Active Australian Hybrids Fund (managed fund)

HBRD

Attractive income from actively managed hybrid securities

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Overview

Fund Objective

HBRD aims to provide investors with attractive income returns from an actively managed, diversified portfolio of primarily hybrid securities.

Fund Strategy

HBRD will invest in an actively managed portfolio of hybrid securities overseen by a professional investment manager. If the hybrids market is assessed to be overvalued or to present a heightened risk of capital loss, the Fund can allocate more of the portfolio to lower risk securities such as cash or bonds.

Benefits of HBRD

  • Professionally managed hybrids exposure

    HBRD offers convenient exposure to a diversified portfolio of hybrids, which seeks to reduce the potential downside risk of directly holding individual hybrids.

  • Attractive, tax-efficient income paid monthly

    HBRD pays income monthly at a rate expected to be significantly higher than cash and senior bonds, along with franking credits.

  • Active management

    Active management by a fixed income specialist targets lower volatility and reduced risk. Fund is able to increase exposure to cash and bonds if required given market conditions in order to reduce risk.

There are risks associated with an investment in HBRD, including interest rate risk, credit risk, hybrids complexity risk and sector concentration risk. Investment value can go up and down. An investment in the Fund should only be considered as a part of a broader portfolio, taking into account your particular circumstances, including your tolerance for risk. For more information on risks and other features of the Fund, please see the Product Disclosure Statement and Target Market Determination, both available on this website.

How to Invest

  • You can buy or sell units just like you’d buy or sell any share on the ASX.
  • Fund requires no minimum investment.

Key facts

Pricing information

Current price
Last trade*
% Change (prev day)
Bid (delayed)
Offer (delayed)
iNAV (live)**

* Data is delayed by at least 20 minutes.

* As at 19 December 2023 10:17 AM

NAV
NAV/Unit* $10.13

* As at 11 April 2024

Profile

Net assets* ($A) $2,171,488,598
Units outstanding* (#) 214,444,352
Management fee and cost** (p.a.) 0.55%
Investment manager Coolabah Capital Institutional Investments Pty Ltd
Distribution frequency Monthly
Distribution reinvestment plan (DRP) Full or partial participation available
Issuer Betashares Capital Ltd
Registry Link Market Services

* As at 11 April 2024

**Certain additional costs apply, including a fee of 15.5% of outperformance above a benchmark.

Trading information

ASX code HBRD
Bloomberg code HBRD AU
IRESS code HBRD.ASX
iNAV IRESS code HBRDINAV.ETF
Market makers Susquehanna Pacific

Index information

Index Solactive Australian Hybrid Securities Index
Index provider Solactive AG
Index ticker HBRD
Bloomberg index ticker SOLAUDHN Index

Portfolio characteristics

Gross running yield (% p.a.) 6.62
Net running yield (% p.a.) 5.83
All-in yield (% p.a.) 6.04
Estimated yield to worst (% p.a.) 5.77
Discount margin (bps) 168.86
As at 12 April 2024

Holdings & allocation

Portfolio holdings

Name Weight (%)
ANZ GROUP HLDGS LI 7.0%
WESTPAC BANKING CORP 6.7%
AUSTRALIA & NEW ZEALAND BANKING GROUP LTD 0.0% MAY-33 4.9%
NATIONAL AUSTRALIA BANK LTD 0.0% NOV-31 4.1%
WESTPAC BANKING CORP 0.0% JUN-33 4.0%
NATL AUSTRALIABK NAB 1.42939 PERP 4.0%
WESTPAC BANKING WSTP 1.52182 PERP 3.3%
COMMONWEALTH BANK OF AUSTRALIA 0.0% APR-32 3.0%
COMMONWEALTH BANK OF AUSTRALIA 0.0% AUG-31 3.0%
COMMONWEALTH BANK OF AUSTRALIA 0.0% SEP-30 2.9%

* As at 29 February 2024. Excludes cash

Sector allocation

Preference Shares
41.7%
Capital Notes
0.0%
Sub Bonds
49.9%
Senior Bonds
6.3%
Cash
2.1%

* As of 28 March 2024

Performance

Fund returns after fees (%)

