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State Street Australian Equity Fund

NAV
AUD $1.2484
as of 01 Mar 2024
Management Costs
0.7% p.a.
Base Currency
AUD
Fund Size
AUD $110.2 mn
as of 31 Jan 2024
Buy/Sell Spread
0.25%/0.25%

Key Features

  • High Conviction, Benchmark Unaware - rather than building stock positions dictated by the underlying benchmark weight, the fund explores the market's full opportunity set, constructing a high conviction portfolio based on total return and total risk characteristics.
  • Active Stock Selection - our stock selection approach employs three core themes: quality, value and sentiment.
  • Human Led, Research Tested - only our best investment ideas survive the rigorous research of our investment team.
  • Core Active Exposure - a potential core Australian equity exposure for investors.
  • Focus on Reducing Total Volatility - explicit focus on risk management at multiple stages in the investment process aims to reduce the impact of market volatility.

Investment Objective

The State Street Australian Equity Fund ("the Fund") aims to outperform the S&P/ASX 300 Accumulation Index, before management costs, over rolling 5-7 year periods with a lower level of variability.

About this Benchmark

The S&P/ASX 300 Index ("the Index") represents the 300 largest, publicly listed entities in the Australian equity market by float adjusted market capitalisation. The Index covers large-, mid-, and small-cap stocks.

Investment Strategy

The Fund invests in listed Australian securities selected from the Index. We create a portfolio that aims to deliver strong total returns with lower total variability of returns than the market index.

The strategy looks for high quality companies that are reasonably valued and have an improving growth outlook and positive investor sentiment. Via security selection and portfolio construction, the implemented portfolio is expected to have a lower level of absolute risk (as defined by standard deviation of returns) than the market index, and the potential to provide total returns above the market index over the long term.

The Fund is suitable for investors who seek:

  • long term, capital growth
  • active management; and
  • lower volatility than the broad equity market

Fund Information as of 04 Mar 2024

Benchmark S&P/ASX 300 Index
Inception Date 30 Sep 2009
Management Costs 0.7% p.a.
Buy/Sell Spread 0.25%/0.25%
Minimum Initial Investment AUD 25,000
Pricing Daily
Distribution Frequency Semi-Annually
APIR Code SST0048AU
ARSN Code 139 341 978
ISIN AU60SST00480

Fund Pricing as of 01 Mar 2024

NAV AUD $1.2484
Application AUD $1.2515
Redemption AUD $1.2453

Fund Characteristics as of 31 Jan 2024

Dividend Yield

Dividend Yield is the weighted average dividend yield of the stocks in the portfolio divided by the current market price of the stocks in the portfolio, as expressed as a percentage.

4.37
Price/Book

The weighted harmonic average of each security’s price-to-book (P/B) ratio. P/B ratio is calculated by dividing the closing market price by the most recent reported book value for the last twelve months.

2.48
Price/Earnings FY1

The weighted average of each security's price-to-earnings (P/E) ratio (1 year forward). P/E ratio FY1 is calculated by dividing the closing price by the mean EPS estimate for the next unreported fiscal year.

15.92
Price/Cash Flow

The weighted harmonic average of each security's price-to-cash-flow (P/CF) ratio. P/CF ratio is calculated by dividing the closing market price by the cash flow per share as of the last fiscal year.

8.50
Return on Equity

The weighted average of each security's 5 year return on equity (ROE).

19.28
Number of Holdings 54

Index Characteristics as of 31 Jan 2024

Dividend Yield

Dividend Yield is the weighted average dividend yield of the stocks in the index divided by the current market price of the stocks in the index, as expressed as a percentage.

3.89
Price/Book

The weighted harmonic average of each security’s price-to-book (P/B) ratio. P/B ratio is calculated by dividing the closing market price by the most recent reported book value for the last twelve months.

2.20
Price/Earnings FY1

The weighted average of each security's price-to-earnings (P/E) ratio (1 year forward). P/E ratio FY1 is calculated by dividing the closing price by the mean EPS estimate for the next unreported fiscal year.

16.88
Price/Cash Flow

The weighted harmonic average of each security's price-to-cash-flow (P/CF) ratio. P/CF ratio is calculated by dividing the closing market price by the cash flow per share as of the last fiscal year.

10.07
Return on Equity

The weighted average of each security's 5 year return on equity (ROE).

16.85
Number of Holdings 296

Fund Performance

  • Fund Inception Date: 30 Sep 2009

as of 31 Jan 2024

As Of 1 Month 3 Months 1 Year 3 Years (p.a.) 5 Years (p.a.) 7 Years (p.a.) 10 Years (p.a.) Since Inception (p.a.)
30 Sep 2009
Fund (Gross) 31 Jan 2024 2.52% 13.06% 4.07% 5.04% 5.92% 5.82% 7.44% 8.64%
Fund (Net) 31 Jan 2024 2.46% 12.87% 3.35% 4.31% 5.16% 5.04% 6.63% 7.20%
Growth 31 Jan 2024 2.46% 10.06% -2.68% -2.52% -1.59% -1.18% 0.74% 1.52%
Distribution 31 Jan 2024 0.00% 2.81% 6.02% 6.84% 6.75% 6.22% 5.89% 5.69%
Benchmark
S&P/ASX 300 Index

Prior to 31 January 2013 the performance benchmark for the State Street Australian Equity Fund was the S&P/ASX All Australian 200 Accumulation Index.

