Magellan FuturePay
A growing monthly income, now and into the future

Fund & performance

Invest in the world's best

Investment Objective

The primary objectives of the Fund are to provide investors with predictable, monthly distributions that grow with inflation, while reducing the risk of permanent capital loss.

 

FuturePay  is an innovative, new, listed, actively-managed fund which aims to deliver investors: a predictable monthly income that grows with inflation, driven by returns and capital growth, with a focus on downside protection. This is underpinned by a reserving strategy and on-going income support, together with daily access to capital.

Fund Facts

Portfolio manager
FuturePay Size
$18.00 million 31 Aug 2021
Support Trust Size
$1.75 million 30 Jun 2021
Chi-X Ticker
FPAY
Market Data Tickers
  Units
Bloomberg FPAY AU EQUITY
Refinitiv FPAY.CHA
IRESS FPAY.CXA
ICE iNav**
AUD $
Ticker details
  Indicative NAV
Bloomberg FPAYIV Index
Refinitiv FPAYAUiv.P
IRESS FPAY-AUINAV
Solactive iNav
AUD $
Ticker details
  Indicative NAV 
Bloomberg FPAYAUIV Index
Refinitiv FPAYAUDINAV=SOLA
IRESS FPAYAUDINAV
More about iNAV
Index unit price
More information about iNav

The iNAV reflects the estimated NAV per Unit updated for portfolio stocks or equivalent securities that have live market prices during the Trading Day. The iNAV will not be updated for market-based movements such as movements in stock market indices. The iNAV will include the value of the Support Trust Rights.

Magellan has engaged ICE Data Indices, LLC and Solactive AG as iNAV calculation agents to independently calculate and disseminate an iNAV. Both iNAVs are freely available to investors. From time to time there may be differences between the two iNAVs as a result of different calculation methodologies or timing of the data.

Entry costs
Buy spread: 0.10%
Exit costs
Estimated mutualisation amount per unit
$ 0.43 23 Sep 2021
Sell spread: 0.10%***
(only applicable to investors who apply for units directly with the Fund)
Distribution Frequency
Monthly
Target Monthly Income
2.05 cents per unit
Current Income Yield^
4.17% p.a. 23 Sep 2021
Support trust coverage
31 months 23 Sep 2021
APIR Code
MGE9989AU
ARSN
645 515 082
Management fee
1.00% p.a. of FuturePay's portfolio value
Performance Fee
There is no performance fee

All management costs described above are inclusive of the estimated net effect of GST.

* As at 30 June 2021

** iNAV calculations as shown on www.magellangroup.com.au (the "data") provided by ICE Data Indices, see ICE Terms of Use, and is updated during ASX trading hours. Powered by Factset. iNAV is indicative and for reference purposes only. The Fund is not sponsored, endorsed, sold or marketed by ICE Data Indices, LLC, its affiliates ("ICE Data") and ICE Data or its respective third party suppliers MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE iNAV, IOPV, FUND OR ANY FUND DATA INCLUDED THEREIN.  IN NO EVENT SHALL ICE DATA HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, DIRECT, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. You acknowledge that the data is provided for information only and should not be relied upon for any purpose.

*** Sell spread is applied to the NAV per Unit less the Mutualisation Amount

^ Income Yield is calculated daily: Target Monthly Income x 12 / estimated NAV per Unit

The SUPPORT TRUST COVERAGE is the number of months over which the support trust could fund 100% of the Target Monthly Income of FuturePay and is calculated as the Net Asset Value of the Support Trust divided by the product of the number of Units on Issue and the Target Monthly Income

Meet the FuturePay Portfolio Manager

Paddy McCrudden

Paddy McCrudden

Head of Retirement Solutions and Data Science at Magellan Financial Group

Paddy McCrudden joined Magellan in 2017 as the Head of Retirement Solutions and Data Science. Before that, Paddy worked for 16 years at BlackRock. From 2015 to 2017, Paddy was based in New York where he led a team building quantitative models for global equities and worked as a lead strategist for active equities.

Between 2010 and 2015, Paddy was the head of portfolio management for Australian equities based in Sydney, overseeing index, active and long-short funds. Between 2001 and 2010, Paddy was a portfolio manager and trader in a team responsible for multi-asset portfolios.

