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        Active Quantitative Equity (AQE)

        Fund Update – November 2023

        State Street Global Equity Fund
        2 min read
        View Fund

        Global equities reversed in November after three down months, delivering a strong return as rates fell on a more benign inflation outlook and optimism increased for an economic soft landing. Manufacturing activity saw some improvement but continued to contract for the fifteenth consecutive month, while service sector performed better.

        Attribution:

        The State Street Global Equity Fund underperformed the MSCI World ex Australia Index during November.1 Our Alpha model performance was down in November, with negative contribution from Sentiment factors followed by Value, and Catalyst. Conversely, Quality factors contributed positively to relative returns. From a country and sector perspective, negative stock selection in US Health care and US Consumer Staples were the key detractors. On the other hand, good stock picking within UK Consumer Staples and underweight exposure in Japanese Financial sectors were key contributors towards relative performance. Currency hedging contributed 2.7% during the month.

        Notable changes during the month:

        During November, 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 Research & Consulting Services industry with Industrials (notably Wolters Kluwer N.V. on the back of increasing Value and Sentiment scores) and Integrated Telecommunication Services company - Verizon Communications on the back of improving Sentiment score. At the same time, we reduced our exposure to Packaged Foods & Meats Services company – such as General Mills and Hershey on the back of falling 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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