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        State Street Global Equity Fund

        Overview Performance Holdings Documents Purchase Information More Insights
        NAV
        AUD $1.4920
        as of 18 Apr 2024
        Management Costs
        0.85% p.a.
        Base Currency
        AUD
        Fund Size
        AUD $81.6 mn
        as of 31 Mar 2024
        Buy/Sell Spread
        0.08%/0.06%

        Quick Links

        Key Features

        • High Conviction, Benchmark Unaware - rather than building stock positions dictated by the underlying benchmark weight, the Fund explores the market's full opportunity set, constructing a high conviction portfolio based on total return and total risk characteristics.
        • Active Stock Selection - our stock selection approach employs three core themes: quality, value, and sentiment.
        • Human Led, Research Tested - only our best investment ideas survive the rigorous research of our investment team.
        • Core Active Exposure - a potential core international equity exposure within a diversified portfolio.
        • Focus on Reducing Total Volatility - explicit focus on risk management at multiple stages in the investment process aims to reduce the impact of market volatility.
        • Currency Risk Management - our Dynamic Strategic Hedging programme (”DSH”) adjusts the hedge ratio for each currency in the portfolio according to our medium to long-term assessment of that currency's economic value relative to the Australian dollar.

        Investment Objective

        The State Street Global Equity Fund ("the Fund") seeks to outperform the Benchmark, before management costs, over a full market cycle of approximately 5 - 7 years, with lower volatility than the Benchmark. It also seeks to mitigate currency risk associated with the Benchmark.

        About this Benchmark

        The MSCI World ex-Australia Index ("the Index") represents large- and mid-cap stocks across 22 developed markets countries. The Index is an industry benchmark used by professional investors for global equity portfolios.

        Investment Strategy

        The Fund invests in listed global equity securities selected from the MSCI World-ex Australia Index and  excludes companies, subject to materiality thresholds identified by MSCI, involved in tobacco and controversial weapons.1 We create a portfolio that aims to deliver strong total returns with lower total variability of returns than the market index.

        The strategy looks for high quality companies that are reasonably valued and have an improving growth outlook and positive investor sentiment. Via security selection and portfolio construction, the implemented portfolio is expected to have a lower level of absolute risk (as defined by standard deviation of returns) than the market index, and the potential to provide total returns above the market index over the long term. We manage currency risk using our DSH programme.

        The Fund is suitable for investors who seek:

        • long term, capital growth
        • active management; and
        • lower volatility than the broad equity market.

        Fund Information as of 19 Apr 2024

        Benchmark MSCI World ex-Australia Index
        Inception Date 31 Jan 2014
        Management Costs 0.85% p.a.
        Buy/Sell Spread 0.08%/0.06%
        Minimum Initial Investment AUD 25,000
        Pricing Daily
        Distribution Frequency Annually
        APIR Code SST0050AU
        ARSN Code 162 547 784
        ISIN AU60SST00506

        Fund Pricing as of 18 Apr 2024

        NAV AUD $1.4920
        Application AUD $1.4931
        Redemption AUD $1.4912
        Most Recent NAV / NAV History

        Fund Characteristics as of 31 Mar 2024

        Dividend Yield

        Dividend Yield is the weighted average dividend yield of the stocks in the portfolio divided by the current market price of the stocks in the portfolio, as expressed as a percentage.

                 		2.60
        Price/Book

        The weighted harmonic average of each security’s price-to-book (P/B) ratio. P/B ratio is calculated by dividing the closing market price by the most recent reported book value for the last twelve months.

                 		2.20
        Price/Earnings FY1

        The weighted average of each security's price-to-earnings (P/E) ratio (1 year forward). P/E ratio FY1 is calculated by dividing the closing price by the mean EPS estimate for the next unreported fiscal year.

                 		13.45
        Price/Cash Flow

        The weighted harmonic average of each security's price-to-cash-flow (P/CF) ratio. P/CF ratio is calculated by dividing the closing market price by the cash flow per share as of the last fiscal year.

                 		9.04
        Return on Equity

        The weighted average of each security's 5 year return on equity (ROE).

                 		18.36
        Number of Holdings 114

        Index Characteristics as of 31 Mar 2024

        Dividend Yield

        Dividend Yield is the weighted average dividend yield of the stocks in the index divided by the current market price of the stocks in the index, as expressed as a percentage.

                 		1.77
        Price/Book

        The weighted harmonic average of each security’s price-to-book (P/B) ratio. P/B ratio is calculated by dividing the closing market price by the most recent reported book value for the last twelve months.

                 		3.21
        Price/Earnings FY1

        The weighted average of each security's price-to-earnings (P/E) ratio (1 year forward). P/E ratio FY1 is calculated by dividing the closing price by the mean EPS estimate for the next unreported fiscal year.

                 		19.38
        Price/Cash Flow

        The weighted harmonic average of each security's price-to-cash-flow (P/CF) ratio. P/CF ratio is calculated by dividing the closing market price by the cash flow per share as of the last fiscal year.

                 		13.09
        Return on Equity

        The weighted average of each security's 5 year return on equity (ROE).

