State Street Australian Equity Fund

Overview Performance Holdings Documents Purchase Information More Insights

NAV

AUD $1.1680

as of 02 Oct 2023

Management Costs

0.7% p.a.

Base Currency

AUD

Fund Size

AUD $149.8 mn

as of 31 Aug 2023

Buy/Sell Spread

0.25%/0.25%

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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 02 Oct 2023

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 02 Oct 2023

NAV	AUD $1.1680
Application	AUD $1.1709
Redemption	AUD $1.1651

Most Recent NAV / NAV History

Fund Characteristics as of 31 Aug 2023

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.	4.83
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.	1.99
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.	15.57
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.	8.61
Return on Equity The weighted average of each security's 5 year return on equity (ROE).	19.91
Number of Holdings	50

Index Characteristics as of 31 Aug 2023

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.	4.08
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.	2.08
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.	15.51
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.	10.34
Return on Equity The weighted average of each security's 5 year return on equity (ROE).	17.35
Number of Holdings	297

Fund Performance

Fund Inception Date: 30 Sep 2009

as of 31 Aug 2023

	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 Aug 2023	-3.80%	-0.52%	0.86%	3.47%	3.96%	4.89%	7.24%	8.50%
Fund (Net)	31 Aug 2023	-3.86%	-0.69%	0.16%	2.75%	3.20%	4.11%	6.44%	7.04%
Growth	31 Aug 2023	-3.86%	-4.10%	-5.16%	-3.50%	-3.33%	-1.85%	0.70%	1.38%
Distribution	31 Aug 2023	0.00%	3.41%	5.33%	6.25%	6.53%	5.97%	5.74%	5.66%
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 Aug 2023	-0.76%	3.88%	8.96%	10.52%	6.99%	8.53%	7.95%	7.51%
Difference (Gross)	31 Aug 2023	-3.04%	-4.40%	-8.10%	-7.05%	-3.03%	-3.63%	-0.71%	0.99%
Difference (Net)	31 Aug 2023	-3.09%	-4.57%	-8.80%	-7.77%	-3.79%	-4.41%	-1.50%	-0.47%

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 Aug 2023

Name	Fund	Benchmark	Active Weight
RIO TINTO LTD	6.44%	1.89%	4.55%
TELSTRA GROUP LTD	6.18%	2.09%	4.09%
COLES GROUP LTD	5.96%	0.98%	4.98%
WOOLWORTHS GROUP LTD	4.96%	2.10%	2.87%
BHP GROUP LTD	4.02%	10.25%	-6.23%
BRAMBLES LTD	3.74%	0.94%	2.80%
VIVA ENERGY GROUP LTD	3.56%	0.10%	3.47%
SPARK NEW ZEALAND LTD	3.48%	0.05%	3.43%
CHORUS LTD	3.44%	0.15%	3.29%
AURIZON HOLDINGS LTD	3.35%	0.30%	3.05%

Download All Holdings: Monthly

Sector Allocation as of 31 Aug 2023

Name	Fund	Benchmark	Active Weight
Consumer Staples	16.71%	4.51%	12.20%
Materials	16.18%	23.97%	-7.79%
Industrials	15.38%	7.10%	8.29%
Healthcare	13.34%	9.37%	3.97%
Telecommunications Services	13.11%	4.01%	9.10%
Real Estate Investment Trusts	8.01%	6.30%	1.71%
Financials Ex Real Estate Investment Trusts	5.86%	27.93%	-22.08%
Energy	4.74%	5.59%	-0.85%
Utilities	3.30%	1.49%	1.82%
Consumer Discretionary	2.77%	7.03%	-4.26%
Information Technology	0.61%	2.70%	-2.10%

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

Documents

Fund Documents

Forms

Insights & Resources

Information & Schedules

Global Holiday Schedule

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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