Stephen Nicholls, from Netwealth, said that the conservative approach of Maple-Brown Abbott (MBA) was a contributing factor in the decision to include the Fund on the Netwealth platform, “Particularlyat times of market volatility such as now, it is important for investors to have access to well-known managers with a solid and consistent track record,” said Nicholls, “With increasing adviser demand in this space and difficult market cycles, we sought a quality offering.”

Financial adviser, Steven Pugh, attributes the attraction of MBA’s listed property capability to the stability and experience of the team, commenting that “advisers can feel confident that their clients are in safe hands.”

Maple-Brown Abbott portfolio manager, Charles Dalziell, leads the Listed Property team managing the Fund. This capability has been part of the MBA stable for more than 24 years, but has not before been available to the public as a stand-alone capability.

 The All Star Maple-Brown Abbott Listed Property Fund was launched late last year; Mulligan is delighted with recent levels of adviser interest:
“We’re seeing renewed interest in this asset class. Maple-Brown Abbott’s conservative approach resounds with advisers, particularly in light of the impact of the GFC on this sector and recent market volatility.”

The Fund, which has a rating of “Recommended” by Zenith and “Investment Grade” by Lonsec, is currently available on the following platforms for both investments and super/pensions: IX (PIS badged platform); Mentor (PIS badged platform); BT Assemble (PIS badged platform); BT Wrap; Navigator and Netwealth.

*The Lonsec Limited (“Lonsec”) ABN 56 061 751 102 rating (assigned March 2011) presented in this document is limited to “General Advice” and based solely on consideration of the investment merits of the financial product(s). It is not a recommendation to purchase, sell or hold the relevant product(s), and you should seek independent financial advice before investing in this product(s). The rating is subject to change without notice and Lonsec assumes no obligation to update this document following publication. Lonsec receives a fee from the fund manager for researching the product(s) using comprehensive and objective criteria.

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Zenith’s report states that Greg Matthews, portfolio manager of the All Star IAM Australian Share Fund, “is well supported by a team of senior portfolio managers who also maintain analyst responsibilities. In Zenith’s view, the investment team is highly experienced and their long history of successfully working together gives us further confidence in their abilities.”

The Fund has, according to Zenith, “displayed the ability to consistently outperform the index in all market conditions… consistent with its style agnostic approach and philosophy to navigate through market changes” noting that: “This has resulted in an information ratio well above the target and the median manager, indicating the generation of superior risk adjusted returns. We are confident that the process will continue to generate strong performance in the future.”

All Star Funds was conceived to provide investor access to consistent, high alpha asset management capabilities which would otherwise not be available to the retail investor.

“When we select an investment manager, we look for consistent out-performance, irrespective of market cycle,” said Mulligan,

“Greg (Matthews) and his team have a long-standing track record as a top performing Australian share manager; some of his team have worked together for over 15 years.”

The All Star IAM Australian Share Fund has delivered approximately 3.6% above benchmark after fees on an annualised basis since inception (data to end May 2011) and is ranked number one over 5 and 7 years against peers (1). The rating follows a pleasing, top ten ranking debut in the Plan for Life net inflows survey for All Star for the March quarter(2). Mulligan believes that this reflects the high quality of investment managers in the All Star stable, as well as the support of financial planners who need to be confident in recommending investment products to their clients which will deliver to their investment needs.

The All Star Maple-Brown Abbott Listed Property Fund and All Star Nomura China Fund have also recently been given ratings of “Recommended” by Zenith.

1. Morningstar May 2011 survey, Australian shares sector specialist funds.
2. Plan For Life March 2011 survey table retail net flows – marketer’s & administrator’s view, ex CMTs.
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With a 3% share of net flows for the quarter, this is the first time that All Star Funds, which launched in July 2007, has participated in the Plan For Life survey.  The increase in net flows from the previous quarter was 56%, placing All Star Funds in 9^th place overall, which is, according to Mulligan, “a great start”.

Mulligan believes that this reflects two key attributes:

1. The high quality of investment managers in the All Star stable, which have delivered strong performance to investors, and
2. The commitment and support of financial planners, who need to be confident in recommending investment products to their clients that the products will deliver on their value proposition.

All Star Funds was conceived to provide consistent high alpha asset management capabilities to investors which would otherwise not be available to them in the retail market.

