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        Active Quantitative Equity (AQE)

        Fund Update – December 2022

        State Street Australian Equity Fund
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        Australian equities outperformed broader developed markets in December, though were still down -3.2% as investors responded to the Reserve Bank of Australia’s (RBA) 25bps hike to 3.10%. In a volatile year for global equities, the S&P/ASX 300 Index fell just -1.8%, which was well ahead of the -18.1% decline in the S&P 500 Index (local). Commodity prices increased across the board during the month, supported by news of stabilisation in the China property market and government infrastructure stimulus. All sectors ended the month in the red, with Discretionary and IT falling the most and Materials and Utilities falling the least.

        Attribution:

        The State Street Australian Equity Fund outperformed the S&P/ASX 300 Index during December.1 Sector wise, good stock picking within Communication Services (Spark NZ, Chorus and Telstra) and Energy (New Hope) were the biggest contributors towards relative performance. Conversely, not having an allocation to Gold stocks was the only detractor during the month.

        Notable changes during the month:

        During the month of December, we marginally increased our weight in Staples and Industrials while trimming our weight in Real Estate and Communication Services. For example, our buying of Treasury Wine Estates (TWE) was driven by improvements in Sentiment and overall momentum scores in recent months. TWE has been benefiting from positive premiumization trends, reallocation away from China, improved US performance and supply chain optimization cost benefits. This trade was funded by trimming our holdings in Rio Tinto, Spark NZ and Metcash.

        Download Performance & Attribution Report

        This website is intended for persons resident in Australia. State Street Global Advisors, Australia Services Limited ABN 16 108 671 441, AFSL Number 274900 ("SSGA, ASL") is the product issuer. State Street Global Advisors, Australia, Limited (AFSL Number 238276, ABN 42 003 914 225) (“SSGA Australia”) is the Investment Manager. The material on this website is general information only and does not take into account your individual objectives, financial situation or needs.

        You should seek professional advice and consider the Product Disclosure Statement (PDS) and target market determination, available at www.ssga.com, before deciding whether to acquire or continue to hold units in the Funds.

        You can access our PDS online or by calling us. The offer made in our PDS is available to persons receiving the PDS within Australia and applications from outside Australia will not be accepted. Past performance is not a reliable indicator of future performance. Investing entails risks and there can be no assurance that State Street Global Advisors will achieve profits or avoid incurring losses.

        Investing involves risk including the risk of loss of principal. This material should not be considered a solicitation to apply for interests in the Funds and investors should obtain independent financial and other professional advice before making investment decisions. There is no representation or warranty as to the currency or accuracy of, nor liability for, decisions based on such information. Performance quoted represents past performance, which is not a reliable indicator of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted.

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