What the Fund invests in?
The Fund holds a diversified portfolio of Australian stocks listed on the ASX.
Who should invest in the Fund?
The Fund suits investors prepared to accept a high level of volatility and risk as a trade-off for returns that might typically be expected to be above those returned by other Australian asset classes over the longer term.
Product information update
Changes to the buy/sell margin
Effective 1 April 2007, the Fund’s buy margin will be decreased from 0.30% to 0.15%. The buy margin will be applied to all new investments into the Fund. In addition, the Fund’s sell margin will be decreased from 0.30% to 0.15%. The sell margin will be applied to all redemptions from the Fund.
What is a buy/sell margin?
When funds are invested, units are bought and when funds are withdrawn, units are sold. The difference between the ‘buy price’ and the ‘sell price’ of units is known as the buy/sell margin.
Buy/Sell margins are based on an estimate of the costs of buying or selling underlying assets. For example, there are brokerage costs when buying or selling shares and buying or selling property involves legal fees, agent fees and stamp duty.
Buy/Sell margins are intended to ensure that these costs are met by those investors who are buying and selling units, rather than by all investors. As an example, if an investor makes a $1,000 application for units in the Fund after 1 April 2007, then the impact of the revised buy/sell margin would be to reduce the value of the application by $1.50, (ie 0.15% of $1000). The impact of the revised buy/sell margin on a withdrawal of $1,000 would be to reduce the value of the withdrawal by $1.50, (ie 0.15% of $1,000).
These margins may change over time and are not retained by AXA, or external managers. |