“When we select a manager, we look for consistent out-performance, irrespective of market cycle,” said Mulligan, “for example, Greg (Matthews, portfolio manager of the All Star IAM Australian Share Fund) and his team have a long-standing track record as a top performing Australian share manager; he and some of his team have worked together for over 15 years.”

The All Star IAM Australian Share Fund has delivered in excess of 4% net above benchmark on an annualised basis since inception (performance data to end April 2011), and is ranked number one or two across most time periods in the latest Morningstar survey (Australian shares sector specialist funds, April 2011 Morningstar survey).

The Fund’s stable-mate, the All Star KFM Income Fund, has also fared well through the liquidity crisis during the GFC and recent natural disasters, according to Mulligan, “delivering a high yield and a strong dividend stream with complete liquidity”.

This Fund is managed by Kaplan Funds Management, an absolute return manager focussed on income producing strategies, which was established in 1998.

In Mulligan’s view, All Star’s success has been driven in part by its focus on supporting financial planners and also by recognising the need for Fund Managers to offer products which deliver on their promise, and so create a trusted relationship with investors and their advisers. To this end, Mulligan believes that advisers need products which deliver solid and consistent results, and deliver on their stated objectives.
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“The support planners have given, and continue to give to the All Star Funds validates our manager selection process,” said Mulligan, “as long as they’re giving us that support, I know our Funds are delivering for them and for their clients.”
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The All Star Nomura China Fund presents a risk-controlled opportunity for investment in China. It is managed by Nomura Asset Management, a conservative manager with proven expertise in this market.
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The All Star Maple-Brown Abbott Listed Property Fund provides access to a high quality listed property capability and is the first time this capability has been offered to the Australian Retail market. The strategy has been managed by Maple-Brown Abbott for over 25 years with a consistent track record of performance delivery.
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Click to download a pdf copy of Plan For Life – Marketer view

Click to download a pdf copy of Plan for Life – Adminstrator view

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Maple-Brown Abbott (MBA) portfolio manager, Charles Dalziell leads the Listed Property team managing the Fund, a capability which has been part of the MBA portfolio for 24 years.

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In its report, Lonsec stated that it “considers MBA’s investment approach to the Fund to be reasonably transparent, straightforward and consistently applied.  The process has a clear focus on valuation, and the portfolio is considered to be broadly consistent with the Manager’s ‘value’ based investment philosophy.”

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“The Portfolio Manager then has full responsibility and accountability for constructing the portfolio from the prospective ‘Buy’ list.”

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“Lonsec believes the steps taken by the Manager to construct the portfolio ensure the stock selection process is robust, without significantly impeding the ability of Dalziell to impart his views into the portfolio.”

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The Fund was launched in November 2010 and Mulligan is delighted with the early level of adviser support.  It is also rated RECOMMENDED by Zenith.

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“I consider this very good timing to enter the LPT market. Due to the impact of the GFC on this sector, I am delighted to partner with MBA, as their conservative approach resounds with the adviser market for this asset class. This is the first time the MBA listed property capability has been offered to the retail market.” said Mulligan.

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The All Star MBA Listed Property Fund joins the stable of premium funds including the All Star IAM Australian Share Fund, which is currently ranked as number one across all time periods (three months and after) as reported by Morningstar (as at 31 January 2011).

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The Fund’s stable-mate, the All Star Income Fund (managed by Kaplan Funds Management, an absolute return manager focussed on income producing strategies) delivers “a high yield and a strong dividend stream with complete liquidity”, said Mulligan.

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The All Star Nomura China Fund presents a risk-controlled opportunity for investment in China. It is managed by Nomura Asset Management, a conservative manager with proven expertise in this market.

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“Advisers have told us that listed property is a cornerstone of their client’s defensive portfolios.” says Mulligan. “We’re delighted that Zenith has formally recognised MBA’s track record and expertise in this asset class with a rating of Recommended.”

Maple-Brown Abbott’s Listed Property Fund capability is managed by Charles Dalziell and Dougal Maple-Brown utilising MBA’s time-proven value-driven, team approach to identify stocks representing strong relative value. However, this capability has never before been available to the retail market.

