alexander credit opportunities fund
material change report - 31 March 2024
The Material Changes Report is provided to inform investors of any material changes in key service providers, the risk profile of the Alexander Credit Opportunities Fund (“the Fund”), the Fund’s strategy or individuals playing a key role in investment decisions of the Fund.
Key Service Providers
There have been no changes to the named key service providers since the product disclosure statement dated 20 October 2023 was issued.
Risk Profile
There have been no changes to the risk profile of the Fund since the product disclosure statement dated 20 October 2023 was issued.
Fund Strategy
There have been no changes to the Fund strategy since the product disclosure statement dated 20 October 2023 was issued.
Key Personnel
There have been no changes to individuals playing a key role in investment decisions of the Fund since the product disclosure statement dated 20 October 2023 was issued.
Liquidity
As at the date above, the investment manager expects that the Fund would, in ordinary market conditions, be able to realise 55.3% of the Fund’s assets, at the value ascribed to those assets in the most recent calculation of NAV, within 10 business days.
Corporate Loans and Trusts represent 44.7% of the NAV of the Fund as at the date above and cannot reasonably be expected to be realised at the value ascribed to those assets in the most recent calculation of NAV within 10 business days due to the nature of these assets. We expect that these assets would, in ordinary market conditions, be able to be realised at the value ascribed to them in the most recent calculation of NAV within 90 business days.
The Fund has an internal liquidity policy which it aims to maintain at all times. The Fund targets a minimum of the greater of 2% of the Fund’s NAV or $2 million to be invested in cash, listed ASX assets or AAA rated assets. As at the date above, the Fund holds a total of 6.3% of the Fund’s NAV in cash.
NAV Calculation Methodology
There have been no changes to the methodology of calculating the net asset value of the fund since product disclosure statement dated 20 October 2023 was issued.
*Disclaimer and Confidentiality
Equity Trustees Limited (“Equity Trustees”) (ABN 46 004 031 298), AFSL 240975, is the Responsible Entity for the Alexander Credit Opportunities Fund, APIR OMF0005AU. Equity Trustees is a subsidiary of EQT Holdings Limited (ABN 22 607 797 615), a publicly listed company on the Australian Securities Exchange (ASX: EQT). This report has been prepared by Alexander Funds Management Pty Limited (“Alexander Funds”), ABN 77 136 871 924, AFSL Number 476697, to provide you with general information only. In preparing this information we did not take into account the investment objectives, financial situation or particular needs of any particular person. It is not intended to take the place of professional advise and you should not take action on specific issues in reliance on this information. Past performance should not be taken as an indicator of future performance. You should obtain a copy of the Product Disclosure Statement before making a decision about whether to invest in this product. Neither Alexander Funds, Equity Trustees nor any of its related parties, their employees or directors, provide any warranty of accuracy or reliability in relation to such information or accepts any liability to any person who relies on it. Alexander Funds is not acting in a fiduciary capacity. Recommendations or statements of opinion expressed may change without notice. You should not act on a recommendation or statement of opinion without first considering the appropriateness of the general advice to your personal circumstances, or consulting your investment advisor to determine whether the recommendation or statement of opinion is appropriate for your investment objectives, financial situation or needs. Nothing in this document should be construed as Alexander Funds providing an opinion, statement or research dealing with the creditworthiness of a body or the ability of an issuer of a financial product to meet its obligation under the product; nor should it be treated as “credit service” under the National Consumer Credit Protection Act 2009 (Cth). The Alexander Credit Opportunities Fund’s Target Market Determination is available here. A Target Market Determination is a document which is required to be made available from 5 October 2021. It describes who this financial product is likely to be appropriate for (i.e. the target market), and any conditions around how the product can be distributed to investors. It also describes the events or circumstances where the Target Market Determination for this financial product may need to be reviewed. Alexander Funds, its officers, employees, agents and associates (“Associates”) from time to time hold interests in securities of, or earn brokerage, fees and other benefits from, corporations or investment vehicles referred to in documents provided to clients. All information contained herein is confidential and proprietary to Alexander Funds and, accordingly, this material is not to be reproduced in whole or in part or used for any purpose except as authorised by Alexander Funds. It is to be treated as strictly confidential and not disclosed directly or indirectly to any other person, firm or entity. Any reproduction of these materials, in whole or in part, or the divulgence of any of its contents, without the prior consent of Alexander Funds is prohibited. This document is not, and is not intended to be, an offer or invitation for subscription or sale, or a recommendation, with respect to any securities, nor is it to form the basis of any contract or commitment. This document does not purport to identify the nature of the specific market or other risks associated with these products. Before entering into any transaction in relation to the products, the investor should ensure that it fully understands the terms of the products and the transaction, relevant risk factors, the nature and extent of the investor’s risk of loss and the nature of the contractual relationship into which the investor is entering. Prior to investing in these products, an investor should determine, based on its own independent review and such professional advice as it deems appropriate, the economic risks and merits, the legal, tax accounting characteristics and risk, and the consequences of an investment in them. Alexander Funds believes that the information contained in this document is accurate at the date of publication. To the fullest extent permitted by law, Alexander Funds and its Associates disclaim all liability for any loss or damage suffered by any person by reason of the use by that person of, or their reliance on, any information contained in this document or any error or defect in this document, whether arising from the negligence of Alexander Funds Management or its Associates or otherwise. No action should be taken based on or in reliance on the information, opinions or conclusions contained in this document.
