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State Street Floating Rate Fund

NAV
AUD $1.0137
as of 22 Apr 2024
Management Costs
0.25% p.a.
Base Currency
AUD
Fund Size
AUD $483.9 mn
as of 31 Mar 2024
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 ESG “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 well as performance against market specific corporate governance codes.  

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

Fund Information as of 23 Apr 2024

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

Fund Pricing as of 22 Apr 2024

NAV AUD $1.0137
Application AUD $1.0137
Redemption AUD $1.0134

Fund Performance

  • Fund Inception Date: 18 Oct 2017

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.)
18 Oct 2017
Fund (Gross) 31 Mar 2024 0.53% 1.63% 5.84% 2.65% 2.49% 2.57%
Fund (Net) 31 Mar 2024 0.51% 1.57% 5.58% 2.39% 2.23% 2.29%
Growth 31 Mar 2024 0.09% 0.34% 0.83% -0.12% 0.20% 0.17%
Distribution 31 Mar 2024 0.42% 1.23% 4.75% 2.51% 2.03% 2.12%
Benchmark
RBA Cash Rate Total Return Index
31 Mar 2024 0.33% 1.07% 4.16% 2.07% 1.45% 1.46%
Difference (Gross) 31 Mar 2024 0.19% 0.56% 1.68% 0.58% 1.04% 1.11%
Difference (Net) 31 Mar 2024 0.17% 0.49% 1.42% 0.32% 0.78% 0.82%

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 Mar 2024

Asset Type Weight
Floating Rate Notes 95.18%
Cash 4.82%

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.

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