Changes to Fund buy-sell spread

Pendal Concentrated Global Share Fund (APIR: BTA0503AU, ARSN: 613 608 085)

Effective 1 May 2020, the buy-sell spread of the Pendal Concentrated Global Share Fund (Fund) will decrease from 0.50% (with 0.25% payable on application and 0.25% payable on withdrawal) to 0.40% (with 0.20% payable on application and 0.20% 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 Fund’s buy-sell spread will decrease to reflect a reduction in the Fund’s brokerage costs.

As transaction costs may change depending on various factors such as market conditions and brokerage costs, buy-sell spreads may also change without prior notice. You should therefore review 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.