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First State Investments launches offshore Australian Growth Fund

Asset management company launches Ireland-domiciled offshore growth fund.

First State Investments launches offshore Australian Growth Fund

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The fund is available to retail investors through Class 1 (income distribution) and Class 1 (accumulation) shares. Institutional are able to access the fund via class III (accumulation) shares.

The dollar-denominated fund is domiciled in Ireland and managed by Naz Ressas, whose Sydney-based Australian Equities Growth team had approximately US$12.7 bn in its Australian share portfolios as of 30 April 2011.

The fund, which is benchmarked against the S&P/ASX 100 Index, aims to provide long-term capital growth by investing predominantly in large Australian companies. It may also invest in companies that are incorporated or have the majority of their economic activity in Australia but are listed on regulated markets elsewhere in the world.

It will maintain a concentrated portfolio aiming to invest in 25-50 companies with healthy balance sheets, strong earnings and good prospects to outperform their peers over the medium-to-long term.

Gary Withers, regional managing director for EMEA at First State Investments, said: “Solid economic conditions in Australia are driving demand for an Australian equities based product in other markets around the world and our team, with its extensive experience in this area, is well-placed to deliver on this requirement.”

He added: “We believe it is the right time to enter the UK, European and Asian markets with this type of fund and we are expecting our new offshore fund to generate good interest from investors.”

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