Monthly Fund Update
Highlights for the month
As shown in the table, Z3RO’s income exceeded the RBA Cash Rate return for January. The main contributors to performance came from major Australian bank NCDs in addition to ING and ME Bank NCDs and VW CP, with an even spread across 1 to 4-month maturities. There was a slight shortening of the weighted average duration of the portfolio relative to the previous month driven by rolldown of the portfolio and only one reinvestment during the month.
A 3-month ANZ Bank NCD was added to the portfolio late in January.
A distribution of 4.03 cents was declared at the end of January.
|Fund Float||Benchmark Float||Difference Float||Fund (%)||Benchmark (%)||Difference (%)|
|3 years (pa)||0.00||0.00||0.00|
|5 years (pa)||0.00||0.00||0.00|
Benchmark is Reserve Bank of Australia (RBA) Cash Rate. Inception date is 27 August 2019.
Past performance is not a reliable indicator of future performance. Returns are calculated using the net asset value per unit at the start and end of the relevant period in AUD, with distributions reinvested, and net of applicable fees, costs and taxes (other than tax paid as an investor in the Fund). The returns also do not reflect the transaction costs imposed on the creation and redemptions of units, brokerage or spreads incurred by investors when buying or selling units on the ASX.
Source: Pinnacle aShares.
|Effective duration (yrs)||0.15|
|Average yield to maturity (%)||0.95|
|Weighted average maturity (yrs)||0.16|
Top Portfolio Holdings
|Rank||Type||Country||Description||Sector||Rating||Weight (%)||Weight (%)|
|1||Money||AU||ME NCD 27/03/2020||Financials||BBB||0.219274238942910||21.93|
|2||Money||AU||VW CP 06/02/2020||Financials||BBB+||0.199603617817520||19.96|
|3||Money||AU||NAB NCD 27/02/2020||Financials||AA-||0.199521889326650||19.95|
|4||Money||AU||ANZ NCD 29/04/2020||Financials||AA-||0.199212447827710||19.92|
|5||Money||AU||ING NCD 27/05/2020||Financials||A+||0.169128645120540||16.91|
Short term credit quality breakdown
(% of portfolio)
Long term credit quality breakdown
(% of portfolio)
(% of portfolio)
Source: Pinnacle aShares. Data as at 31st January 2020.
1. Zero management fee
First Australian ETF with no management fee* keeps more in your pocket
2. Better than cash yield
Targeting higher yield than the RBA Cash Rate via a dynamically managed cash ETF
3. Flexibility in one trade
Simple and secure way to invest and access your cash
- Zero management fee
- Fund is actively managed targeting monthly income above RBA Cash
- Daily disclosure of portfolio holdings
- Minimum administration to invest: trade like a share on the ASX
- Provision of liquidity by market maker
*Recoverable expenses are capped at 0.15% p.a. of the Fund’s net asset value. Recoverable expenses are the ordinary and everyday expenses incurred in operating the Fund and are deducted from the assets of the Trust as and when they are incurred. The expenses normally incurred in the day-to-day operation of the Fund include custodian, fund administration, unit registry, ASX and audit costs.
This communication was prepared Pinnacle Investment Management Limited (ABN 66 109 659 109 AFSL 322140) (‘Pinnacle’). Pinnacle Funds Services Limited ABN 29 082 494 362 AFSL 238371 is the product issuer of the Pinnacle aShares Dynamic Cash Fund (Managed Fund) ARSN 632 118 720 (‘the Fund’). Any potential investor should consider the relevant PDS before deciding whether to acquire, or continue to hold units in, a fund.
Past performance is for illustrative purposes only and is not indicative of future performance. Unless otherwise specified, all amounts are in Australian Dollars (AUD).
This communication is for general information only and was prepared for multiple distribution. This communication is not, and does not constitute, an offer to sell or the solicitation, invitation or recommendation to purchase any securities and neither this communication nor anything contained in it forms the basis of any contract or commitment. Any offer or sale of securities are made pursuant to definitive documentation, which describes the terms of the offer (‘Offer Document’), which is available www.pinnacleashares.com.. Prospective investors should consider the Offer Document in deciding whether to acquire securities under the offer. Prospective investors who want to acquire under the offer will need to complete an application form that is in or accompanies the Offer Document. The Offer Document is an important document that should be read in its entirety before deciding whether to participate in the offer. Prospective investors should rely only on information in the Offer Document and any supplementary or replacement document. Prospective investors should contact their professional advisers with any queries after reading the Offer Document. The information in this communication has been prepared without taking account of any person’s objectives, financial situation or needs. Any persons relying on this information should obtain professional advice before doing so. The issuer is not licensed to provide financial product advice. Please consult your financial adviser before making a decision.
Whilst Pinnacle believe the information contained in this communication is reliable, no warranty is given as to its accuracy, reliability or completeness and persons relying on this information do so at their own risk. Subject to any liability which cannot be excluded under the relevant laws, Pinnacle disclaim all liability to any person relying on the information contained in this communication in respect of any loss or damage (including consequential loss or damage), however caused, which may be suffered or arise directly or indirectly in respect of such information. Any opinions and forecasts reflect the judgment and assumptions of Pinnacle and its representatives on the basis of information at the date of publication and may later change without notice. Any projections contained in this presentation are estimates only and may not be realised in the future. The information is not intended as a securities recommendation or statement of opinion intended to influence a person or persons in making a decision in relation to investment.
Unauthorised use, copying, distribution, replication, posting, transmitting, publication, display, or reproduction in whole or in part of the information contained in this communication is prohibited without obtaining prior written permission from Pinnacle. Pinnacle and its associates may have interests in financial products and may receive fees from companies referred to during this communication.