*Lonsec rating issued 04/2025 is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec). Ratings are general advice only, and have been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec assumes no obligation to update. Lonsec uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. © 2020 Lonsec. All rights reserved.

**The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (assigned November 2024) referred to in this document is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at http://www.zenithpartners.com.au/RegulatoryGuidelines 

STEP 1: READ FUND DOCUMENTATION

It is important that you read the Product Disclosure Statement (PDS), and Target Market Determination (TMD) prior to making an investment. These documents are available on this website or request a free hard copy to be mailed to you.

STEP 2: COMPLETE APPLICATION FORM

Application forms may be completed online or offline. Pella’s preference is for online applications because: (i) it is generally a simpler and easier process for you; (ii) involves less paper, which is better for the environment

STEP3: COMPLETE CLIENT IDENTIFICATION FORM

Australia, the US, and other OECD countries require customer identification checks under anti-money laundering laws and US tax rules (FATCA).

There are different forms depending on how you are investing. All new investors must complete the Client Identification Form that matches their investment type.

Australia-based Self-Managed Superannuation Funds (SMSFs) typically need to complete Form A (Individuals & Sole Traders), Form B (Australian Companies), and Form D (Australian Regulated Trusts).

Pella’s online application process automatically includes these forms, so you only need to download and complete them separately if you choose to apply offline.

This website provides Pella’s view on which form suits each structure, but this is not financial advice. If you’re unsure which form to use, please speak to your financial adviser.

STEP4: TRANSFER MONEY

Option 1: By EFT or direct deposit

Option 2: Direct Debit

If you choose to pay via direct debit, please complete the ‘Financial Institution Account Details – Direct Debits’ section in Section 5 (Investment Details, page 6) and read the Direct Debit Request Service Agreement in Section 9 (page 11) of the Initial Application Form.

Option 3: By Cheque

(1) Apex Fund Services provide Pella’s administration, unit registry and fund custody services. Visit www.apexgroup.com for more information

To assist us, if you make your application online please quote your application number at the back of the cheque. If you use a physical application form, please include it with the cheque.

Target Market Designation Risk Profile

This Fund is appropriate for investors with “High” risk and return profiles. A suitable investor for this Fund is prepared to accept high risk in the pursuit of capital growth with a medium to long investment timeframe. Investors should refer to the Target Market Determination (TMD) for further information.

Significant Risks of the Fund

• Counterparty: The Fund’s typical portfolio holdings of 30 to 50 stocks represent some investment concentration. The lower the number of stocks, the higher the concentration and, in turn, the higher the potential volatility.
• Concentration: Losses can be incurred if a counterparty (such as a broker or other agent of Perpetual) defaults on their contractual obligations or experiences financial difficulty.
• Cyber: ​There is a risk of fraud, data loss, business disruption or damage to the information of the Fund or to investors’ personal information because of a threat or failure to protect the information or personal data stored within the IT systems and networks of Perpetual or other service providers.
• Derivatives: The Investment Manager may, on occasions, use derivatives for the purpose of hedging currency risk back to AUD. Risks of derivatives include the value of the derivative failing to move in line with the underlying asset or as expected; the possibility that the derivative position is difficult or costly to reverse or exit; and counterparty risk (see Counterparty risk).
• Fund: The Fund could terminate (for example, at a date we decide), fees and expenses could change (although we would always give you at least 30 days’ notice if fees were to increase), Perpetual could be replaced as responsible entity and our management and staff could change. Investing in the Fund may give different results than investing individually because of accrued income or capital gains and the consequences of others investing and withdrawing.
• Individual Investment: Investments to which the Fund is exposed, like shares on a stock exchange, can (and do) fall in value for many reasons, such as changes in a company’s internal operations or management, or in its business environment.
• Interest rate: The capital value or income of a security held by the Fund may be adversely affected by interest rates movements.
• International investing: The Fund will invest in companies listed on overseas exchanges, which may give rise to foreign currency exposure. The relative strength or weakness of the Australian dollar against other currencies will affect the Fund’s performance and the Fund may have less protection under laws outside of Australia, and any investments in emerging markets may be more volatile than investments in more developed countries. The Investment Manager may, on occasions, hedge currency risk back to AUD. The Fund may also invest part of the portfolio in emerging markets which tend to be smaller and more volatile than the major securities markets in more developed countries. This is often a reflection of a less developed country’s greater political instability or uncertainty, exchange rate uncertainty, lower market transparency or uncertain economic growth. Clearance and settlement procedures in an emerging country’s securities market may be less developed, which could lead to delays in settling trades and registering transfers of securities. Further, the laws in emerging markets may not provide equivalent protection to that of Australian laws, which may mean that the Fund is unable to recover the full or part value of an investment in an emerging market.
• Investment Manager: There is a risk that the Investment Manager will not perform to expectation or factors such as changes to the investment team may affect the Fund’s performance.
• Liquidity: Overall market liquidity may contribute to the profitability of the Fund and access to your money. Units in the Fund are not quoted on any stock exchange so you cannot sell them through a stockbroker. Unit holders may not be able to redeem their investment promptly where stocks in the portfolio are considered illiquid due to market or economic events. Be aware that a portion of the Fund may consist of unlisted investments that are generally illiquid.
• Market & economic: Certain events may have a negative effect on the price of all types of investments within a particular market. These events may include changes in economic, social, technological, or political conditions, as well as market sentiment, the causes of which may include changes in governments or government policies, political unrest, wars, terrorism, pandemics and natural, nuclear and environmental disasters. The duration and potential impacts of such events can be highly unpredictable, which may give rise to increased and/or prolonged market volatility and changes in the value of investment markets can affect the value of the investments in the Fund.
• Multi-classes: The Fund may offer separate classes of units for investment from time to time. The classes are not separate legal entities, and the assets of each class will not be segregated. All the assets of the Fund are available to meet all its liabilities, regardless of the class to which such assets or liabilities are attributable. In practice, cross-class liability will usually only arise where any separate class becomes insolvent and is unable to meet all its liabilities. In this case, all the assets of the Fund attributable to other separate classes may be applied to cover the liabilities of the insolvent classes. If losses or liabilities are sustained by a class in excess of the assets attributable to such class, such excess may be apportioned to the other classes.
• Operational: The custody and administration of the Fund has been outsourced to Apex. Perpetual is satisfied that Apex has in place adequate internal controls for its custody and administration operations. However, there still may be breakdowns in operations and procedures that cannot be prevented.
• Regulatory: The value or tax treatment of the Fund or its investments, or the effectiveness of the Fund’s trading or investment strategy, may be adversely affected by changes in government (including taxation) policies, regulations and laws affecting registered managed investment schemes, or changes in generally accepted accounting policies or valuation methods.