Cbus investment managers
Cbus uses Australian and international investment managers, and also manages some assets internally.
Each investment manager is responsible for a specified amount of Cbus’ assets. They are managed with an agreed mandate between the manager and the Trustee, in consultation with the investment adviser.
During the year, we monitor the performance of investment managers closely and compare it with industry benchmarks.
| Cbus total investments | At 30 June 2023 | |
|---|---|---|
| $ millions | (%) | |
| Australian Shares | ||
| IFM Investors | 3,485.19 | 4.09 |
| Cbus Internally Managed | 3,308.58 | 3.88 |
| Ausbil Dexia | 2,130.58 | 2.50 |
| Perpetual Investment Management | 1,949.58 | 2.29 |
| Greencape Capital AUS Equities | 1,772.90 | 2.08 |
| Airlie Funds Management | 1,726.69 | 2.03 |
| Hyperion Asset Management | 1,409.57 | 1.65 |
| Allan Gray Australia | 1,236.41 | 1.45 |
| Paradice Investment Management | 632.66 | 0.74 |
| Realindex Investments | 451.63 | 0.53 |
| L1 Capital | 265.29 | 0.31 |
| Yarra Capital Management | 257.66 | 0.30 |
| Ellerston Capital | 237.05 | 0.28 |
| Capstone Investment Advisors | 7.33 | 0.01 |
| Acorn Capital Investment Fund Limited | 3.42 | 0.00 |
| Other1 | 0.18 | 0.00 |
| Total Australian Shares | 18,874.72 | 22.14 |
| Property | ||
| Cbus Property | 4,358.58 | 5.12 |
| ISPT | 2,161.34 | 2.54 |
| Resolution | 1,269.64 | 1.49 |
| Dexus | 593.89 | 0.70 |
| Heitman | 537.02 | 0.63 |
| Charter Hall | 189.03 | 0.22 |
| GPT Group | 146.98 | 0.17 |
| AMP Capital Investors | 55.99 | 0.07 |
| QIC | 35.02 | 0.04 |
| EG Funds Management | 32.37 | 0.04 |
| Fife Capital | 0.22 | 0.00 |
| Total Property | 9,380.08 | 11.02 |
| Cash | ||
| Cbus Internally Managed | 6,909.49 | 8.11 |
| ANZ | 972.12 | 1.14 |
| Challenger4 | -9.13 | -0.01 |
| Mesirow Financial Currency Management2 | -178.96 | -0.21 |
| Total Cash | 7,693.52 | 9.03 |
| Alternative Growth | ||
| IFM Investors | 668.15 | 0.78 |
| Impax Asset Management | 271.30 | 0.32 |
| Siguler Guff & Company | 173.52 | 0.20 |
| Cbus Internally Managed | 118.64 | 0.14 |
| Capital Dynamics | 77.51 | 0.09 |
| Copenhagen Infrastructure Partners | 44.42 | 0.05 |
| Challenger | 25.78 | 0.03 |
| Top Tier Infrastructure | 7.95 | 0.01 |
| Cerberus Capital Management | 5.77 | 0.01 |
| Blackrock | 4.80 | 0.01 |
| Sculptor Capital Management | 3.37 | 0.00 |
| Capstone Investment Advisors | 1.68 | 0.00 |
| TPG Opportunities Partners II | 1.33 | 0.00 |
| Oaktree Capital Management | 0.13 | 0.00 |
| Canyon Capital Advisors | 0.07 | 0.00 |
| Mesirow Financial2 | -0.06 | 0.00 |
| Total Alternative Growth |
1,404.36 | 1.64 |
| Emerging Markets | ||
| Cbus Internally Managed | 580.20 |
0.68 |
| Comgest | 448.95 | 0.53 |
| Wellington Management Company | 431.51 | 0.51 |
| Realindex Investments | 375.82 | 0.44 |
| Invesco | 298.17 | 0.35 |
| GQG Partners | 274.96 | 0.32 |
| Lazard | 0.49 | 0.00 |
| Other1 | 0.08 | 0.00 |
| Citigroup Global Markets Australia | 0.01 | 0.00 |
| Mesirow Financial2 | -2.89 | 0.00 |
| Total Emerging Markets | 2407.30 | 2.83 |
| Enhanced Income | ||
| First Sentier Investors | 594.60 | 0.70 |
| Total Enhanced Income | 594.60 | 0.70 |
| Fixed Interest | ||
| Blackrock | 5,821.14 | 6.83 |
