Summary
Life Settlements Wholesale Fund is a registered managed investment scheme (ARSN 110 346 695) operated as an open-ended unit trust under the regulatory control of the Australian Securities & Investments Commission. The responsible entity of Life Settlements Wholesale Fund is GI Asset Management Limited (AFSL 432510).
The fund's investment strategy is to generate attractive, risk-adjustment returns over time, by investing in the GIS General Fund, which will actively manage a large and diversified portfolio of life policies, through the life settlements transactions.
The fund is a feeder fund to the new open-ended fund, GIS General Fund, under the umbrella of Global Insurance Settlements Funds PLC.
To learn more about the Global Insurance Settlements Funds PLC, please go to the supportive website www.gisfunds.com
Alternatively, if you wish to know more about Life Settlements Wholesale Fund please contact the investment manager via the contact form.
Fund's Key Features
|
Investment Manager |
GI Asset Management Limited (AFSL 432510) |
|
Funds Legal Name |
Life Settlements Wholesale Fund (ARSN 110 346 695) |
|
Domicile |
Australia |
|
Responsible Entity |
GI Asset Management Limited (AFSL 432510) |
|
Asset Category |
Insurance-Linked Securities |
|
Structure |
Open Ended Unit Trust (currently non-liquid) |
|
Launch Date |
May 2006 |
|
Investment Horizon |
5 years + |
|
Custodian |
Perpetual Trustee Company Limited |
| Minimum Investment |
$30,000 if direct, or if via platform then minimum dictated by that service |
|
Product Name |
Life Settlements Wholesale Fund - AUD Ordinary Units |
|
APIR Code |
LFS0001AU |
|
ISIN |
AU60LFS00013 |
|
Product Name |
Life Settlements Wholesale Fund - USD Ordinary Units *This no longer has a prospectus in issue |
|
APIR Code |
LFS0003AU |
|
ISIN |
AU60LFS00039 |
|
Website |
|
|
Contact Email |
|
|
Contact Phone Number |
+61 7 5557 4700 |
Commentary
Investment in the secondary life insurance market remains subdued so our conservative valuation approach remains in place. However, the full face value of each policy, held by GIS General Fund, will be collected in due course.
Bear in mind that the Fund has ongoing premium payments to make on each policy until a claim has been lodged. It is the collection of these proceeds that drives the return and we anticipate an increased number of claims will be lodged over time.
June 2019
The large negative movement in the reporting value is the result of having all policies in the Fund re-underwritten in the June quarter. Normally, the Fund has re-underwritten portions of the portfolio on a rolling basis, due to the buy and hold investment strategy of the fund.
During the year the underwriting suppliers, used by the Fund, have introduced updated mortality tables, which were materially different from those previously used. These estimates form a key part of the calculation of the current reporting value under US GAAP Accounting Standards.
The changes in the current value used for reporting purposes do not impact the benefit amounts payable under the insurance contracts held by the fund.
The Fund’s assets remain a pool of US life policies on very elderly insured lives. 91% of the pool is aged between 85-100 years old.
The Fund has never failed to collect a maturity that has become payable.
Key Fund Statistics
| Net Asset Value (NAV) for AUD$ | AUD$ 13,234,624.34 |
| Net Asset Value (NAV) USD$ |
USD$ 9,123,950.02 |
| No. of Units on Issue |
17,749,536.86 |
| AUD Ordinary Units (previously Ordinary Units) |
Effective 1st August 2019 Application price: AUD 0.8241 per unit |
| USD Ordinary Units (previously AP, Units, EA Units, SA Units) |
Effective 1st August 2019
Application price: USD 0.4683 per unit *Note: |
| Distributions/Dividends | There are distributions declared for FYE 30 June 2019. As a result, investors will be receiving the Tax and Distribution Statement. |
| Withdrawal Status | Please refer to Life Settlements Wholesale Fund News |
| Financial Reports | Please refer to Life Settlements Wholesale Fund News |
| Continuous Disclosure | Please refer to the continuous disclosure section. |
2019 Quarterly Return
| Fund | Year | Quarterly Return End March | Quarterly Return End June | Quarterly Return End September | Quarterly Return End December |
| $AUS | 2019 | -0.66 % | -24.21 % | ||
| $US | 2019 | -0.38 % | -28.85 % |
Our returns are calculated by the percentage change between the unit price at the beginning of the reporting period to the unit price at the end of the reporting period, adjusted for any distribution.
Important Information: This information is intended for qualifying investors only and was correct at the time of preparation. It has been prepared to provide general information only and should not be considered as a “securities recommendation” or an “invitation to invest” in any jurisdiction. Potential investors should consider the relevance of this information to their particular circumstances. Before proceeding, investors must obtain the prospectus and take their own legal and taxation advice. If you acquire or hold one of our products we will receive fees and other benefits as disclosed in the prospectus and relevant offering documents.
