A unit price reflects the value of a fund’s investments, including any income accrued but not yet distributed. When distributions are paid, the unit price will usually decrease by an amount equal to the distribution. As a result, if your fund pays a distribution on 30 June, the unit price will generally decrease after the close of business by the same amount.

Please note that if you fully withdraw units from your fund before 30 June, you will not receive a distribution for those units. If you partially withdraw units from your fund you will only receive a distribution for the units you still hold at 30 June.

Finalising year-end unit prices is a detailed process and takes time due to distribution calculations and review requirements. We expect unit prices for Pengana’s funds to be caught up by mid-July.

During July there may be delays in issuing unit prices as we finalise year-end distributions. While unit prices are unavailable, we are not able to process transactions, including withdrawals.

This delay will not affect the value of your investment or the value of any transactions made during the year-end period. When unit prices are issued, transactions will be processed for the day they were received and accepted.

We will endeavour to obtain the prices and process transaction requests as quickly as possible.

Funds generally pay all of their distributable income for the year to investors.  Distributable income is made up primarily of interest, dividends and net realised capital gains of the fund less fund expenses.  Funds ae required to attribute this income to investors for tax purposes whether they pay an actual distribution or not.  Most funds pay the same amount that they attribute.

Unrealised capital gains for the year are not included in distributable income, so distributions are not necessarily a good representation of performance.  If a fund has significant unrealised capital gains for the year, performance may be far better than the distribution.

Please refer to our Distribution calendar here.  We will keep this updated with current information throughout the year end process.

The reinvestment of your 30 June distribution will be processed with an effective date of 30 June using the fund’s post-distribution price.  This reinvestment amount will appear as a separate transaction on your statement and will be incorporated into the opening balance for the following financial year.

Tax may have been withheld from your distribution because you’re an overseas resident for tax purposes or because you have not supplied us with your Australian Tax File Number (TFN Withholding Tax).  If you have had TFN Withholding Tax applied to your distribution you should provide us with your Tax File Number.  You can often claim Withholding tax back when you lodge your tax return.

You will receive four statements during the year end period:

• a transaction statement for the month or quarter to 30 June;
• a distribution statement informing you of the amount of the distribution at 30 June;
• a Tax (AMMA) statement for the financial year; and
• a Periodic statement for the financial year.

Tax Statements (now referred to as AMMA statements) are issued to all investors who have received a distribution during the financial year.  If you have received a distribution during the year you will receive an AMMA statement.

Tax Statements (now referred to as AMMA statements) are issued to all investors who have received a distribution during the financial year.  If you have received a distribution during the year you will receive an AMMA statement.

Like most investment managers, Pengana do not provide investors with Capital Gains Statements.

These funds have now been fully transitioned to their new portfolios.  Given the significant increases in markets over the past twelve months, the realignment of the portfolio resulted in the realisation of significant capital gains.

Pengana needs to ensure that these capital gains are fairly allocated to existing investors in the fund and therefore is paying a special distribution with the effective date of 19 May 2021. The distribution will bring forward much of the income that would ordinarily have been payable as at 30 June 2021.