  Fund (Net) Fund (Gross) Index
1 month 0.60% 0.65% 0.81%
3 months 1.69% 1.89% 1.95%
6 months 3.04% 3.45% 2.91%
1 year 6.54% 7.55% 6.73%
3 year p.a. 3.50% 4.46% 3.81%
5 year p.a. 3.81% 4.76% 3.98%
10 year p.a. - - -
Since inception (p.a.) 3.81% 4.78% 3.99%
Inception date 13-Nov-17 - -

* As at 28 March 2024.
Past performance is not an indicator of future performance. Returns are calculated in Australian dollars using net asset value per unit at the start and end of the specified period and do not reflect brokerage or the bid ask spread that investors incur when buying and selling units on the ASX. Returns are after fund management costs, assume reinvestment of any distributions and do not take into account tax paid as an investor in the Fund. Returns for periods longer than one year are annualised. Current performance may be higher or lower than the performance shown. Net refers to total return performance net of management fees and net of franking credits, Gross refers to total return performance net of management fees and inclusive of franking credits.

Chart

Past performance is not indicative of future performance. Please refer to "Fund returns after fees" for additional information regarding performance/return information.

Distributions

Yield information

Distribution frequency Monthly
12 mth distribution yield* 5.5%
12 mth gross distribution yield* 6.4%
Franking level 39.6%

*As at 28 March 2024. Yield is calculated by summing the prior 12-month per unit distributions divided by the closing NAV per unit at the end of the relevant period. Yield will vary and may be lower at time of investment. Franking level is total franking level over the last 12 months. Past performance is not indicative of future performance.

You can elect DRP by logging into Link’s Investor Centre. Once you are logged in, please proceed to the 'Payments and Tax' tab and select ‘Reinvestment Plans'.

