Fund factsheet BT Property Securities Fund

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Fund factsheet BT Property Securities Fund Powered By Docstoc
					BT Property Securities   Fund Overview
                         Product Name                                              BT Investment Funds
Fund                     APIR                                                      BTA0051AU
                         Inception Date                                            February 1995
                         Fund Status                                               Open
                         Distribution Frequency                                    Quarterly
Fact Sheet               Fund Size                                                 $239.48 million
December 2009            ICR (Management Fee)                                      1.76%      As at 30/06/2009
                         Initial Fee                                               4.00%
                         Asset Class                                               Australian Property
                         Recommended Investment Timeframe                          5 years+
                         Risk Category                                             Moderate

                         Latest unit prices (entry/exit) information is available at

Fund Management          The Fund is managed by BT Investment Management Limited (BTIM).

Investment Objective     The Fund aims to provide a return (before fees, costs and taxes) that exceeds
                         the S&P/ASX 300 Property Accumulation Index over the medium to long term.

Investment Strategy      The Fund is actively managed and primarily invests in listed property-related
                         investments including listed property trusts, developers and infrastructure
                         investments, both directly and indirectly. The Fund invests primarily in Australia
                         but at times it may have some overseas exposure. Up to 15% of the Fund can
                         be invested in international listed property-related investments. Around 5% of the
                         Fund will generally also be invested in unlisted property investments.

Investment Performance
                                                               Growth of $10,000 invested
                                                           Since inception (net of ongoing fees)



                           Value ($)





                                                19 9 19 9 19 9 19 9 19 9 20 0 20 0 20 0 20 0 20 0 20 0 20 0 20 0 20 0 20 0
                                                    5    6    7    8    9    0    1    2    3    4    5    6    7    8    9
                                                                               Month Ended

                                                               BT Property Securities Fund             Benchmark

                         Performance (%)                                         1 year      3 years      5 years       Since
                                                                    3 months
                         (as at 31/12/2009)                                       (pa)         (pa)         (pa)      Incep.(pa)
                         Income Return                                 1.02        5.19         5.51         6.64         6.86
                         Growth Return                                -6.37        6.04       -25.23       -12.16        -0.80
                         Total Return                                 -5.34       11.23       -19.72        -5.51         6.06
                         Benchmark Return                             -4.99        9.56       -23.44        -7.48         6.72

                          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.
Top Holdings                                                   Holdings (as at 31/12/2009)
                                                               Westfield Group                           36.2%     Goodman Group                      6.3%
                                                               Stockland Trust Group                     13.8%     CFS Retail Property Trust          5.4%
                                                               GPT Group                                  8.0%     ING Office Fund                    3.5%
                                                               Mirvac Group                               7.3%     ING Industrial Fund                2.1%
                                                               Dexus Property Group                       6.5%     Macquarie Office Trust             1.5%

Asset Allocation                                               Strategic Asset Allocation                                                  Ranges
                                                               Property securities                                                         80-100
                                                               Cash and other                                                               0-20

                                                              By Sector Allocation (as at 31/12/2009)

                                                                Commercial                     12.1%

                                                                 Diversified                                                                    69.3%

                                                                    Industrial                   15.6%

                                                               Cash & Other           3.1%

                                                                                 0%      10%       20%       30%    40%     50%     60%        70%      80%

                                                             The market exposure (asset allocation) and holdings of the fund may change significantly
                                                             each day.

Progress of the Portfolio                                    Fund Performance
Investment                                                   The Australian Listed Property Trust sector underperformed the broader share
                                                             market by 8.36% in the December quarter, with the S&P/ASX 300 Property
                                                             Accumulation Index returning -4.99%. The BT Property Securities Fund
                                                             performed in-line with its benchmark during the period after strong gains from
                                                             our holdings in Ale Property Group and ING Office Fund offset losses from our
                                                             holdings in Ardent Leisure and Bunning’s Warehouse Property Trust.

                                                             Strategy & Outlook
                                                             We currently hold overweight positions in the Office, Diversified and Industrial
                                                             sub-sectors, and significant underweight positions in Retail. At present, the
                                                             Listed Property Trust sector offers a 5.7% FY10 yield with 0-2% medium-term
                                                             earnings growth.

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 70%. Lending ratios are subject to change
                                                             without notice.

                 More information?
                     Speak to your financial adviser                  Visit                  Contact BT Customer Relations 132 135

                 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 Limited ABN 63 002 916 458, AFSL 233724 is the issuer of units
                 in, the BT Property Securities Fund.

                 The PDS is available by calling BT Customer Relations on 132 135 or visit You should consider the PDS in deciding
                 whether to acquire, or continue to hold, the Fund and consider whether the Fund is appropriate for you. This document (Fact Sheet)
                 does not take into account of your objectives, financial situation and needs. Because of this, you should, before acting on information in
                 this document, consider its appropriateness, having regard to your objectives, financial situation or needs and were commend you
                 consult a financial adviser.

                 Performance figures are calculated in accordance with the Investment and Financial Services Association (IFSA) 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).

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