State Street Global Equity Fund

• 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 international 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.
• Currency Risk Management - our Dynamic Strategic Hedging programme (”DSH”) adjusts the hedge ratio for each currency in the portfolio according to our medium to long-term assessment of that currency's economic value relative to the Australian dollar.
• Asset Stewardship Impact - active engagement with portfolio companies on issues that promote long-term value creation.

The State Street Global Equity Fund ("the Fund") seeks to outperform the Benchmark, before management costs, over a full market cycle of approximately 5 - 7 years, with lower volatility than the Benchmark. It also seeks to mitigate currency risk associated with the Benchmark.

The MSCI World ex-Australia Index ("the Index") represents large- and mid-cap stocks across 22 developed markets countries. The Index is an industry benchmark used by professional investors for global equity portfolios.

The Fund invests in listed global equity securities selected from the MSCI World-ex Australia Index and  excludes companies, subject to materiality thresholds identified by MSCI, involved in tobacco and controversial weapons.. 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. We manage currency risk using our DSH programme.

The Fund is suitable for investors who seek:

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