31 Jan 2024 1.10% 13.89% 6.66% 9.28% 9.68% 8.78% 8.36% 7.75%
Difference (Gross) 31 Jan 2024 1.42% -0.82% -2.59% -4.23% -3.76% -2.96% -0.92% 0.89%
Difference (Net) 31 Jan 2024 1.36% -1.02% -3.31% -4.97% -4.52% -3.74% -1.73% -0.54%

Prior to 31 January 2013 the performance benchmark for the Fund was the S&P/ASX All Australian 200 Accumulation Index. Since inception performance and risk is calculated from 30 September 2009. Differences in the gross and net return prior to August 2013 are attributable to fluctuating MERs on the initial SSGA seed money. In August 2013, the MER on the Fund was capped at 79bps p.a. Any net performance numbers stated here or in external materials prior to this date will reflect a larger MER that is not attributable to investors going forward. Past performance is not a reliable indicator of future performance. Performance returns for periods of less than one year are not annualised. The Fund return figures contained herein reflect Total Returns and are provided on a net and gross of fees basis. The Total Return is the sum of the Growth (or Price) Return and Distribution Return which is shown net of management fees and costs Performance figures are calculated using end-of-month exit prices except for the 'Since Inception' return which is calculated using NAV prices for the pre 1 January 2010 period, and end-of-month exit prices thereafter, assume the reinvestment of distributions and make no allowance for tax. Net performance figures are after management and transaction costs. Gross performance figures are before management costs but after transaction costs. Index returns reflect capital gains and losses, income, and the reinvestment of dividends. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. The calculation method for the value added returns may show rounding differences.

Source: State Street Global Advisors

Top Holdings as of 31 Jan 2024

Name Fund Benchmark Active Weight
RIO TINTO LTD 6.29% 2.10% 4.18%
TELSTRA GROUP LTD 6.11% 1.99% 4.12%
COLES GROUP LTD 5.72% 0.91% 4.81%
WOOLWORTHS GROUP LTD 4.59% 1.87% 2.72%
GRAINCORP LTD-A 3.60% 0.08% 3.52%
VENTIA SERVICES GROUP PTY LT 3.58% 0.12% 3.46%
HELIA GROUP LTD 3.55% 0.06% 3.48%
VIVA ENERGY GROUP LTD 3.52% 0.16% 3.36%
SPARK NEW ZEALAND LTD 3.44% 0.05% 3.40%
CHORUS LTD 3.44% 0.14% 3.30%
Download All Holdings: Monthly

Sector Allocation as of 31 Jan 2024

Name Fund Benchmark Active Weight
Industrials 19.55% 6.82% 12.73%
Consumer Staples 19.46% 4.12% 15.34%
Materials 14.34% 23.73% -9.39%
Telecommunications Services 13.25% 3.94% 9.31%
Healthcare 11.88% 9.87% 2.01%
Financials Ex Real Estate Investment Trusts 7.51% 28.98% -21.47%
Energy 7.07% 5.20% 1.87%
Real Estate Investment Trusts 2.53% 6.38% -3.85%
Information Technology 2.31% 2.62% -0.31%
Consumer Discretionary 2.10% 7.02% -4.92%
Utilities 0.00% 1.31% -1.31%

Sector reporting based on the Global Industry Classification Standard ("GICS") which was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P") and is licensed for use by State Street.

Holdings and sectors shown are as of the date indicated and are subject to change. This information should not be considered a recommendation to invest in a particular sector or to buy or sell any security shown. It is not known whether the sectors or securities shown will be profitable in the future. The holdings are taken from the accounting records of State Street Global Advisors which may differ from the official books and records of the custodian.

Source: State Street Global Advisors

Equity securities may fluctuate in value in response to the activities of individual companies and general market and economic conditions. Actively managed funds do not seek to replicate the performance of a specified index. The Fund is actively managed and may underperform its benchmarks. An investment in the Fund is not appropriate for all investors and is not intended to be a complete investment program. Investing in the Fund involves risks, including the risk that investors may receive little or no return on the investment or that investors may lose part or even all of the investment. This information should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security.

Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC ("S&P") and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones") and have been licensed for use by S&P Dow Jones Indices LLC and sublicensed by State Street Global Advisors. The S&P/ASX 300 Index is a product of S&P Dow Jones Indices LLC, and has been licensed by State Street Global Advisors. The Fund is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P, their respective affiliates, and none of S&P Dow Jones Indices LLC, Dow Jones, S&P, nor their respective affiliates make any representation regarding the advisability of investing in such product(s).

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