Portfolio
Investment
The portfolio underperformed the benchmark over the March quarter. Fund performance was
driven up by strong returns from Bega Cheese and Costa Group but offset by a weak quarter
for Collins Food and Aconex. The stark divergence within small caps in recent years, with
growth stocks surging and leaving the rest of the market in their wake, has left some
companies looking like decent value. When coupled with the possibility of a corporate
turnaround, this is providing acquisition opportunities, which have largely taken over from
IPO pipeline as the main source of corporate action in the market. The S&P/ASX Small
Ordinaries posted a decent 1.46% gain in Q1, although a relatively poor performance from
small resource stocks and relatively strong performance from the large banks saw the small
cap index lag the 5.06% return for the S&P/ASX 100. The small cap sector still offers pockets
of decent growth in areas such as agriculture, outdoor media advertising and specialised
insurance, among others.
Other Features
Make an initial investment of $5,000 or $2,000 if you set up a Regular Investment Plan. No
minimum investment required per Fund.
To invest with BT, ensure you have read the relevant Product Disclosure Statement (PDS) for this
fund and then complete a BT Online Application Form. Alternatively, you can request a PDS and
application form from our website or call BT Customer Relations.
BT Margin Lending will loan against this Fund via a BT Margin Loan. The Loan to Value Ratio
(LVR) for this Fund is 65%. Lending ratios are subject to change without notice.
BT Funds Management Limited ABN 63 002 916 458, AFSL 233724, BT Funds Management No. 2 Limited ABN 22 000 727 659, AFSL 233720 and Westpac
Financial Services Limited ABN 20 000 241 127, AFSL 233716 are the Responsible Entities of the BT Investment Funds Product Disclosure Statement (PDS). BT
Funds Management No. 2 Limited ABN 22 000 727 659, AFSL 233720 is the issuer of units in, the BT Smaller Companies Fund (the Fund). A PDS and Financial
Services Guide (FSG) is available for the Fund and can be obtained by calling BT Customer Relations on 132 135, or visiting www.bt.com.au. You should obtain
and consider the PDS before deciding whether to acquire, continue to hold or dispose of units in the Fund. The information in this flyer is factual only. It does not
constitute financial product advice. Before acting on this information you should seek independent financial and taxation advice to determine its appropriateness to
your objectives, financial situation and needs. This flyer provides an overview or summary only and it should not be considered a comprehensive statement on any
matter or relied upon as such.
Any investment in the Fund is not an investment in, deposit with or any other liability of Westpac Banking Corporation ABN 33 007 457 141 (the Bank) or any other
company in the Westpac Group. It is subject to investment risk, including possible delays in repayment of withdrawal proceeds and loss of income and principal
invested. Neither the Bank nor any other company in the Westpac Group has issued, stands behind or otherwise guarantees the capital value or investment
performance of the Fund.