State Street Australian Equity Fund

NAV

AUD $1.4847

as of 14 Nov 2019

Management Costs

0.79% p.a.

Base Currency

AUD

Fund Size

AUD $280.8 mn

as of 31 Oct 2019

Buy/Sell Spread

0.25%/0.25%


Key Features

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.
  • Asset Stewardship Impact - active engagement with portfolio companies on issues that promote long-term value creation.

  • Investment Objective

    Investment Objective

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


    About this Benchmark

    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

    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; and
  • Are prepared to accept some volatility in investment returns.

  • Fund Information as of 14 Nov 2019

    Fund Information as of 14 Nov 2019

    Benchmark Inception Date Management Costs Buy/Sell Spread Minimum Initial Investment
    S&P/ASX 300 Index 30 Sep 2009 0.79% p.a. 0.25%/0.25% AUD 25,000
    Benchmark S&P/ASX 300 Index
    Inception Date 30 Sep 2009
    Management Costs 0.79% p.a.
    Buy/Sell Spread 0.25%/0.25%
    Minimum Initial Investment AUD 25,000
    Pricing Distribution Frequency APIR Code ARSN Code
    Daily Semi-Annually SST0048AU 139 341 978
    Pricing Daily
    Distribution Frequency Semi-Annually
    APIR Code SST0048AU
    ARSN Code 139 341 978

    Fund Pricing as of 14 Nov 2019

    Fund Pricing as of 14 Nov 2019

    NAV Application Redemption
    AUD $1.4847 AUD $1.4884 AUD $1.4810
    NAV AUD $1.4847
    Application AUD $1.4884
    Redemption AUD $1.4810
    Most Recent NAV / NAV History

    Fund Performance
    View as

    Fund Performance

    As Of 1 Month 3 Months 1 Year 3 Years (p.a.) 5 Years (p.a.) Since Inception (p.a.)
    Fund (Gross) 31 Oct 2019 0.60% -0.77% 19.20% 11.25% 9.77% 11.18%
    Fund (Net) 31 Oct 2019 0.53% -0.96% 18.26% 10.38% 8.91% 9.42%
    Benchmark 31 Oct 2019 -0.38% -0.78% 19.50% 12.54% 8.56% 7.96%
    Difference (Gross) 31 Oct 2019 0.98% 0.02% -0.30% -1.29% 1.21% 3.22%
    Difference (Net) 31 Oct 2019 0.91% -0.18% -1.23% -2.16% 0.35% 1.46%

    as of 31 Oct 2019

    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 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 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 Holdingsas of 31 Oct 2019

    Top Holdingsas of 31 Oct 2019
    Name Fund Benchmark Active Weight
    AURIZON HOLDINGS LTD 6.35% 0.64% 5.71%
    SONIC HEALTHCARE LTD 6.34% 0.71% 5.63%
    TELSTRA CORP LTD 6.33% 2.27% 4.06%
    WOOLWORTHS GROUP LTD 6.31% 2.68% 3.64%
    WESFARMERS LTD 5.90% 2.46% 3.43%
    COCA-COLA AMATIL LTD 5.29% 0.28% 5.01%
    REGIS RESOURCES LTD 4.16% 0.13% 4.03%
    SHOPPING CENTRES AUSTRALASIA 3.85% 0.13% 3.72%
    AMCOR PLC-CDI 3.81% 0.78% 3.03%
    JB HI-FI LTD 3.58% 0.23% 3.35%

    Sector Allocationas of 31 Oct 2019

    Sector Allocationas of 31 Oct 2019
    Name Fund Benchmark Active Weight
    Materials 19.02% 17.15% 1.87%
    Consumer Staples 15.05% 5.84% 9.21%
    Healthcare 14.41% 9.82% 4.58%
    Real Estate Investment Trusts 13.49% 8.01% 5.48%
    Consumer Discretionary 11.51% 6.65% 4.86%
    Industrials 8.84% 8.35% 0.49%
    Telecommunications Services 8.32% 3.55% 4.77%
    Utilities 4.58% 1.88% 2.70%
    Financials Ex Real Estate Investment Trusts 3.64% 31.07% -27.43%
    Energy 1.14% 5.11% -3.97%
    Information Technology 0.00% 2.57% -2.57%

    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


    Fund Documents

    Fund Documents


    Fund Footnote

    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).