Marriott Income comment - Sep 05 - Fund Manager Comment26 Oct 2005
Distribution
The September 2005 distribution amounted to 2.3927 cents per unit (June 2005: 2.3726 cpu), bringing the total distribution for the last four quarters to 9.4831 cents per unit.
Future Income
There is uncertainty as to the short term direction of interest rates. It would appear that we are near the bottom of an interest rate cycle, with the 1 - 2 year expectation being higher rates than current levels. The current asset allocation is under review in order to bring more capital stability to the fund. This will most likely reduce income going forward and hence the December distribution will be lower than current levels.
Capital
As stated above, a review of the asset allocation is under way in order to increase capital stability within the fund. With the current exposure to R152's, investors have experienced a small decline in capital values over the past few months. Should all things remain equal, the new asset allocation will prevent further capital diminution from exceeding 1.5% over the next 6 months.
Marriott Income comment - Jun 05 - Fund Manager Comment15 Aug 2005
Distribution
The June 2005 distribution amounted to 2.3726 cents per unit (March 2005: 2.4338 cpu), bringing the total distribution for the last four quarters to 9.27 cents per unit.
Future Income
There is uncertainty as to the short term direction of interest rates. It would appear that we are near the bottom of an interest rate cycle, with the 1 - 2 year expectation being higher rates than current levels. The September 2005 distribution is likely to be similar to the June 2005 distribution as a result of the large holding of R152's.
Capital
Property exposure in the fund has been reduced to 0% so as to protect capital values should interest rates rise.
Marriott Income comment - Mar 05 - Fund Manager Comment19 May 2005
Distribution
The March 2005 distribution amounted to 2.4338 cents per unit (December 2004: 2.2840 cpu), bringing the total distribution for the last four quarters to 9.0354 per unit.
Future Income
There is uncertainty as to the short term direction of interest rates. It would appear that we are near the bottom of an interest rate cycle, with the 1 - 2 year expectation being higher rates than current levels. The June 2005 distribution is likely to be similar to the March 2005 distribution as a result of the large holding of R152's.
Capital
During December 2004 the property exposure was reduced to immaterial levels so as to protect capital values should interest rates rise.
Marriott Income comment - Dec 04 - Fund Manager Comment16 Feb 2005
Distribution
The December 2004 distribution amounted to 2.2840 cents per unit, (September 2004: 2.1936 cpu) bringing the total distribution for the last four quarters to 9.0354 cpu.
Future Income
There is uncertainty as to the short term direction of interest rates. It would appear that we are near the bottom of an interest rate cycle, with the 1 - 2 year expectation being higher rates than current levels. The March 2005 distribution is likely to be lower than the December 2004 distribution as a result of the further maturing of higher yielding deposits and a reduction of exposure to high yielding property securities.
Capital
During December the property exposure was reduced to immaterial levels so as to protect capital values should interest rates rise.