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        Active Quantitative Equity (AQE)

        Fund Update – April 2023

        State Street Australian Equity Fund
        2 min read
        View Fund

        Australian equities rose in April, as slowing inflation prompted a reassessment on the need for any further rate hikes from the Reserve Bank of Australia. From a sector perspective, Materials was the worst performer – partly driven by China growth concerns and partly by some disappointing quarterly updates. On the other hand, real estate was the best performing sector after a weak March, supported by a rise in Australian house prices. Gold stocks also performed strongly, driven by the decline in the USD index and a decline in real yields as markets begin to price-in easing expectations.

        Attribution:

        The State Street Australian Equity Fund underperformed the S&P/ASX 300 Index during April.1 Sector wise, our lower than benchmark exposure to Metals & Mining ex Gold (underweight BHP) was the biggest contributor towards relative performance. Conversely, negative stock selection within Health Care (Healius and not holding CSL) being having a lower than benchmark exposure to Financials (underweight big 4 banks) were key detractors from relative returns during the month.

        Notable changes during the month:

        During the month of April, we increased our Real Estate exposure via Vicinity Centres while taking profits in coal miner New Hope. The upweight in Vicinity Centres was driven by the stock’s strong Sentiment signals, and our preference for its defensive characteristics – including its lower beta and lower price volatility. This was funded by taking profits in New Hope after a strong year for the Energy name.

        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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