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State Street Floating Rate Fund

NAV
AUD $1.0160
as of 10 Feb 2025
Management Costs
0.25% p.a.
Base Currency
AUD
Fund Size
AUD $734.1 mn
as of 31 Jan 2025
Buy/Sell Spread
0.00%/0.03%

Key Features

  • Access High-Quality - provides access to high-quality interest bearing floating rate notes, ADI certificate of deposits and overnight cash deposits.
  • Capital Preservation and Liquidity - an actively managed approach that aims to preserve capital and maintain liquidity across different market environments.
  • Yield Enhancement - potential to deliver a yield above the RBA Cash Rate TRI.
  • Income Generation - income is distributed regularly on a monthly basis.1
  • Low Fees - buy/sell spread is 0%/0.03% and management fees are 0.25% p.a.
  • ESG Aware – seeks to exclude exposure to companies that are classified as sustainability “Laggards” or “Under Performers” on our ‘Responsibility Factor’ (R-Factor™).

Investment Objective

The State Street Floating Rate Fund ("the Fund") seeks to outperform the RBA Cash Rate Total Return Index (TRI) by 1.0% to 1.5% over a rolling three-year period before fees.

About this Benchmark

The RBA Cash Rate TRI represents a risk-free rate of return for Australian investors.

Investment Strategy

The Fund actively seeks to invest in interest bearing investments of high credit quality, rather than investing in a predetermined basket of securities such as an index. A conservative management approach aims to preserve and protect the Fund, and is reinforced by our dedicated credit research team, one of the largest and most experienced in the industry. Significant credit analysis is undertaken on each issuer and security to determine whether they meet the Fund's investment criteria. The Fund also aims to avoid exposure to companies that score unfavourably on financially material sustainability issues relative to their industry peers, as determined by R-FactorTM.  

The Fund is suitable for investors seeking income from an exposure to the Australian high quality debt market.

Fund Information as of 11 Feb 2025

Benchmark RBA Cash Rate Total Return Index
Inception Date 18 Oct 2017
Management Costs 0.25% p.a.
Buy/Sell Spread 0.00%/0.03%
Minimum Initial Investment AUD 25,000
Pricing Daily
Distribution Frequency Monthly
APIR Code SST4725AU
ARSN Code 618 268 821
ISIN AU60SST47259
Research Ratings
Ratings Information
Lonsec Recommended (Oct 2024)
Zenith Recommended (June 2024) 
Research_Ratings_External_RGB_MASTER copy
Zenith Recommended

To request a copy of the Research House Rating Reports for this fund, please click here.

Fund Pricing as of 10 Feb 2025

NAV AUD $1.0160
Application AUD $1.0160
Redemption AUD $1.0157

Fund Performance

  • Fund Inception Date: 18 Oct 2017

as of 31 Jan 2025

As Of 1 Month 3 Months 1 Year 3 Years (p.a.) 5 Years (p.a.) 7 Years (p.a.) Since Inception (p.a.)
18 Oct 2017
Fund (Gross) 31 Jan 2025 0.51% 1.33% 6.13% 4.23% 3.04% 2.95% 2.95%
Fund (Net) 31 Jan 2025 0.48% 1.26% 5.86% 3.97% 2.78% 2.68% 2.67%
Growth 31 Jan 2025 0.06% 0.02% 0.65% 0.15% 0.19% 0.20% 0.20%
Distribution 31 Jan 2025 0.42% 1.25% 5.21% 3.82% 2.59% 2.48% 2.47%
Benchmark
RBA Cash Rate Total Return Index
31 Jan 2025 0.37% 1.10% 4.44% 3.31% 2.02% 1.82% 1.80%
Difference (Gross) 31 Jan 2025 0.14% 0.23% 1.69% 0.91% 1.02% 1.14% 1.14%
Difference (Net) 31 Jan 2025 0.12% 0.16% 1.42% 0.65% 0.76% 0.86% 0.86%

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 and 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. Monthly RBA cash returns have been sourced from RBA and Bloomberg. 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

Asset Allocation

Fund Asset Allocation as of 31 Jan 2025

Asset Type Weight
Floating Rate Notes 93.37%
Cash 6.63%

How to Invest

Before investing with us, please read the relevant Product Disclosure Statement and Information Booklet. 

There are two options for investing:

  1. Platform: invest via your institution's preferred platform.
  2. Direct Application:  for detailed instructions and application forms, visit How to Invest 

Platform Availability

The State Street Floating Rate Fund is available through the following platforms:

Platform
AMP North Dash Netwealth
BT (inc Asgard) Hub24 Praemium
CFS Edge Macquarie Wrap  

1 The Responsible Entity reserves the right to not pay any distribution.

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. 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.

The returns on a portfolio of securities which exclude companies that do not meet the portfolio's sustainable strategy criteria may trail the returns on a portfolio of securities which include such companies. A portfolio's sustainable strategy criteria may result in the portfolio investing in industry sectors or securities which underperform the market as a whole.

R-Factor scoring is designed by State Street to reflect certain sustainability factors and does not represent investment performance. Results generated out of the scoring model are based on sustainability dimensions of a scored entity.

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