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        Active Quantitative Equity (AQE)

        Fund Update – September 2023

        State Street Australian Equity Fund
        2 min read
        View Fund

        Australian equities fell in September, driven largely by the rise in 10-year bond yields due to a mix of higher oil prices, an increase in headline inflation and an expectation that more Fed rate hikes might be needed to contain inflation. Value driven sectors of Energy, Financials and Materials outperformed, while key growth sectors of Tech and Health Care underperformed. Energy was the only sector to post a positive return during the month, while Real Estate was the worst performer, dragged down by the rise in long-dated real yields.

        Attribution:

        The State Street Australian Equity Fund underperformed the S&P/ASX 300 Index during September1. Sector wise, negative stock selection in Health Care (Healius and Resmed) and Financials (big 4 banks, Helia Group) were the key detractors from relative performance. Conversely, our higher than benchmark exposure to Staples (Metcash) and lower than benchmark exposure to IT were the key contributors.

        Notable changes during the month:

        We implemented a small amount of turnover in September, resulting in a slight increase in overall exposure to Industrials and Staples, funded by small reductions in Health Care. We increased our weight in infrastructure services provider Ventia Services on the back of consistent earnings, YoY growth, attractive quality and valuation scores. At the same time, we reduced our exposure to Resmed as expected returns have been decreasing in recent months with Sentiment hit particularly hard following recent company report.

        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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