Kaplan winds up pooled super trust

Kaplan Funds Management has shuttered its $12.6 million Kaplan Pooled Superannuation Trust (PST) amid merger pressure from prudential regulator APRA.

As trustee, Diversa Trustees told investors the move reflects the rising costs and compliance obligations of running the PST and the intention by APRA to close or merge smaller funds.

Kaplan Funds Management, as investment manager, applied an absolute-return and income-focused approach, alongside a value and risk-averse focus.

The PST predominantly invested in listed Australian and, at times, in New Zealand-listed securities.

It was benchmarked against the S&P/ASX 200 Accumulation Index and aimed to achieve at least 3% per annum above inflation as over each rolling three-year period.

The PST terminated on June 15. It ceased accepting new applications and redemptions from March 31.

The fund was incepted on 5 February 1999 and has returned 8.14% p.a. after fees and taxes from that time, underperforming the index by 0.30% p.a.

In the year to May, it returned 7.2% p.a. versus the benchmark's 6.89% p.a.

Equity Trustees terminated another fund offered by Kaplan Funds Management in 2023, saying its purpose could no longer be accomplished.

The KFM Income Fund sought to provide returns greater than the 1-Year Bank Bill Swap Rate plus 4% while investing in ASX-listed securities.

Kaplan was founded in 1998 and currently has about $800 million in funds under management.

Kaplan's wholesale strategy, the Kaplan Equities Fund, aims to outperform the ASX 200 Accumulation Index with relatively less volatility, using an absolute-return approach to investment over the medium- to long-term.

The Kaplan Equities Fund has $86 million in assets under management and has returned 8.26% p.a. since it was incepted in 1998, underperforming the benchmark by 0.39% p.a.

It performed better in the year to July, achieving 8.14% p.a. compared with the benchmark's 6.01% p.a.