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Effective April 29, the benchmark will change from the S&P/ASX 200 ex-A-REIT index to the FTSE ASFA Australia High Dividend Yield Index. The new objective will be to track the return (income and appreciation) of that index before taking into account fund fees and expenses. The new index is more concentrated than the current portfolio—70 stocks vs. around 120.

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The fund’s style will not change, but the portfolio will be based on and compared with a third-party developed index, rather than a customised benchmark developed by Vanguard. There are no changes to the management fees or buy/sell spread costs. However, effective May 31, the income distribution frequency will change from monthly to quarterly.

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We are currently reviewing the fund as part of our Australian Equities – Large Cap sector review.

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