Daily Unit Prices

The unit prices listed below are valued at Net Asset Value (NAV). A margin representing estimated transaction costs may be applied to transactions. 
Transaction margins currently apply to all facilities and sectors with an asset allocation to Australian bonds, international bonds, listed property trusts, Australian shares or international shares.

To confirm prices at which transactions are priced you will need to apply the relevant transaction margin. For the purchase of units, the Application Price is: NAV Unit Price * (1 + Transaction margin). For the sale of units, the Redemption Price is: NAV Unit Price * (1 - Transaction margin). Due to Australian accounting standards requiring financial assets to be valued at "bid price", the unit prices used to value the balances on the monthly Hour-Glass statements are Redemption Prices.

The Hour-Glass Facilities distribute all taxable income each year. The Cash Facility Trust and the Strategic Cash Facility Trust distribute taxable income at the end of each month and the Indexed Australian Shares Sector Trust makes two distributions of taxable income each year, on 31 December and 30 June. All other Hour-Glass trusts make their annual tax distribution on 30 June. The unit prices listed below have been reduced by the relevant distribution amounts.

If you are using unit prices to calculate the return for a particular period, you must use the unit prices for the beginning of the period and the day after the end of the period, as the unit prices listed are effectively 'beginning of day' valuations. For example to determine the percentage return for a particular month (e.g. January), divide the unit price for the first day of the following month (i.e. 1 February) by the unit price for first day of the month (i.e. 1 January), subtract 1 and multiply by 100. Please note that if the period includes distribution day/s, you will need to add back the relevant distribution amount(s) to the end of period unit price.

Percentage return for the period = { [ ( Unit price for day after the end of period + distribution amount(s) during the period) / Unit price for start of the period ] - 1 } * 100

To annualise this percentage return use the formula: { [ ( 1 + Percentage return for the period / 100 ) ^ ( Number of days in a year / Number of days in the period ) ] - 1 } * 100

The percentage return calculated using the unit prices below is the NAV percentage return and gives the return for the Facility or Sector as a whole. To calculate the client percentage return you need to calculate Redemption Unit prices by using the relevant Transaction margins and then use these Redemption Prices to calculate the client percentage return. To calculate the return for a particular client with cashflows during the period you need to use the cashflow amounts and daily market values (calculated using Redemption Prices) to determine the return for each day and then compound these daily returns for the period using the formulae below.

Client Market Value = ( Redemption Unit Price * Number of units owned by client )

Client Daily Return = { [ ( Closing Market Value - Opening Market Value - Cashflow ) / ( Opening Market Value + Cashflow ) ] }

Client Percentage return for the period = { [ ( 1 + Client Daily Return₁ ) * ( 1 + Client Daily Return₂ ) * ( 1 + Client Daily Return₃ ) * ... * ( 1 + Client Daily Return_n ) ] - 1 } *100

The unit prices listed below are for the past three months to date. To view unit prices for prior periods please refer to Historical Prices.