Antares Enhanced Cash Trust

Antares Enhanced Cash Trust


Antares Fixed Income (Antares) is a specialist fixed interest manager covering a range of domestic and international securities. Antares has managed fixed interest and cash portfolios for investors since 1990 and currently has over A$20.4 billion^ in funds under management across a range of cash management, fixed income and liability driven investment strategies. Antares is focused on delivering performance objectives for our clients within a carefully managed and defined risk framework.

Trust Overview

The Antares Enhanced Cash Trust (the Trust) was launched in January 2007.

The Trust aims to provide investors with a regular income stream by investing in a range of domestic money market securities as well as longer dated debt instruments such as fixed and floating rate corporate bonds. Capital preservation is a high priority of the Trust and is a key focus of Antares’ investment approach.

Antares’ investment approach is based on a rigorous assessment of the domestic and international forces which impact interest rate markets and the price of debt securities.

The Antares’ Enhanced Cash process is designed to perform in both trending and range-trading markets. The Trust is constructed by creating a yield-enhancing portfolio of securities with a high degree of liquidity. The market risk within the portfolio, which includes interest rate and credit risk, is closely managed to minimise volatility via the use of a diversified range of overlay strategies. These overlay strategies are focused primarily on duration, term extension, credit exposure and yield curve positioning and are also used to enhance returns, in a tightly risk controlled process. The Trust is managed with a high level of liquidity and focuses on securities which offer strong credit characteristics.
^As at 30 September 2013

The Investment Team

The portfolio managers are highly experienced and have successfully managed investments through a range of market cycles. Antares’ consistent investment performance is built on their specialist knowledge, rigorous research and proven processes. Antares actively encourages the cross-skilling of staff members in the management of all its portfolios to ensure the maximum depth of experience and skill is accessible to clients.

The collaborative team culture and stable working environment enables the team to stay focused on delivering long-term superior returns to investors.

About the Portfolio Manager


Mark Kiely
B.Ec., M.Fin, FFin

Mark has wide ranging experience across all mandates managed by Antares Fixed Income. His current responsibilities include the management of asset-liability, short/medium duration fixed interest and enhanced cash mandates along with supporting responsibilities for the management of broader fixed interest and inflation linked mandates.

Mark joined the Investment Management Division of MLC in May 1993 and transferred to Antares in July 2000. Mark has over 20 years of direct investment management experience.
Insert Sector breakdown as at 30 June 2013

Videos

Opportunities in the AUD fixed interest market

15/10/2012

15 Oct 2012 - Antares Fixed Income Portfolio Manager, Mark Kiely provides a forecast for Australian interest rates and outlines opportunities in the AUD fixed interest market.

Corporate versus Government debt

21/06/2012

20 Jun 2012 – Antares Fixed Income Portfolio Manager, Andrew Rivers looks at the relative strength of corporate and government debt in Australia versus other parts of the world and explains how Antares Fixed Income adds value.

Australian Bonds prices at record highs

14/06/2012

14 Jun 2012 – Antares Fixed Income Investment Manager, Ken Hyman talks about the situation today of “financial repression” brought on by central banks driving down government bond yields, the outlook for the next 12 months and the "safe haven" investment approach of Antares Fixed Income in these challenging times.

Fund information

Objective To actively manage a portfolio of Australian money market and fixed interest securities (in a risk controlled manner) to generate a return over a full market cycle which exceeds that delivered by the Australian bank bill rate.
Benchmark UBS Australian Bank Bill Index.
Approach Antares employs an active investment management approach using a range of strategies with a focus on maintaining a high degree of liquidity.
Investment strategy • Duration risk is low with the portfolio’s weighted average duration targeted at less than 6 months.
• Weighted average credit quality is high and targeted at AA- or better.
• All security investments are highly rated with minimum ratings of A2 (ST) or A- (LT).
• Core and tactical investment strategies are used to generate excess returns for the portfolio and minimise market volatility.
• The portfolio is structured to exploit structurally attractive opportunities at the front end of the domestic yield curve.
• The portfolio can be hedged from adverse market risk through the use of interest rate and credit derivatives.
Investment time frame 1 year plus.
Income distribution The income of the Trust will generally be calculated effective the last day of September, December, March and June.
Fees and costs Management Costs are variable and are estimated to be 0.225% p.a. of the Trust’s daily value*.
* You may be able to negotiate the Management Costs by contacting nabInvest.

 
Contacts
Michael Gaffney
Institution Distribution - Antares Fixed Income
Telephone:+61 2 8220 5923
Mobile:+61 477 367 076
Email:michael.e.gaffney@nabInvest.com.au

Disclaimer
This document has been prepared by MLC Investments Limited ABN 30 002 641 661 AFSL 230705, the responsible entity of, and the issuer of units in, the Antares Enhanced Cash Trust (‘the Trust’). This is general information only, this document does not take account of any investor’s individual objectives, financial situation or needs. Any person wishing to acquire units in the Trust should read the relevant Information Memorandum and obtain professional financial advice before making an investment decision. This document has been prepared in good faith, where applicable, using information from sources believed to be reliable and accurate as at the time of preparation. However, no representation or warranty (express or implied) is given as to its accuracy, reliability or completeness (which may change without notice). An investment in the Trust does not represent a deposit with or a liability of National Australia Bank Limited nor any of its related bodies corporate (‘NAB Group’) and is subject to investment risk including possible delays in repayment and loss of income and capital invested. No company in the NAB Group guarantees the repayment of capital invested, the payment of income or the performance of the Trust. Past performance is not a reliable indicator of future performance.

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