Prior to the finance industry, Paddy worked as a lecturer in pure mathematics at McGill University in Québec and Macquarie University in Sydney.

Paddy earned a CFA in 2005 and holds a Bachelor of Science (hons) from Sydney University and a Ph.D. in pure mathematics from Macquarie University.

Paddy McCrudden, Portfolio Manager of Magellan FuturePay, provides insight into how he developed the Fund and how it works in practice.

Watch the video >

Performance

31 August 2021
Performance Since Inception
(%)
FuturePay NAV* 5.45%

*Calculations are based on NAV prices with distributions reinvested, after ongoing fees and expenses but excluding individual tax, member fees, entry fees (if applicable) and the Mutualisation Amount. Inception date 2 June 2021 (inclusive).

**The Investor return shows the impact of the Mutualisation Amount on the performance of FuturePay. The calculation is based on exit prices with distributions reinvested, but on the basis that the Mutualisation Amount is only applied on the last day of the period, after ongoing fees but excluding individual tax, member fees and entry fees (if applicable). Inception date 2 June 2021 (inclusive).

Growth of AUD $10,000
31 August 2021

*Calculations are based on NAV prices with distributions reinvested, after ongoing fees and expenses but excluding individual tax, member fees, entry fees (if applicable) and the Mutualisation Amount. Inception date 2 June 2021 (inclusive).

Unit Prices

Date Net Asset Value Entry Exit Value of Support Trust Rights per Unit
23/09/2021 5.8941 5.9000 5.4574 0.4311
22/09/2021 5.9010 5.9069 5.4652 0.4302
21/09/2021 5.9040 5.9099 5.4686 0.4298
20/09/2021 5.8780 5.8839 5.4393 0.4333
17/09/2021 5.9100 5.9159 5.4754 0.4291
16/09/2021 5.9435 5.9494 5.5133 0.4247
15/09/2021 5.9313 5.9372 5.4994 0.4264
14/09/2021 5.9461 5.9520 5.5161 0.4244
13/09/2021 5.9417 5.9476 5.5112 0.4250
10/09/2021 5.9361 5.9420 5.5048
09/09/2021 5.9704 5.9764 5.5436 0.4213
08/09/2021 6.0120 6.0180 5.5899 0.4165
07/09/2021 5.9726 5.9786 5.5460 0.4210
06/09/2021 5.9776 5.9836 5.5522 0.4198
03/09/2021 5.9699 5.9759 5.5436 0.4208
02/09/2021 5.9981 6.0041 5.5754 0.4171
01/09/2021 6.0128 6.0188 5.5897 0.4175
31/08/2021 6.0084 6.0144 5.5871 0.4182
30/08/2021 6.0065 6.0125 5.5850 0.4159
27/08/2021 5.9906 5.9966 5.5676 0.4173
26/08/2021 5.9874 5.9934 5.5640 0.4178
25/08/2021 6.0046 6.0106 5.5835 0.4155
24/08/2021 6.0171 6.0231 5.5934 0.4182
23/08/2021 6.0430 6.0490 5.6133 0.4241
20/08/2021 6.0564 6.0625 5.6238 0.4270
19/08/2021 6.0323 6.0383 5.6052 0.4215
18/08/2021 6.0075 6.0135 5.5862 0.4157
17/08/2021 6.0192 6.0252 5.5952 0.4184
16/08/2021 6.0111 6.0171 5.5890 0.4165
13/08/2021 5.9858 5.9918 5.5620 0.4183
12/08/2021 5.9741 5.9801 5.5487 0.4198
11/08/2021 5.9619 5.9679 5.5349 0.4215
10/08/2021 5.9600 5.9660 5.5328 0.4217
09/08/2021 5.9724 5.9784 5.5467 0.4201
06/08/2021 5.9755 5.9815 5.5502 0.4198
05/08/2021 5.9609 5.9669 5.5342 0.4212
04/08/2021 5.9452 5.9511 5.5165 0.4232
03/08/2021 5.9415 5.9474 5.5123 0.4237
02/08/2021 5.9482 5.9541 5.5199 0.4229
30/07/2021 5.9679 5.9739 5.5421 0.4227
29/07/2021 5.9580 5.9640 5.5426 0.4099
28/07/2021 5.9630 5.9690 5.5474 0.4101
27/07/2021 5.9598 5.9658 5.5443 0.4099
26/07/2021 5.9567 5.9627 5.5414 0.4098
23/07/2021 5.9783 5.9843 5.5620 0.4107
22/07/2021 5.9206 5.9265 5.5070 0.4081
21/07/2021 5.9159 5.9218 5.5028 0.4076
20/07/2021 5.9250 5.9309 5.5112 0.4083
19/07/2021 5.9067 5.9126 5.4959 0.4053
16/07/2021 5.9531 5.9591 5.5380 0.4096

