Charitable fund launches on ASX
Hearts and Minds Investments, a new listed investment company (LIC) with a charitable goal to help fund medical research charities, has started trading on the Australian Securities Exchange after closing its $500 million initial public offering ahead of its original closing date.
Chairman, Chris Cuffe, said the fund had a good structure and a high-calibre leadership team, and support for the fund managers was solid.
The fund’s portfolio is aimed at investors seeking exposure to a high-conviction portfolio of global equities, and would be based on the selections and recommendations of its five leading fund managers.
The fund may invest in both Australian and international equities, cash and cash-equivalent securities, and would waive investment fees in favour of a bi-annual donation to charities, which would be equal to 1.5 per cent per annum of the average monthly net tangible assets for the previous half-year.
AUTHOR
Anastasia Santoreneos
Recommended for you
Bennelong Funds Management chief executive John Burke has told Money Management that the firm is seeking to invest in boutiques in two specific asset classes as it identifies gaps in its product range.
Responsible investment performance concerns have lessened as the market hits $1.6 trillion in AUM, according to RIAA’s annual report, but greenwashing fears among asset managers are on the rise.
Research by Morningstar has found fixed income funds are bucking a general trend around managed fund fee dispersion with a smaller fee dispersion compared to equity ones.
As investors seek to diversify their portfolios, the naming of bond labels has broadened out to include green, social and impact bonds, according to the annual RIAA report.