Tim Hordern, Head of Business Development for Maple-Brown Abbott said, “We are delighted to be offering our listed property capability in the retail market through All Star Funds, and have selected them for their expertise and reach in that market.”

All Star Funds, which was established in July 2007, was conceived to provide high alpha capabilities which would otherwise not be available to the retail market.

“For the past three years we have focussed on getting our “core” funds settled. This new capability has been designed to meet the demands of advisers for a reliable, conservatively managed LPT” said Mulligan. She continued, “We understand from our conversations with advisers that there is a real need for additional solutions in this space.”

Mulligan believes the new capability will complement All Star’s existing Funds, the All Star IAM Australian Share Fund (managed by Independent Asset Management), the All Star KFM Income Fund (managed by Kaplan Funds Management, an absolute return manager focussed on income producing strategies) and the latest Fund to join the All Star ranks, the All Star Nomura China Fund (managed by Nomura Asset Management, a conservative manager with proven expertise in this market).

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This allows All Star Funds to provide greater transparency plus cost savings on fees, which are being passed onto investors with a total ICR of 0.85% (plus performance fee).

According to Mulligan, “the anticipated operational and investor reporting efficiencies, as well as enhanced control of the investment mandate parameters and practices, are the key benefits of this move.”

The All Star KFM Income Fund fared well through the volatility of the GFC, delivering “a high yield, with full liquidity,” which according to Mulligan is due in part to the Fund’s strong sector diversity. Buywrite options provide capital downside protection.

“Feedback from advisers is that the Fund delivers strong income results for clients, and that this is the type of product they really need in their clients’ portfolios” said Mulligan. She continued, “Advisers are keen to provide their clients with a good deal on price; passing on the cost savings from the restructure makes the Fund even more attractive.”

As at the end of July, the Fund’s running yield is 7.3% inclusive of franking credits, which compares favourably with official interest rates of 4.5%.

The Fund is managed by Kaplan Funds Management Pty Ltd, an absolute return manager focussed on income producing strategies which was established in 1998.

“We selected Kaplan due to the team’s solid experience in income strategies, as well as for their ability for consistent income generation across challenging market conditions. Management of risk is
a strong part of their investment process,” said Mulligan.

The Fund’s stable-mate, the flagship All Star IAM Australian Share Fund has delivered 2.6% above benchmark on an annualised basis since inception (July 2007).

The latest Fund to join the All Star ranks, the All Star Nomura China Fund, presents a risk-controlled opportunity for investment in China. It is managed by Nomura Asset Management, a conservative
manager with proven expertise in this market.

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“Hitting the three year mark is an important milestone for All Star and for this Fund, as it provides financial advisers with a track record to support them in recommending the Fund to investors,” said Mulligan.

“This, our flagship fund has been running since July 2007, and like our other core offerings provides access to premium managers not previously accessible to the Australian retail market.” All Star Funds was conceived to provide high alpha capabilities, which would otherwise not be available to the retail market.

Portfolio manager for the All Star IAM Australian Share Fund, Greg Matthews (Independent Asset Management Pty Ltd (IAM) established in 2001), has extensive industry experience at the highest levels. Mulligan credits Matthews’ success partly in being across all aspects of the market, in order to make informed decisions.

“When we select a manager, we look for consistent out-performance, irrespective of market cycle. IAM has proven that it can do this. Managing downside risk is also important so that you can lock in the gains. Greg’s team looks at the portfolio holistically, and manages the risk as well as the return. Advisers have told us that they are delighted with the experience their clients have had as investors in the Fund.”

Matthews and his team have long-standing experience together; some of them having worked together for 20 years.

The Fund has delivered 2.6% above benchmark on an annualised basis since inception.

The Fund’s stable-mate, the All Star Income Fund fared well through the volatility of the GFC, delivering “a high yield and a strong dividend stream with complete liquidity,” said Mulligan.

As at the end of July, the Fund’s running yield is 7.3% inclusive of franking credits, which compares favourably with official interest rates of 4.5%.

This Fund is managed by Kaplan Funds Management, an absolute return manager focussed on income producing strategies, which was established in 1998.

The latest Fund to join the All Star ranks, the All Star Nomura China Fund presents a risk-controlled opportunity for investment in China. It is managed by Nomura Asset Management, a conservative manager with proven expertise in this market.

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