Fat Prophets Global Property Fund : FPP - December 2021 Half Year financials

For personal use only

Fat Prophets Global Property Fund

ARSN 619 970 786

Interim report for the half-year ended 31 December 2021

Corporate Information

Table of Contents

	Directors' Report
	Auditor's Independence Declaration
	Investment Manager's Report
	Directors' Declaration
	Independent Auditor's Review Report
	Condensed Statement of Profit or Loss and Other Comprehensive Income for half-year ended 31 December 2021
only
only	Condensed Statement of Financial Position as at 31 December 2021
	Condensed Statement of Changes in Equity for half-year ended 31 December 2021
	Condensed Statement of Cash Flows for half-year ended 31 December 2021
use
use	Notes to financials Statements
personalFor	1.	Summary of Significant Accounting Policies
2.	Adoption of New and Revised Accounting Standards
3.	Investments in Financial Instruments
4.	Net Gains/(Losses) on Financial Instruments Held at Fair Value through Profit or Loss
5.	Net Assets Attributable to Unitholders
6.	Distribution
7.	Segment Information
8.	Related Party Transactions
9.	Commitments and Contingencies

10. Subsequent Events

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Distributions

A distribution of $683,350 (3.00 cpu) for the period ended 31 December 2021 (31 December 2020: $318,897 (1.40 cpu)) was declared in December 2021. The final amount was confirmed in February 2022.

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Fat Prophets Global Property Fund

Directors' Report

The directors of One Managed Investment Funds Limited (ABN: 47 117 400 987; AFSL: 297042) ("OMIFL" or the "Responsible Entity"), the responsible entity of Fat Prophets Global Property Fund (ARSN 619 970 786) (the "Fund"), submit their report together with the interim financial report for the Fund for the half-yearended 31 December 2021.

Responsible Entity

The responsible entity of the Fund is OMIFL.

The registered office and principal place of business of the Responsible Entity is Level 16, Governor Macquarie Tower, 1 Farrer Place, Sydney NSW 2000.

only	Investment Manager
The investment manager of the Fund is Fat Prophets Funds Management Pty Ltd (ACN 615 545 536) (the "Investment
	Manager").
	The principal place of business of the Investment Manager is Level 3, 22 Market Street, Sydney NSW 2000.

use	Directors and Senior Management
The names of the directors and company secretaries of the Responsible Entity, during the financial half-year and up to the
date of this report are:
Name	Title
	Frank Tearle	Executive Director & Company Secretary
	Sarah Wiesener	Executive Director & Company Secretary
	Michael Sutherland	Executive Director
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personal For

Principal Activities

The Fund is a registered managed investments scheme domiciled and registered in Australia and listed on the Australian Securities Exchange ("ASX"). The Fund was constituted on 23 June 2017 and commenced operations on 10 October 2017.

The principal activity of the Fund during the period was to invest in accordance with the provisions of the Fund's constitution and the Product Disclosure Statement dated 11 July 2017 as varied by the supplementary PDSs dated 28 July 2017 and 21 September 2017 (together, the "PDS").

The Fund invests primarily in a diversified but high conviction portfolio of global real estate securities. The Fund only invests in equities in developed markets and the Fund does not use leverage, shorting or derivatives and as such is simple in structure, targeting capital growth and distributions. The fund does not hedge its foreign exchange exposure.

The Fund did not have any employees during the period.

Review of Operations

Results

The results of the operations of the Fund are disclosed in the Condensed Statement of Profit or Loss and Other Comprehensive Income included in these financial statements. The net gain attributable to unitholders for the period ended 31 December 2021 was $2,092,239 (31 December 2020: gain $2,409,006).

Fat Prophets Global Property Fund

Directors' Report (continued)

Value of Assets and Units Issued

The following units of the Fund were on issue as at 31 December 2021:

only		As at 31 December 2021	As at 30 June 2021
	No. of Units	Fair value ($)	No. of Units	Fair value ($)
	22,778,334	26,201,012	22,778,334	24,792,123
Total	22,778,334	26,201,012	22,778,334	24,792,123
Significant Changes in State of Affairs
There were no significant changes in the state of affairs of the Fund.
	Subsequent Events
	The fund has announced a 1 for 10 buy back of the units on issue on 31st December 2021 and was able to commence 2 weeks
	after that date on 14th January 2022. The RE will announce daily the number of units bought back.
useNo other matters or circumstance occurring subsequent to the end of the period that has significantly affected, or may
use	significantly affect, the operations of the Fund, the results of those operations, or the state of affairs of the Fund in future
financial years.
personal	Likely Developments
The Fund will be managed in accordance with the Constitution and investment objectives as detailed in the PDS and any public
announcements made in respect of the Fund during the interim reporting period.
COVID-19
The coronavirus, COVID-19, was first identified as a new, highly contagious virus in December 2019. The World Health
Organisation declared a global pandemic in March 2020 and as at 31 December 2021, COVID-19 remains prevalent throughout
the world, including Australia. COVID-19 has caused unprecedented disruption to populations, businesses and general
economic activity. As the situation evolves, it continues to have significant impacts on investment funds and their trustees and
managers, both directly and indirectly.
As this situation is continuing, the Investment Manager has been monitoring both the valuation of the Fund's assets and the
Fund's liquidity and is in close contact with service providers in assessing the ongoing operations, liquidity and the basis of the
values and estimates reported. In these circumstances, there is uncertainty around valuations. The Investment Manager will
continue to closely monitor market situations to ensure that valuations remain appropriate. The Investment Managerwill
provide resources and updates where necessary to provide informed guidance for investors during this rapidly changing
environment.
	Environmental Regulation and Performance
	The operations of the Fund are not subject to any particular or significant environmental regulation under a law of the
	Commonwealth or of a State or Territory. There have been no known significant breaches of any other environmental
Forrequirements applicable to the Fund.
For

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Fat Prophets Global Property Fund

Directors' Report (continued)

	Indemnification of Directors, Officers and Auditors
	During the half-year, the Fund has not indemnified or made a relevant agreement to indemnify an officer of the Responsible
	Entity or auditor of the Fund or any related corporate body against a liability incurred by an officer of the Responsible Entity
	or auditor of the Fund. In addition, the Fund has not paid, or agreed to pay, a premium in respect of a contract insuring against
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only	a liability incurred by an officer of the Responsible Entity or auditor of the Fund.
	Rounding
	The amounts contained in this report and in the financial statements have not been rounded to the nearest thousand dollars
	under the option available to the Fund under ASIC Corporations (Rounding in Financials/Directors' Reports) Instrument
	2016/191. The Fund is an entity to which the legislative instrument applies.
	Auditor
use
use	PKF (NS) Audit & Assurance Limited Partnership was appointed as auditor of the Fund and continues in that office in
accordance with Section 327 of the Corporations Act 2001.
Auditor's Independence Declaration
A copy of the Auditor's Independence Declaration as required under Section 307C of the Corporations Act 2001 is set out on
page 4.
This directors' report is signed in accordance with a resolution of directors of the Fund made pursuant to Section 306(3) of
personal
personal For	the Corporations Act 2001.

Frank Tearle

Director

24 February 2022

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