The Mortgage Fund
Stacks Managed Investments Limited (ACN 085 843 125) (SMI) trading under the name of ‘Stacks Finance’ is the Responsible Entity for The Mortgage Fund (Fund).
SMI as the Responsible Entity for the Fund, issues units in the Fund and holds an Australian Financial Services Licence (AFSL) number 227673 issued by the Australian Securities and Investments Commission (ASIC).
As Responsible Entity of the Fund, SMI invests the Fund's money on behalf of Members, primarily through loans to borrowers approved by SMI, repayment of which is secured by mortgages over property. To a lesser extent, SMI uses the Fund's money to invest in other Authorised Investments, including interest bearing deposits.
In general terms, SMI collects the income earned on the loans (in the form of interest) and other Authorised Investments and distributes that income (net of expenses, provisions and reserves) to Members of the Fund in proportion to the number of units that each Member holds in the Fund.