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FAST PODCAST: Not all income funds are well positioned for rising bond yields

Bond yields have been rising and fixed interest investing is gaining advocates. But not all income funds are well positioned to take advantage. Pendal’s head of income strategies Amy Xie Patrick explains

You can also listen to this podcast on Apple or Spotify
An excerpt from this podcast

Amy Xie Patrick, Pendal’s head of income strategies:

Two-year yields in Australia have risen well over 200 basis points, even just in the last year.

One year ago, to invest in risk-free bonds in Australia, you were getting paid virtually nothing. And now you’re getting paid nearly 2.5%.

For most income funds in Australia, within the fixed interest asset class, our income targets are relatively modest, around 2% to 3%. You can get most of the way there now without even having to take credit risk, or equity risk.

But if you don’t have the flexibility within your portfolios to take advantage of this higher-yield environment, then this is a really large prize that you are being forced to forego in this environment.

The reason we highlight this today, on the podcast, is simply to say to investors that you need to look at what kind of income fund you’re getting into.

Is it a buy-and-hold, steady as she goes, let’s not do much about it, kind of income fund?

Or has your income fund actually been incredibly active to insulate you against the rising interest rate risks, the rising macro risks, that have occurred over the last 6-to-12 months?

The latter is definitely the one positioned with more flexibility, and more dry powder, to take advantage of the higher yields that we have today.


Follow Pendal’s The Point podcast on Apple, Spotify or Google

About Amy Xie Patrick and Pendal’s Income and Fixed Interest team

Amy is Pendal’s Head of Income Strategies. She has extensive experience and expertise in emerging markets, global high yield and investment grade credit and holds an honours degree in economics from Cambridge University.

Pendal’s Income and Fixed Interest boutique is one of the most experienced and well-regarded fixed income teams in Australia. In 2021 the team won Lonsec’s Active Fixed Income Fund of the Year Award. In 2020 they won the Australian Fixed Interest category in the Zenith awards.

The team oversees A$22 billion invested across income, composite, pure alpha, global and Australian government strategies.

Find out more about Pendal’s fixed interest strategies here

About Pendal Group

Pendal is an independent, global investment management business focused on delivering superior investment returns for our clients through active management.

Contact a Pendal key account manager here


This information has been prepared by Pendal Fund Services Limited (PFSL) ABN 13 161 249 332, AFSL No 431426 and is current at April 20, 2022.

PFSL is the responsible entity and issuer of units in the Pendal Monthly Income Plus Fund (ARSN: 137 707 996) and Pendal Dynamic Income Fund (ARSN: 622 750 734) (Funds). A product disclosure statement (PDS) is available for the Fund and can be obtained by calling 1300 346 821 or visiting www.pendalgroup.com. The Target Market Determination (TMD) for the Fund is available at www.pendalgroup.com/ddo. You should obtain and consider the PDS and the TMD before deciding whether to acquire, continue to hold or dispose of units in the Fund.

An investment in the Fund or any of the funds referred to in this web page is subject to investment risk, including possible delays in repayment of withdrawal proceeds and loss of income and principal invested.

This information is for general purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It has been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on this information, consider its appropriateness having regard to their individual objectives, financial situation and needs. This information is not to be regarded as a securities recommendation.

The information may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information is complete and correct, to the maximum extent permitted by law neither PFSL nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information.

Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance.

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