The Balmain AQUA Income Trust and the Balmain AQUA High Income Trust are
diversified income trusts, deriving income primarily from loans secured by
mortgages over properties used for commercial, industrial, retail, residential
(non consumer credit code) and social infrastructure purposes, as well as from
Mortgage Backed Securities.
The Balmain AQUA Income Trust invests primarily in loans secured by a registered
first mortgage investment and Mortgage Backed Securities via investment in the
Balmain AQUA Senior Debt Pool. The Balmain AQUA Income Fund will also hold some
cash and invest in Liquid Assets.
The Balmain AQUA High Income Trust invests primarily in loans secured by a mix
of registered first, second and subordinated mortgage investments and Mortgage
Backed Securities via investments in the Balmain AQUA Mezzanine Debt Pool and
the Balmain AQUA Construction Debt Pool. The Balmain AQUA High Income Trust will
also hold some cash and invest in Liquid Assets. From time to time, it may also
invest in the Balmain AQUA Senior Debt Pool.
These Trusts are managed by Balmain AQUA Pty Limited, a subsidiary of Balmain NB
Commercial Mortgages Limited, and a part of the Balmain Funds business.
Balmain AQUA is an investment manager of commercial mortgage investments and
responsible for managing the investments of both Trusts (formerly the Mirvac
AQUA Income and High Income Funds) in line with their investment strategies and
Balmain was a founding shareholder of the Trusts in partnership with the Mirvac
Group. Following unit holder meetings in April 2010 Balmain acquired Mirvac’s
50% shareholding in the Fund Manager Mirvac AQUA Pty Ltd and changed its name to
Balmain AQUA. Mirvac Funds Management Limited retired as Responsible Entity (RE)
and was replaced by The Trust Company (RE Services) Limited an independent and
professional RE and a wholly owned subsidiary of The Trust Company Limited.
Unit Price as at 30 April 2016
With regards to the Balmain AQUA Income Trust and the Balmain AQUA High Income
Trust the total returns expressed as a percentage have been impacted by the need
to account for loss provisions in the Balmain AQUA Mezzanine Debt Pool ("MDP")
(which impacts the Balmain AQUA High Income Trust ("HIF") and in the Balmain
AQUA Senior Debt Pool ("SDP") (which impacts the Balmain AQUA Income Trust
("IF"), as reported in our letters to you dated 29 June 2009 and 6 July 2010.
The Balmain AQUA Trusts treat the provisions as capital items rather than
expense items - thus the impact is deducted from the unit price of the relevant
Pools and the Trusts. Had it been treated as an expense item, no distribution
returns would have been made until the loss provisions had been cleared. The
total returns noted below for IF and HIF have therefore been affected by the
provisions. Please note that the returns below for the 1, 3, 6 and 12 month
period are actual returns, not annualised. We now only use annualised returns
for periods of beyond one year.
Performance for the period to 30 June 2015
Please note that the returns for the 1, 3, 6 and 12 month period are actual returns, not annualised. Annualised returns are for periods beyond 12 months only.
Assumes distributions are reinvested and are net of any management fees. Investors should be aware that the performance is subject to volatility and that past performance is no guarantee of future returns and the repayment of capital is not guaranteed.
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Snapshot as at
27 June 2017
Base Rates are our indicative base rates for commercial property lending.
A lending margin is added to these rates depending
on the nature and term of the transaction.
Unit Price as at
30 April 2016
Unit prices will be posted to the website 5 business days after month end. The Investment Manager does not accept liability for the accuracy of the
information provided by third parties.
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Disclaimer: While all reasonable care has been taken in the preparation of this information, Balmain take no responsibility for any actions taken based on information contained herein or for any errors or omissions. Interested parties should seek independent advice prior to acting on any information presented.