MAP Model Portfolios Disclaimer and Important Information
For use at the end of presentations, performance reports and website information.
IMPORTANT: This material contains general financial product advice and factual information only. It has been prepared without taking account of the objectives, financial situation or needs of any person. It is intended only for persons who are wholesale clients for the purposes of Chapter 7 of the Corporations Act 2001 (Cth). It is not personal advice and is not an offer or invitation to acquire a financial product. Investments involve risk, including loss of capital. Past performance is not a reliable indicator of future performance.
1. Issuer, scope and defined terms
Alpine Capital Pty Ltd (ABN 96 155 409 653; Australian Financial Services Licence No. 422477) is referred to in this material as “Alpine Capital”, “Alpine”, “we”, “us” or “our”. Those expressions include Alpine Capital’s related bodies corporate and their respective directors, officers, employees and representatives where the context permits. “MAP” means the Alpine Multi Asset Class Model Portfolios. “Service” means the platform-based service through which the MAP portfolios are made available. A reference to this publication includes its attachments, charts, tables, website pages and supporting material.
Wentworth Securities was the trading name used before the business was renamed Alpine Capital. References in historical material to Wentworth Securities are references to the historical trading name of Alpine Capital Pty Ltd.
2. General information and no personal advice
This publication contains general financial product advice and factual information only. The advice has been prepared without taking account of the objectives, financial situation or needs of any person. It may not be appropriate for a recipient. Any discussion of a MAP portfolio, asset class, market, sector, investment theme or security is not personal advice and must not be relied upon as a recommendation that is appropriate for a particular person.
Before acting on the general advice, a recipient should consider its appropriateness having regard to the recipient’s objectives, financial situation and needs, and should obtain independent financial, legal, taxation and accounting advice as appropriate. Nothing in this publication is a substitute for personal financial advice.
3. Intended audience and wholesale-client status
This publication and the MAP Service described in it are intended only for persons who are wholesale clients for the purposes of Chapter 7 of the Corporations Act 2001 (Cth). A person is a retail client unless the person satisfies an applicable wholesale-client test, including under section 761G or 761GA. References sometimes used in other contexts to a “sophisticated investor”, “experienced investor” or “professional investor” are not interchangeable with every wholesale-client test. Alpine Capital must determine and document the applicable wholesale-client basis before providing the relevant financial service.
If this material is accessible more broadly, that accessibility does not constitute an offer to a retail client or a representation that the Service or any MAP portfolio is available or suitable for that person. Access controls, onboarding and client classification processes should be applied separately from this disclaimer.
4. No offer and product documents
This publication is not a product disclosure statement (PDS), financial services guide or other governing disclosure document and does not replace those documents. It does not constitute an offer, solicitation or invitation to acquire, dispose of or deal in any financial product. Before deciding whether to invest in the Service or select a MAP Model Portfolio, a recipient should consider the current OpenWealth PDS, comprising Part A, Part B and the Investment Menu, together with the relevant Target Market Determination, Terms of Use, online application materials and any updated information made available by OpenInvest. If there is any inconsistency, the current PDS and other governing Service documents prevail.
5. Administrator and platform arrangements
From 1 October 2021, Alpine Capital has used OpenWealth for implementation, administration and reporting of four MAP Model Portfolios: Conservative, Balanced, Growth and High Growth. OpenWealth is provided through the OpenInvest Portfolio Service ARSN 628 156 052, a registered IDPS-like managed investment scheme. OpenInvest Limited ACN 614 587 183, AFSL 504 155 is the Responsible Entity, Administrator and issuer of the PDS and Investment Menu. The Administrator undertakes transactions based on instructions from the Portfolio Manager and is responsible for reporting, record keeping and the Investor Portal and app. The Administrator does not provide personal financial advice or recommend the Service or a particular Model Portfolio. Recipients should refer to the current OpenWealth PDS, Investment Menu and related documents.
