Hastings Yield Fund
Profile
The Hastings Yield Fund (HYF) is managed by Hastings Funds Management Limited (Hastings) and was established in March 1999 to provide a regular source of income funded through a diversified portfolio of interest bearing securities. Investments include senior, subordinated, mezzanine debt and equity investments. HYF is provided with access to a wide range of quality investment opportunities through its Manager, Hastings.
Objectives
The principal investment objectives of HYF are to:
• manage an investment portfolio of interest bearing securities to provide unitholders with a regular source of income;
• hold investments for the medium to long term; and
• generate a return of 3.00 percent per annum (before fees and expenses) above the UBS Australian Bank Bill Index (the Index).
Investments (as at 30 June 2011)
| Sector | Investment | Location | Type of security |
| Airports | BAA | International | Toggle Facility |
| Directories | Yellow Pages Group | International | Senior Term Loan, Optional Convertible Notes and Ordinary Equity |
| Healthcare | DCA Group | Australia | Senior Term Loan, Ordinary Equity and Warrants |
| Industrial | BIS | Australia | Senior Term Loan |
|
| Manildra Group | Australia | Reset Secured Notes |
| Power and Distribution | Inexus | International | Junior Floating Rate Loan |
| Property | Australand | Australia | Subordinated Step-up |
| Telecoms | Arqiva | International | Junior Floating Rate Loan |
|
| Eircom | International | Senior Term Loans |
|
| TDF Group | International | Second Lien Loan |
| Timber | Hyne Timber | Australia | Ordinary Equity |
|
| Wesbeam | Western Australia | Mezzanine Floating Rate Note |
| Transport | AB Ports | International | Junior Floating Rate Loan |
|
| Maher Terminals | International | Junior Floating Rate Loan |
|
| Newcastle Coal | Australia | Secured Hunter |
| Utilities | South East Water | International | Junior Floating Rate Loan |
Investor Support