State Street Global Fixed Income Index Trust

NAV

AUD $0.9733

as of 12 Nov 2019

Management Costs

0.2% p.a.

Base Currency

AUD

Fund Size

AUD $179.2 mn

as of 31 Oct 2019

Buy/Sell Spread

0.06%/0.06%


Key Features

Key Features

  • Core Index Exposure - a potential core international fixed income exposure for investors.
  • 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

    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

    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

    Investment Strategy

    In managing the Fund, our primary investment strategy is index sampling. Since the benchmark includes too many securities to efficiently purchase or includes securities that may be difficult to purchase in the open markets, 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 13 Nov 2019

    Fund Information as of 13 Nov 2019

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

    Fund Pricing as of 12 Nov 2019

    Fund Pricing as of 12 Nov 2019

    NAV Application Redemption
    AUD $0.9733 AUD $0.9738 AUD $0.9728
    NAV AUD $0.9733
    Application AUD $0.9738
    Redemption AUD $0.9728
    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 -0.53% 1.61% 10.48% 3.86% 4.80% 6.87%
    Fund (Net) 31 Oct 2019 -0.54% 1.56% 10.25% 3.66% 4.59% 6.66%
    Benchmark 31 Oct 2019 -0.53% 1.61% 10.36% 3.87% 4.85% 6.89%
    Difference (Gross) 31 Oct 2019 0.00% 0.00% 0.11% -0.01% -0.05% -0.03%
    Difference (Net) 31 Oct 2019 -0.02% -0.05% -0.11% -0.21% -0.26% -0.23%

    as of 31 Oct 2019

    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

    Top Holdings
    Download All Holdings: Monthly

    Sector Allocationas of 31 Oct 2019

    Sector Allocationas of 31 Oct 2019
    Name Fund Benchmark
    Treasury 99.68% 100.00%
    Cash 0.32% -

    Country Allocationas of 31 Oct 2019

    Country Allocationas of 31 Oct 2019
    Country Fund Benchmark
    United States 39.85% 39.93%
    Japan 18.75% 18.78%
    France 8.17% 8.16%
    Italy 7.45% 7.45%
    United Kingdom 5.25% 5.28%
    Germany 5.18% 5.18%
    Spain 4.72% 4.72%
    Belgium 1.93% 1.96%
    Canada 1.55% 1.56%
    Netherlands 1.50% 1.54%
    Other 5.65% 5.45%

    Credit Quality Allocationas of 31 Oct 2019

    Credit Quality Allocationas of 31 Oct 2019
    Credit Quality Fund Benchmark
    Aaa 49.61% 49.45%
    Aa 16.91% 16.99%
    A 25.60% 25.64%
    Baa 7.45% 7.45%
    Below Baa 0.43% 0.46%
    Other - 0.01%

    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


    Fund Documents

    Fund Documents


    Fund Footnote

    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.