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        Active Quantitative Equity (AQE)

        Fund Update – December 2023

        State Street Global Equity Fund
        2 min read
        View Fund

        A volatile 2023 ended on a cautiously positive note, as developed market (DM) central banks reached the end of their tightening cycle and signaled that some relief on rates was not too far off. Global economic activity edged higher towards end-2023. Service sector activity rose whereas manufacturing remained in decline. Inflation continued to decline during the quarter. During 2023, global growth slowed at divergent rates across key economies – growth in the United States outpaced expectations but disappointed elsewhere.

        Attribution:

        The State Street Global Equity Fund outperformed the MSCI World ex Australia Index during December.1 Our Alpha model performance was down in December, with negative contribution from Sentiment factors followed by Catalyst, Quality and Value. From a country and sector perspective, good stock picking within Canadian Consumer Staples and US Consumer Discretionary sectors were key contributors towards relative performance. On the other hand, poor stock selection in US Health Care and US Tech were the key detractors. Currency hedging contributed 1.76% during the month.

        Notable changes during the month:

        During December, we made minor adjustments to the overall portfolio with the aim of improving expected risk-adjusted returns. The rebalance involved slightly increasing our exposure to select names in the Homebuilding industry with Consumer Discretionary, notably Lennar Corp on the back of increasing Quality and Catalyst scores and Pulte Group – which has seen notable improvement in its Sentiment scores. At the same time, we reduced our exposure to Semiconductors – such as AMD as valuations are becoming less compelling.

        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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