Challenger Howard Mortgage Fund
Amendment to the withdrawal process
On 21 October 2008, the withdrawal processes for the Challenger Howard Mortgage Fund and Challenger Howard Wholesale Mortgage Fund were amended. As a result, you will only be able to withdraw from the Funds if we make an offer of withdrawal.
Withdrawal offer - July/August 2010
The July/August 2010 withdrawal offer closed at 3pm Sydney time on 20 August 2010. Read more information on the withdrawal offer and amendment to the withdrawal process:
Challenger Howard Mortgage Fund
Challenger Howard Wholesale Mortgage Fund
Fund update following the wind-up of Colonial First State Mortgage Income Fund
On 16 February 2010, Colonial First State announced that it would wind-up the Colonial First State Mortgage Income Fund and this has prompted the media to question whether other mortgage trusts will need to be wound-up.
The mortgage funds offered by Challenger are in no way affected by Colonial First State's actions. There is no need to wind-up Challenger's mortgage funds, which best serve their investors' interests by remaining operational and continuing to pay monthly income and quarterly redemption requests.
The most recent comprehensive review of loan portfolios was made in December 2009. We continue to monitor each and every loan on a monthly basis and are confident that loan defaults are being adequately provisioned.
We understand some investors would like more certainty regarding income levels and future liquidity arrangements and can report that we are closer to proposing a longer-term solution for their consideration.
Overview
The Challenger Howard Mortgage Fund was established in 1985 and has built a reputation as one of Australia's most experienced mortgage managers. The Fund invests in a diversified portfolio of primarily commercial mortgage loans and interest bearing securities. The Fund may also invest in cash and other short-term investments.
Objective
To provide investors with a diversified income producing portfolio that aims to provide regular income, capital stability and prompt and convenient access to their funds.
Investment style
Challenger's mortgage lending team employs a conservative approach to managing the mortgage investments of the Fund. We adopt an active approach to managing investments in the interest bearing and other short-term securities portion of the portfolio.
How to Invest
Retail PDS - minimum investment $1,000 (PDF 543Kb)
IDPS PDS (PDF 484 Kb)
Wholesale PDS - minimum investment $10,000
For more information contact your financial planner or call our Investor Services team on 13 35 66.
Interests in the Challenger Howard Mortgage Fund (ARSN 090 464 074) and Challenger Howard Wholesale Mortgage Fund (ARSN 093 720 159) are offered by Challenger Managed Investments Limited (ABN 94 002 835 592) (AFSL 234668). All mortgage funds carry some investment risk. They are not bank deposits. Past performance is not a reliable indicator of future performance.
The offer or invitation to subscribe in interests in the product is only available to persons receiving the PDS in Australia and is subject to terms and conditions described in the PDS. Neither product issuer, any Custodian, nor any entity or person associated with the Challenger Financial Services Group of companies guarantees repayment of your capital or the performance of your investment.
The information contained above has been prepared without taking account of any person's objectives, financial situation or needs. Because of that, each person should, before acting on any such information, consider the appropriateness of the information, having regard to their objectives, financial situation and needs. Each person should obtain a current PDS relating to the product and consider that document before making any decision about the product.
If you acquire or hold one of our products, we will receive fees and other benefits which are generally disclosed in the PDS or other disclosure document for the product. We and our employees do not receive any specific remuneration for any advice provided to you. However, financial advisers (including any Challenger group companies) may receive fees or commissions if they provide advice to you or arrange for you to invest with us. Some or all of Challenger group companies and directors of those companies may benefit from fees, commissions and other benefits received by another group company.