6. Model portfolio nature and implementation risk
A Model Portfolio is an investment option available through the Service. When an investor selects a Model Portfolio, the investor instructs the Administrator to acquire securities in accordance with its composition and thereafter implement changes made by the Portfolio Manager. The investor obtains a separate Account and is the beneficial owner of the investments, while legal title is held by the Administrator or Custodian. An investor’s actual holdings, transactions, entry prices, cash balance, tax position and returns may differ from published model or shadow results because of timing, cash flows, minimum trade sizes, unit rounding, corporate actions, distributions, fees, taxes, implementation delays, market movements, liquidity and platform administration.
Alpine Capital is the Portfolio Manager for the MAP Model Portfolios and acts under Australian Financial Services Licence No. 422477. Alpine makes investment decisions and communicates those decisions to the Administrator. OpenInvest implements those decisions provided the investments and weightings are within the applicable Model Portfolio mandate. There is no assurance that a model change will be implemented in every Account at the same price or time.
7. Historical management context and continuity of process
The inception date of the MAP model portfolios is 1 August 2012. The portfolios were originally managed under the Wentworth Securities trading name. The model rules, objectives, asset allocation limits and research process have remained the same since inception in August 2012. The published performance history links the historical performance of the MAP model portfolios offered directly to Alpine Capital clients before 1 October 2021 with the platform-based model portfolio performance after the transition on 1 October 2021.
Before the transition to OpenWealth on 1 October 2021, the model portfolios were generally rebalanced quarterly at 31 March, 30 June, 30 September and 31 December, or when portfolio changes were made. Following the transition, implementation and reporting have been conducted through the platform arrangements applicable from time to time.
8. Historical performance before 1 October 2021
Performance for periods before 1 October 2021 was reported through ShareSight Pro and is unaudited. Historical performance was calculated as Total Shareholder Return, capturing capital growth or loss and dividends, assuming distributions were reinvested. It excluded costs, excluded the benefit of franking credits and made no allowance for tax. Accordingly, pre-transition performance is gross of management fees and is not calculated on the same basis as the OpenWealth shadow model performance used after 1 October 2021.
The linking of performance series with different calculation methods and fee treatments may affect comparability. The combined performance record should therefore be read with these differences in mind and should not be interpreted as the actual return earned by any particular investor.
9. Shadow model performance from 1 October 2021
For periods reported using the OpenWealth shadow model methodology, performance is based on a simulated portfolio of assets with a starting value of $1,000,000. The starting portfolio is assumed to be invested in the assets and relative allocations of the relevant MAP portfolio at the commencement of the projection. The simulation then models the actual capital and income performance of the underlying assets and changes to the model’s value and composition over the projection period.
All hypothetical fees and costs stated as applicable to the model are modelled by deduction over the projection period. Where stated in the relevant performance material, returns are shown after the maximum MAP Management Fee of 0.75% p.a. Under the current Investment Menu, the Management Fee is based on the total Account balance, including cash, calculated daily and deducted monthly in arrears from Account cash. Discounts apply to the entire Account balance for balances above $500,000. Indirect Costs of underlying managed funds and ETFs are not directly deducted from the Account but are reflected in their unit prices. Actual fees and costs are governed by the current PDS, Investment Menu and fee calculator.
OpenWealth shadow model returns are presented using an Internal Rate of Return (IRR) methodology, which takes account of the amount and timing of income, fees and changes in the value of the underlying assets. Performance for periods of 12 months or more is annualised. Performance for periods of less than 12 months is not annualised. The performance includes tax credits attributable to the model, including franking credits and foreign tax credits.
Any variance in a performance summary may arise from rounding or from corporate action transactions being processed near the start or end of the measurement period. Unless stated otherwise, the start market value uses the previous business day’s closing prices for the underlying securities, and the ending market value uses closing prices on the final day of the performance period.
10. Past performance, simulated results and benchmarks
Past performance is not a reliable indicator of future performance. Model, hypothetical, simulated, shadow and back-tested results are not the performance of an actual investor account and have inherent limitations. They may not reflect the effect of all market, liquidity, implementation, behavioural, taxation or operational factors that would affect an actual portfolio. No representation is made that any investor will achieve results similar to those shown.
