State Street Global Fixed Income Index Trust

Overview Performance Holdings Documents Purchase Information More Insights

NAV

AUD $0.8138

as of 18 Apr 2024

Management Costs

0.2% p.a.

Base Currency

AUD

Fund Size

AUD $53.7 mn

as of 31 Mar 2024

Buy/Sell Spread

0.06%/0.04%

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Key Features

Core Index Exposure - a potential core international fixed income exposure within a diversified portfolio.
Diversification - a low-cost, diversified portfolio of global bonds that can possibly complement an equity portfolio.
Access High-Quality - provides access to government bonds issued in over 20 countries; all rated investment grade (BBB-/Baa3 or higher) at the time of index inclusion.
Currency Risk Mitigation - Fully hedged to reduce the impact of foreign currency volatility on bond returns.

Investment Objective

The State Street Global Fixed Income Index Trust ("the Fund") seeks an investment return that approximates as closely as practicable, before expenses, the performance of the FTSE World Government Bond Index ex-Australia, 100% hedged to Australian dollars.

About this Benchmark

The FTSE World Government Bond Index ex-Australia (Hedged to AUD) ("the Index") measures the performance of fixed-rate, local currency sovereign bonds (100% hedged to Australian Dollar). The Index includes sovereign debt from over 20 countries, denominated in a variety of currencies.

Investment Strategy

In managing the Fund, our primary investment strategy is index sampling. Since the benchmark includes too many securities to efficiently purchase, the Fund holds a representative portfolio that aims to closely track the performance of the Index. The representative portfolio is built using a sampling strategy, which seeks to closely match the Index's primary risk characteristics of currency, interest rate risk, yield curve risk, quality and country distribution. This Fund also enters into forward foreign exchange contracts to largely remove the foreign currency exposure arising from foreign currency denominated securities.

The Fund is suitable for investors seeking income from an exposure to the international fixed income markets without exposure to foreign currencies.

Fund Information as of 19 Apr 2024

Benchmark	FTSE World Government Bond Index ex-Australia, 100% hedged to Australian dollars
Inception Date	30 Apr 1998
Management Costs	0.2% p.a.
Buy/Sell Spread	0.06%/0.04%
Minimum Initial Investment	AUD 25,000
Pricing	Daily
Distribution Frequency	Annually
APIR Code	SST0009AU
ARSN Code	089 590 545
ISIN	AU60SST00092

Fund Pricing as of 18 Apr 2024

NAV	AUD $0.8138
Application	AUD $0.8142
Redemption	AUD $0.8135

Most Recent NAV / NAV History

Fund Characteristics as of 31 Mar 2024

Number of Issues	424
Average Maturity (Years) The market value weighted average maturity of bonds in the portfolio, where maturity is defined as Stated Final for bullet maturity bonds, and the average time to receipt of all principal payments for amortising instruments.	9.24
Current Yield Current yield, also called running yield, is calculated by dividing the market value weighted average current coupon of the bonds in the portfolio, by current market price of the bonds in the portfolio.	2.64%
Modified Adjusted Duration An option-adjusted measure of a portfolio's sensitivity to changes in interest rates. Calculated as the percentage change of a portfolio's value for a 100 basis point change in yield.	7.31
Average Coupon The market value weighted average coupon of bonds in the portfolio. The coupon rate of a bond is the interest rate that the issuer agrees to pay until the maturity date.	2.52
Yield to Maturity The market weighted average rate of return anticipated on bonds held in the portfolio, if they were held to their maturity date.	3.46%

Index Characteristics as of 31 Mar 2024

Number of Issues	1,236
Average Maturity (Years) The market value weighted average maturity of bonds in the index, where maturity is defined as Stated Final for bullet maturity bonds, and the average time to receipt of all principal payments for amortising instruments.	9.08
Current Yield Current yield, also called running yield, is calculated by dividing the market value weighted average current coupon of the bonds in the index, by current market price of the bonds in the index.	2.62%
Modified Adjusted Duration An option-adjusted measure of a index's sensitivity to changes in interest rates. Calculated as the percentage change of a index's value for a 100 basis point change in yield.	7.31
Average Coupon The market value weighted average coupon of bonds in the index. The coupon rate of a bond is the interest rate that the issuer agrees to pay until the maturity date.	2.43
Yield to Maturity The market weighted average rate of return anticipated on bonds held in the index, if they were held to their maturity date.	3.43%

