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        Active Quantitative Equity (AQE)

        Fund Update – July 2023

        State Street Global Equity Fund
        2 min read
        View Fund

        Global economic activity lost further momentum as both services and manufacturing weakened in July. The weakness was more pronounced in the Euro Area, with the latest survey indicating the fastest decrease in economic activity since November last year. Headline inflation continued to ease, while labor markets in many countries remained stronger.

        Attribution:

        The State Street Global Equity Fund underperformed the MSCI World ex Australia Index during July1. At the factor level, stock selection was negatively impacted by performance of our Sentiment factor, followed by Catalyst and Quality factors. Conversely, our Value factor contributed positively. From a country and sector perspective, being overweight within US Healthcare and poor stock selection within US IT were key detractors. On the other hand, good stock picking within US Energy and overweight Materials sector in Norway were key contributors towards relative performance. Currency hedging contributed +0.54% during the month.

        Notable changes during the month:

        During July, 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 Autos (notably Honda on the back of strong Value and Sentiment scores) and US Technology Hardware company HP on the back of improving Sentiment score. At the same time, we reduced our exposure to select Diversified Metals & Mining companies – such as Yara International (falling Value and Quality scores) and Corteva (on the back of falling Sentiment score).

        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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