Any benchmark, objective or market index is provided for comparison or portfolio-objective purposes only. A benchmark may have a different asset composition, risk profile, volatility, tax treatment and fee basis from a MAP portfolio. An index is unmanaged and generally does not include the fees, transaction costs, taxes or implementation effects of an actual investment. Benchmark or objective outperformance is not guaranteed.
Where past performance is shown, the material should identify the relevant portfolio, performance period, calculation methodology, whether returns are gross or net of fees and costs, the fee rate applied, the treatment of distributions, tax and franking credits, the benchmark basis and any material change in methodology. Performance should be presented for a period that is not misleading and with risks and qualifications given sufficient prominence.
11. Investment risks
Investment in a MAP portfolio involves risk. The value of investments and income may rise or fall and an investor may receive back less than the amount invested. Relevant risks may include market risk, asset allocation risk, manager and model risk, equity risk, interest-rate risk, credit and counterparty risk, liquidity risk, currency risk, inflation risk, concentration risk, derivative risk, ETF and managed fund risk, tracking-error risk, operational and platform risk, regulatory risk, geopolitical risk and tax risk. Diversification and active management may reduce some risks but cannot eliminate risk or prevent losses.
12. Fees and costs
Fees and costs reduce investment returns. Under the current Investment Menu, the MAP Management Fee is 0.75% p.a. before applicable account-balance discounts. Discounts of 20%, 30%, 40% and 50% apply to the entire Account balance for the specified balance bands above $500,000, producing effective Management Fee rates of 0.60%, 0.525%, 0.45% and 0.375% p.a. respectively. The Management Fee includes amounts payable to the Portfolio Manager, amounts payable to the Administrator and certain other Service expenses and reimbursements. Fees in the PDS are stated in Australian dollars, inclusive of GST and net of any Reduced Input Tax Credits. Indirect Costs, transaction costs, underlying buy-sell spreads and fees for requested additional services, including applicable in-specie transfer fees, may also apply. Recipients should refer to the current PDS, Investment Menu and fee calculator before investing.
13. Yield, income and tax credits
Any yield, income, distribution or franking estimate is indicative only and is not guaranteed. Yield estimates may be based on historical distributions, issuer information or other external data and may change without notice. Where forecast yield is unavailable, historical or running yield may be used. Historical yield may be calculated by dividing distributions paid over the preceding 12 months by the prevailing market price at the time of publication. Actual income, distributions, franking credits and foreign tax credits may differ materially. Tax outcomes depend on each investor’s circumstances and may change if taxation law or administrative practice changes.
14. Information, opinions and third-party material
Information is believed to be reliable and opinions, estimates and conclusions are considered reasonable as at the date of compilation. However, except to the extent required by law, Alpine does not warrant that information is accurate, complete, current or suitable for any purpose. Information and opinions may change without notice. References to particular securities do not constitute recommendations to buy, sell or hold those securities. Market, sector, economic or political commentary should not be construed as research tailored to any person.
Third-party information is provided without independent verification unless expressly stated. Alpine is not responsible for the content, availability or accuracy of third-party websites, data, research, indices or documents. Any third-party trade marks remain the property of their respective owners.
15. Liability
To the maximum extent permitted by law, Alpine and its related bodies corporate, and their respective directors, officers, employees, representatives and agents, exclude liability for any loss, damage, cost or expense arising from reliance on this publication or from anything contained in or omitted from it. Nothing in this disclaimer excludes, restricts or modifies any right, remedy, guarantee, warranty or other term that cannot lawfully be excluded, restricted or modified.
16. Jurisdiction, confidentiality and reproduction
This publication is intended for use in Australia unless expressly stated otherwise. It must not be distributed or used in any jurisdiction where doing so would breach applicable law. The recipient is responsible for observing any relevant restrictions. No part of this publication may be reproduced, distributed, transmitted or adapted without Alpine Capital’s prior written permission, except as permitted by law.
17. Publication details and retained historical dates
- MAP portfolio inception date
- 1 August 2012
- Platform transition date
- 1 October 2021
- Historical disclaimer publication date retained from prior material
- Friday, 30 June 2023
- Current disclaimer version
- September 2026, aligned to OpenWealth PDS v2.1 and Investment Menu v1.2