Fund Performance

Fund Inception Date: 30 Apr 1998

as of 31 Mar 2024

	As Of	1 Month	3 Months	1 Year	3 Years (p.a.)	5 Years (p.a.)	Since Inception (p.a.) 30 Apr 1998
Fund (Gross)	31 Mar 2024	0.76%	-0.65%	1.23%	-3.39%	-0.77%	5.30%
Fund (Net)	31 Mar 2024	0.74%	-0.70%	1.03%	-3.59%	-0.97%	5.10%
Benchmark FTSE World Government Bond Index ex-Australia, 100% hedged to Australian dollars Prior to 31 December 2003 the performance benchmark for the State Street Global Fixed Income Index Trust was the JP Morgan World Government Bond Index.	31 Mar 2024	0.66%	-0.65%	1.10%	-3.38%	-0.76%	5.32%
Difference (Gross)	31 Mar 2024	0.10%	0.01%	0.13%	-0.01%	-0.01%	-0.02%
Difference (Net)	31 Mar 2024	0.09%	-0.04%	-0.07%	-0.21%	-0.20%	-0.23%

Prior to 31 December 2003 the performance benchmark for the Fund was the JP Morgan World Government Bond Index. Past performance is not a reliable indicator of future performance. Performance returns for periods of less than one year are not annualised. The performance figures contained herein reflect Total Returns and are provided on a net and gross of fees basis. 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 or losses and income. 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

Download All Holdings: Monthly

Sector Allocation as of 31 Mar 2024

Name	Fund	Benchmark
Treasury	99.15%	100.00%
Cash	0.85%	-

Country Allocation as of 31 Mar 2024

Country	Fund	Benchmark
United States	42.31%	42.32%
Japan	11.07%	11.08%
China	8.22%	8.24%
France	7.16%	7.19%
Italy	6.50%	6.51%
Germany	5.64%	5.64%
United Kingdom	4.65%	4.66%
Spain	4.39%	4.38%
Canada	1.85%	1.85%
Belgium	1.55%	1.59%
Other	6.66%	6.56%

Credit Quality Allocation as of 31 Mar 2024

Credit Quality	Fund	Benchmark
Aaa	10.65%	9.98%
Aa	57.44%	57.76%
A	24.65%	24.95%
Baa	7.25%	7.30%

Allocations are as of the date indicated, are subject to change, and should not be relied upon as current thereafter. 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

Documents

Fund Documents

Forms

Bonds generally present less short-term risk and volatility than stocks, but contain interest rate risk (as interest rates raise, bond prices usually fall); issuer default risk; issuer credit risk; liquidity risk; and inflation risk. These effects are usually pronounced for longer-term securities. Any fixed income security sold or redeemed prior to maturity may be subject to a substantial gain or loss. International Government bonds generally have more moderate short-term price fluctuations than stocks, but provide lower potential long-term returns. Diversification does not ensure a profit or guarantee against loss. 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. Investments in issuers in different countries are often denominated in different currencies. Changes in the values of those currencies relative to the Portfolio's base currency may have a positive or negative effect on the values of the Portfolio's investments denominated in those currencies. The Portfolio invests in currency exchange contracts to reduce exposure to different currencies. These contracts may reduce, take or eliminate some or all of the benefit that the Portfolio may experience from favourable currency fluctuations.

The State Street Global Fixed Income Index Trust is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited ("FTSE") or the London Stock Exchange Group companies ("LSEG") (together the "Licensor Parties") and none of the Licensor Parties make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the FTSE World Government Bond Index ex-Australia (Hedged to AUD) (the "Index") (upon which the State Street Global Fixed Income Index Trust is based), (ii) the figure at which the Index is said to stand at any particular time on any particular day or otherwise, or (iii) the suitability of the Index for the purpose to which it is being put in connection with the State Street Global Fixed Income Index Trust. None of the Licensor Parties have provided or will provide any financial or investment advice or recommendation in relation to the Index to State Street Global Advisors or to its clients. The Index is calculated by FTSE or its agent. None of the Licensor Parties shall be (a) liable (whether in negligence or otherwise) to any person for any error in the Index or (b) under any obligation to advise any person of any error therein.

All rights in the Index vest in FTSE. "FTSE^®" is a trade mark of LSEG and is used by FTSE under license.