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        Active Quantitative Equity (AQE)

        Fund Update – August 2023

        State Street Australian Equity Fund
        2 min read
        View Fund

        Australian equities were soft in August, weighed down by lackluster guidance from companies during reporting season. Cyclical sectors on average delivered better than expected results, while defensives were more likely to disappoint – notably Healthcare. Company updates generally point to further deterioration in consumer spending trends in the 2H23, although the weaker outlook have largely not come as a surprise to many. From a sector perspective, Consumer Discretionary, REITs and Energy outperformed while Utilities, Staples and Industrial sectors were the worst performe

        Attribution:

        The State Street Australian Equity Fund underperformed the S&P/ASX 300 Index during August1, as reporting season results dominated relative returns of individual stocks. Sector wise, negative stock selection in defensives - Health Care (Resmed), Communication Services (Chorus), Staples and REITs were the key detractors. Conversely, our lower than benchmark exposure to Metals & Mining (underweight BHP) and good stock picking within Financials (Medibank Private) were the key contributors.

        Notable changes during the month:

        We implemented minimal turnover in August, resulting in a slight increase in overall exposure to Health Care and Financials, funded by small reductions in Communication Services and Energy. We increased our Pharmaceutical exposure via Sigma Healthcare on the back of robust growth, attractive quality and valuation scores. At the same time, we reduced our exposure to telecom provider Spark New Zealand and coal miner New Hope Corp following some deterioration in their sentiment scores.

        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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