Distribution history

IMPORTANT


Please ensure that your Tax File Number (TFN) or Australian Business Number (ABN) is provided to the Unit Registry by Record Date, otherwise tax will be withheld on income attributed to you at the top marginal tax rate plus Medicare Levy.

Please ensure that your bank account details are provided to the Unit Registry by Record Date, otherwise your distribution payment will be withheld until a valid bank account is provided.

To review or update your TFN/ABN and bank account details, log on to the Unit Registry’s online portal.

Period Distribution per unit Payment date Payment Notice
August 2021 2.0500 cents 15/09/2021 Download
July 2021 2.0300 cents 13/08/2021 Download
June 2021 2.0300 cents 15/07/2021 Download

Invest now

Magellan FuturePay (ticker FPAY) is available on the Chi-X securities exchange and can be bought and sold like any listed security. Investments can also be made directly with the fund itself.

Investors should read the Product Disclosure Statement (PDS) prior to making any investment decisions.

FuturePay PDS update - 15 September 2021

Invest now >

FAQs

FuturePay is quoted on the Chi-X securities exchange and can be bought and sold like any listed security. Alternatively investors can apply and redeem directly with Magellan. See 'How to Invest' for more information.

Chi-X Australia is an innovative Australian securities and derivatives exchange. Funds that are quoted on Chi-X can be bought and sold like any listed security via a stockbroker or online trading account.

When buying units on the securities exchange, there is no minimum initial investment. When applying directly with Magellan, the minimum initial investment is $10,000.

Yes, investors can reinvest their distributions to obtain additional units in FuturePay without having to pay the cost of brokerage. If you wish to participate in the Distribution Reinvestment Plan (DRP), you can update your election in the Unit Registry portal, available at https://investor.automic.com.au.

You can exit FuturePay either by making a withdrawal request to the Responsible Entity using a Withdrawal Form or by selling units on the Securities Exchange via your stockbroker or online broker. How you enter FuturePay does not affect the method by which you can exit FuturePay .

To make a withdrawal request with the Responsible Entity

If you have a Securityholder Reference Number (SRN) or Investor Number

You will need to make a withdrawal request to the Unit Registry.

If you have a Holder Identification Number (HIN) with your stockbroker or online broker

You will need to convert your holding from your HIN with your stockbroker or online broker to an SRN issued by the unit registry.

This is a standard process which your stockbroker or online broker can assist you with.

To sell your units on the Securities Exchange

If you have a Securityholder Reference Number (SRN) or Investor Number

You can provide your SRN to certain stockbrokers who can sell your units on your behalf. If your stockbroker does not offer this service, you will need to ask your stockbroker to convert or transfer your holding onto a HIN. This is a standard process which your stockbroker can assist you with. You can then instruct your stockbroker to sell your units on the Securities Exchange.

If you have a Holder Identification Number (HIN) with your stockbroker

You can instruct your stockbroker to sell your units on the Securities Exchange.

There are important differences between exiting FuturePay via the Securities Exchange or by withdrawing directly with the Responsible Entity, including the price you will receive. You should read the PDS or consult with your financial adviser before making any decision on how to invest in FuturePay .

Registry enquiries (Automic)

Automic Group

GPO Box 2629

Sydney NSW 2001

Emailmagellanfunds@automicgroup.com.au

Fax+61 2 8072 1409

Phone1300 408 792 (or +61 2 8072 1481)