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Changes to Perpetual International and Perpetual Wholesale Internation option:

On 2 February 2015, the investment objective, investment strategy and benchmark for the Perpetual Wholesale International and Perpetual International options (each an option) changed. The table below provides a summary of the changes:

  Current strategy New strategy


To provide long-term capital growth through investment in international shares. The option aims to outperform the MSCI World (ex Australia) Index over rolling three year periods before fees and taxes

To provide investors with long-term capital growth and income through investment in quality global shares. The option aims to outperform the MSCI World Net Total Return Index (AUD) over a rolling 3 year period before fees and taxes.



The option primarily invests in publicly traded global equity securities. The focus is on investing in stocks of companies the investment manager believes are solid but temporarily out of favour and provide above average total return potential. The country and sector allocations are a result of the stock selection process. The currency exposure of the option is typically unhedged, although currency hedging may be used to protect investments at the discretion of the investment manager. Derivatives may be used in managing the option.

The manager aims to achieve its objective through intensive fundamental bottom-up analysis. The option will seek to invest in high quality companies at prices below what the manager perceives to be fair value. The focus is on companies with strong balance sheets that are generating consistent earnings growth with strong free cash flow and are either leaders or emerging leaders within their respective industries.

The option does not seek to have a bias to any particular region or sector, but instead focuses on investing in companies that can deliver strong absolute returns. The option invests in 20 to 40 high quality global companies which create a portfolio that enables the option to generate strong, consistent, risk-adjusted returns. Currency hedging may be used from time to time, however the option's assets are generally expected to be unhedged. Derivatives may be used in managing the option.




MSCI World Net Index (ex Australia)

MSCI World Net Total Return Index (AUD)

These changes don't affect the investment strategy of the options. The investment objectives for the options have changed to reflect the new benchmark.

We recommend you speak to your financial adviser if you have any questions or call us on 13 13 36, 8am to 7pm, Sydney time.

Colonial First State Investments Limited ABN 98 002 348 352, AFS Licence 232468 (Colonial First State) is the issuer of super, pension and investment products. This document may include general advice but does not take into account your individual objectives, financial situation or needs. You should read the relevant Product Disclosure Statement (PDS) carefully and assess whether the information is appropriate for you and consider talking to a financial adviser before making an investment decision. A PDS for Colonial First State’s products are available at or by calling us on 13 13 36.