Changes to Fund buy-sell spread

Pendal MicroCap Opportunities Fund

Important Updates

Pendal MicroCap Opportunities Fund (APIR: RFA0061AU, ARSN 118 585 354)

Effective 23 April 2020, the Pendal MicroCap Opportunities Fund (Fund)’s buy-sell spread will decrease from 1.50% (with 0.75% payable on application and 0.75% payable on withdrawal) to 1.40% (with 0.70% payable on application and 0.70% payable on withdrawal).

The buy-sell spread is an additional cost to you and is generally incurred whenever you invest in the Fund. The buy-sell spread is retained by the Fund (it is not a fee paid to us) and represents a contribution to the transaction costs incurred by the Fund such as brokerage and stamp duty, when the Fund is purchasing and selling assets. The buy-sell spread also reflects the market impact of buying and selling the underlying securities in the market. Importantly, the buy-sell spread helps to ensure different unit holders are being treated fairly by attributing the costs of trading securities to those unit holders who are buying and selling units in the Fund.

The reduction in the Fund’s buy-sell spread reflects continuing improvement in trading conditions.

Pendal will continue to monitor market conditions and review and update the buy-sell spread regularly as required. You should therefore review the current buy-sell spread information before making a decision to invest or withdraw from a Fund.

Please refer to our website and click ‘Products’ for the latest buy-sell spread for each Fund.