Recent distributions

Ex Date Record Date Payment Date Distribution Unit ($) Annual Distribution Return (%) (1)
2-Apr-24 3-Apr-24 17-Apr-24 $0.045294 5.74%
1-Mar-24 4-Mar-24 18-Mar-24 $0.046506 5.63%
1-Feb-24 2-Feb-24 16-Feb-24 $0.053104 5.48%
2-Jan-24 3-Jan-24 17-Jan-24 $0.046564 5.34%
1-Dec-23 4-Dec-23 18-Dec-23 $0.0473 5.27%
1-Nov-23 2-Nov-23 16-Nov-23 $0.049331 5.19%
2-Oct-23 3-Oct-23 17-Oct-23 $0.044514 5.01%
1-Sep-23 4-Sep-23 18-Sep-23 $0.048083 4.90%
1-Aug-23 2-Aug-23 16-Aug-23 $0.047929 4.76%
3-Jul-23 4-Jul-23 18-Jul-23 $0.044209 4.57%
1-Jun-23 2-Jun-23 19-Jun-23 $0.046031 4.27%
1-May-23 2-May-23 16-May-23 $0.038526 4.00%
3-Apr-23 4-Apr-23 20-Apr-23 $0.041339 3.79%
1-Mar-23 2-Mar-23 16-Mar-23 $0.035867 3.61%
1-Feb-23 2-Feb-23 16-Feb-23 $0.040514 3.45%
3-Jan-23 4-Jan-23 18-Jan-23 $0.036987 3.24%
1-Dec-22 2-Dec-22 16-Dec-22 $0.035521 3.07%
1-Nov-22 2-Nov-22 16-Nov-22 $0.036406 2.88%
3-Oct-22 4-Oct-22 18-Oct-22 $0.031397 2.75%
1-Sep-22 2-Sep-22 16-Sep-22 $0.031331 2.62%
1-Aug-22 2-Aug-22 16-Aug-22 $0.027381 2.51%
1-Jul-22 4-Jul-22 18-Jul-22 $0.023981 2.41%
1-Jun-22 2-Jun-22 17-Jun-22 $0.022398 2.43%
2-May-22 3-May-22 17-May-22 $0.019598 2.45%
1-Apr-22 4-Apr-22 20-Apr-22 $0.021106 2.48%
1-Mar-22 2-Mar-22 16-Mar-22 $0.018897 2.50%
1-Feb-22 2-Feb-22 16-Feb-22 $0.021 2.51%
4-Jan-22 5-Jan-22 19-Jan-22 $0.02092 2.55%
1-Dec-21 2-Dec-21 16-Dec-21 $0.02143 2.55%
1-Nov-21 2-Nov-21 16-Nov-21 $0.019605 2.35%
1-Oct-21 4-Oct-21 18-Oct-21 $0.020603 2.15%
1-Sep-21 2-Sep-21 16-Sep-21 $0.022351 2.17%
2-Aug-21 3-Aug-21 17-Aug-21 $0.02106 2.17%
1-Jul-21 2-Jul-21 16-Jul-21 $0.021293 2.19%
1-Jun-21 2-Jun-21 17-Jun-21 $0.021849 2.21%
3-May-21 4-May-21 18-May-21 $0.021557 2.24%
1-Apr-21 6-Apr-21 20-Apr-21 $0.023637 2.29%
1-Mar-21 2-Mar-21 16-Mar-21 $0.020112 2.32%
1-Feb-21 2-Feb-21 16-Feb-21 $0.020359 2.47%
4-Jan-21 5-Jan-21 19-Jan-21 $0.022321 2.45%
1-Dec-20 2-Dec-20 16-Dec-20 $0.022331 2.93%
2-Nov-20 3-Nov-20 17-Nov-20 $0.02148 2.95%
1-Oct-20 2-Oct-20 16-Oct-20 $0.021972 2.96%
1-Sep-20 2-Sep-20 16-Sep-20 $0.02278 3.00%
3-Aug-20 4-Aug-20 18-Aug-20 $0.022837 3.01%
1-Jul-20 2-Jul-20 16-Jul-20 $0.024746 3.05%
1-Jun-20 2-Jun-20 17-Jun-20 $0.023996 3.10%
1-May-20 4-May-20 18-May-20 $0.025361 3.16%
1-Apr-20 2-Apr-20 20-Apr-20 $0.027726 3.15%
2-Mar-20 3-Mar-20 17-Mar-20 $0.023637 3.33%
3-Feb-20 4-Feb-20 18-Feb-20 $0.026352 3.46%
2-Jan-20 3-Jan-20 17-Jan-20 $0.027436 3.55%
2-Dec-19 3-Dec-19 17-Dec-19 $0.024604 3.64%
1-Nov-19 4-Nov-19 18-Nov-19 $0.024476 3.71%
1-Oct-19 2-Oct-19 16-Oct-19 $0.026073 3.81%
2-Sep-19 3-Sep-19 17-Sep-19 $0.026548 3.85%
1-Aug-19 2-Aug-19 16-Aug-19 $0.027872 3.94%
1-Jul-19 2-Jul-19 16-Jul-19 $0.028742 4.04%
3-Jun-19 4-Jun-19 19-Jun-19 $0.031561 4.07%
1-May-19 2-May-19 16-May-19 $0.033066 4.05%
1-Apr-19 2-Apr-19 16-Apr-19 $0.031746 4.07%
1-Mar-19 4-Mar-19 18-Mar-19 $0.030645 3.96%
1-Feb-19 4-Feb-19 18-Feb-19 $0.033404 3.95%
2-Jan-19 3-Jan-19 17-Jan-19 $0.033116 3.94%
3-Dec-18 4-Dec-18 18-Dec-18 $0.031356 4.08%
1-Nov-18 2-Nov-18 16-Nov-18 $0.034987 -
1-Oct-18 2-Oct-18 16-Oct-18 $0.030239 -
3-Sep-18 4-Sep-18 18-Sep-18 $0.033114 -
1-Aug-18 2-Aug-18 16-Aug-18 $0.03496 -
2-Jul-18 3-Jul-18 17-Jul-18 $0.031791 -
1-Jun-18 4-Jun-18 19-Jun-18 $0.033224 -
1-May-18 2-May-18 16-May-18 $0.034117 -
3-Apr-18 4-Apr-18 18-Apr-18 $0.030221 -
1-Mar-18 2-Mar-18 16-Mar-18 $0.028838 -
1-Feb-18 2-Feb-18 16-Feb-18 $0.033234 -
2-Jan-18 3-Jan-18 17-Jan-18 $0.048067 -

1 This is the annual distribution return to the end of the relevant distribution date. The distribution return reflects the contribution to total investment return made by the Fund's distributions. Distribution return is calculated as the total return less the growth return. Total return is calculated as the percentage change in a continuing investor's interest in the Fund assuming reinvestment of all distributions back into the Fund (and no other application or withdrawal), net of ongoing fees. Growth return is the Fund's return excluding distributions, net of ongoing fees. Past performance is not indicative of future performance

Announcements

ASX announcements: HBRD

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