                 		21.05
        Number of Holdings 1,407

        Fund Performance

        • Fund Inception Date: 31 Jan 2014

        as of 31 Mar 2024

        As Of 1 Month 3 Months 1 Year 3 Years (p.a.) 5 Years (p.a.) 7 Years (p.a.) 10 Years (p.a.) Since Inception (p.a.)
        31 Jan 2014
        Fund (Gross) 31 Mar 2024 5.67% 11.52% 17.53% 10.49% 8.13% 9.11% 11.30% 11.11%
        Fund (Net) 31 Mar 2024 5.60% 11.28% 16.53% 9.56% 7.19% 8.12% 10.28% 10.09%
        Growth 31 Mar 2024 5.60% 11.28% 16.53% -1.45% -0.20% 1.72% 4.51% 4.42%
        Distribution 31 Mar 2024 0.00% 0.00% 0.00% 11.02% 7.39% 6.41% 5.77% 5.67%
        Benchmark
        MSCI World ex-Australia Index
        		31 Mar 2024 3.02% 14.06% 28.72% 14.43% 14.09% 13.72% 13.43% 13.07%
        Difference (Gross) 31 Mar 2024 2.65% -2.54% -11.19% -3.93% -5.95% -4.62% -2.13% -1.96%
        Difference (Net) 31 Mar 2024 2.58% -2.77% -12.18% -4.86% -6.90% -5.60% -3.15% -2.98%

        Past performance is not a reliable indicator of future performance. Performance returns for periods of less than one year are not annualised. The Fund return figures contained herein reflect Total Returns and are provided on a net and gross of fees basis. The Total Return is the sum of the Growth (or Price) Return and Distribution Return which is shown net of management fees and costs. Performance figures are calculated using end-of-month exit prices and assume the reinvestment of distributions and make no allowance for tax. Net performance figures are after management and transaction costs. Gross performance figures are before management costs but after transaction costs. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. The calculation method for the value added returns may show rounding differences.

        Source: State Street Global Advisors

        Top Holdings as of 31 Mar 2024

        Name Fund Benchmark Active Weight
        NEC CORP 1.76% 0.03% 1.73%
        VISTRA CORP 1.71% 0.04% 1.67%
        DELL TECHNOLOGIES -C 1.69% 0.04% 1.65%
        NETAPP INC 1.66% 0.03% 1.62%
        MARATHON PETROLEUM CORP 1.58% 0.12% 1.46%
        MERCK & CO. INC. 1.56% 0.52% 1.04%
        WALMART INC 1.54% 0.42% 1.12%
        ORACLE CORP 1.54% 0.32% 1.21%
        MITSUBISHI CORP 1.52% 0.12% 1.39%
        CENCORA INC 1.52% 0.06% 1.45%
        Download All Holdings: Monthly

        Sector Allocation as of 31 Mar 2024

        Name Fund Benchmark Active Weight
        Health Care 21.56% 12.04% 9.52%
        Information Technology 18.72% 24.10% -5.38%
        Industrials 14.77% 11.34% 3.43%
        Financials 7.52% 14.98% -7.46%
        Communication Services 7.47% 7.54% -0.07%
        Consumer Staples 7.24% 6.56% 0.68%
        Utilities 5.61% 2.45% 3.16%
        Energy 5.05% 4.45% 0.60%
        Consumer Discretionary 4.74% 10.82% -6.07%
        Materials 4.68% 3.55% 1.14%
        Real Estate 2.63% 2.19% 0.44%

        Country Allocation as of 31 Mar 2024

        Country Fund Benchmark
        United States 66.46% 72.26%
        Japan 12.59% 6.25%
        United Kingdom 7.21% 3.86%
        Singapore 1.72% 0.35%
        Germany 1.70% 2.31%
        France 1.59% 3.22%
        Canada 1.49% 3.12%
        Finland 1.33% 0.26%
        Switzerland 1.27% 2.49%
        Netherlands 1.05% 1.35%
        Other 3.60% 4.54%

        Sector reporting based on the Global Industry Classification Standard ("GICS") which was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P") and is licensed for use by State Street.

        Holdings, sector and country allocations shown are as of the date indicated and are subject to change. This information should not be considered a recommendation to invest in a particular sector or to buy or sell any security shown. It is not known whether the sectors or securities shown will be profitable in the future. The holdings are taken from the accounting records of State Street Global Advisors which may differ from the official books and records of the custodian. Excludes cash, cash equivalents and accruals.

        Source: State Street Global Advisors

        1 The strategy used by the Fund relies on data from MSCI. There is a risk that inaccurate or incomplete data from an external provider will cause the Fund to fail to meet its objectives, either by reducing returns, or by exposure to unintended ESG risks.

        Equity securities may fluctuate in value in response to the activities of individual companies and general market and economic conditions. Investing in foreign domiciled securities may involve risk of capital loss from unfavourable fluctuation in currency values, withholding taxes, from differences in generally accepted accounting principles or from economic or political instability in other nations. Actively managed funds do not seek to replicate the performance of a specified index. The Fund is actively managed and may underperform its benchmarks. An investment in the Fund is not appropriate for all investors and is not intended to be a complete investment program. Investing in the Fund involves risks, including the risk that investors may receive little or no return on the investment or that investors may lose part or even all of the investment. This information should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security. Investments in issuers in different countries are often denominated in different currencies. Changes in the values of those currencies relative to the Portfolio's base currency may have a positive or negative effect on the values of the Portfolio's investments denominated in those currencies. The Portfolio may, but will not necessarily, invest in currency exchange contracts or other currency-related transactions (including derivatives transactions) to reduce exposure to different currencies. These contracts may reduce, take or eliminate some or all of the benefit that the Portfolio may experience from favourable currency fluctuations.

        The MSCI World ex-Australia Index is a trademark of MSCI Inc.

        Related Insights

        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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