The Fund delivered +0.76% in September, 9.26% over 12 months and 6.70% annualised since inception, continuing to deliver over 5% net return above the RBA cash rate.

We are continuing the theme of explaining a key element of how the fund works in each monthly performance update so clients and advisers can further understand both the investment strategy and attributes of the product.

The Manning Monthly Income fund operates as a fully distributing trust, which means that all income received by the Fund during each period, after deducting fees and expenses, is obligated to be distributed to investors monthly. This structure holds significant advantages for investors seeking both capital stability and a dependable income stream, especially when compared to other asset classes such as equities, where dividends/distributions are often discretionary in terms of the amount and timing of payouts, if any are made at all. Moreover, the monthly frequency of distribution, as opposed to the more typical half-yearly approach, adds an extra layer of consistency for our valued investors.

Manning focuses its investments on assets that yield a monthly income-based return, allowing us to efficiently pass on the returns received by the Fund to our investors in a timely manner. For our investors, this translates into the ability to receive their monthly returns as cash distributions, reducing the need for regular redemptions to meet their income requirements.

Investors will note the distribution rates from fixed income have increased significantly of late due to the higher RBA cash rate. By way of example, the Fund’s annualised current distribution yield is 9.15% versus the ASX 200’s indicative dividend yield (including franking credits) of circa 6.10%.