| Cbus Internally Managed | 267.61 | 0.31 |
| Other1 | 0.01 |
0.00 |
| Total Fixed Interest | 6,088.76 | 7.14 |
| Infrastructure | ||
| IFM Investors | 5,504.93 | 6.46 |
| Morrisons | 1,795.77 | 2.11 |
| Cbus Internally Managed | 956.62 | 1.12 |
| Stepstone | 557.70 | 0.65 |
| KKR Global Infrastructure Investors | 397.47 | 0.47 |
| Stonepeak Tiger Investment | 380.41 | 0.45 |
| First Sentier Investors | 286.67 | 0.34 |
| Capital Dynamics | 169.33 | 0.20 |
| Infrastructure Capital Group | 160.93 | 0.19 |
| Macquarie Group | 149.59 | 0.18 |
| Copenhagen Infrastructure Partners | 114.15 | 0.13 |
| Resolution | 36.74 | 0.04 |
| UBS | 29.74 | 0.03 |
| Antin Infrastructure Partners | 5.92 | 0.01 |
| Rare Infrastructure | 0.10 | 0.00 |
| EQT | 0.04 | 0.00 |
| Total Infrastructure | 10,546.11 | 12.38 |
| International Equities | ||
| Realindex Investments | 5,154.10 | 6.05 |
| Cbus Internally Managed | 4,955.80 | 5.82 |
| Mondrian Investment Partners | 3,049.62 | 3.58 |
| Harris Associates | 2,964.35 | 3.48 |
| AQR Capital Management | 2,235.35 | 2.62 |
| Baillie Gifford Overseas | 1,991.67 | 2.34 |
| Citigroup Global Markets Australia | 366.88 | 0.43 |
| Blackrock | 102.56 | 0.12 |
| Challenger | 87.32 | 0.10 |
| Capstone Investment Advisors | 65.27 | 0.08 |
| Mesirow Financial | 10.92 | 0.01 |
| Global Thematic Partners | 0.56 | 0.00 |
| Other1 | 0.15 | 0.00 |
| Total International Equities | 20,984.55 | 24.63 |
| Global Credit | ||
| IFM Investors | 1,645.77 | 1.93 |
| Oaktree Capital Management | 1,377.70 | 1.62 |
| Barings | 1,053.29 | 1.24 |
| Cbus Internally Managed | 1,030.53 |
1.21 |
| Maxcap | 129.96 | 0.15 |
| Challenger | 28.40 | 0.03 |
| Westbourne Capital | 11.02 | 0.01 |
| Hayfin Direct Lending | 0.39 | 0.00 |
| Total Global Credit | 5,277.06 | 6.19 |
| Private Equity | ||
| ROC Private Equity | 672.97 | 0.79 |
| Cbus Internally Managed | 336.89 | 0.40 |
| Brookfield Asset Management | 250.23 | 0.29 |
| Resolution Life | 79.89 | 0.09 |
| LGT Capital Partners | 61.13 | 0.07 |
| Potentia Capital | 48.16 | 0.06 |
| VenCap International | 48.15 | 0.06 |
| Neuberger Berman | 35.70 | 0.04 |
| IFM Investors | 23.25 | 0.03 |
| Stafford Capital Partners | 18.54 | 0.02 |
| The Growth Fund | 14.06 | 0.02 |
| Archer Capital | 7.40 | 0.01 |
| CIM Environmental | 2.99 | 0.00 |
| Bain Capital | 2.57 | 0.00 |
| Pomona Australia | 1.41 | 0.00 |
| Continuity Capital (previously Wilshire Private Markets Group) | 0.93 | 0.00 |
| Wilshire Private Markets Group | 0.86 | 0.00 |
| Other1 | 0.09 | 0.00 |
| EQT | 0.04 | 0.00 |
| Total Private Equity | 1,605.26 | 1.88 |
| Other Assets3 | ||
| Cbus Self Managed | 225.59 | 0.26 |
| Colonial First State Asset Management | 123.67 | 0.15 |
| Total Other Assets | 349.26 | 0.41 |
| Grand Total | 85,205.58 | 100.00 |
1 'Other' may include operational cash, options, funds in transition, small holdings and outstanding fees on closed accounts, and funds held in the Administration account.
2 Mesirow Financial Currency Management manages the currency hedging for Cbus.
3 Hybrid strategy implemented by external investment manager.
4 Challenger Investment Solutions Management manages the daily collateral we owes or is owed for our derivative position.
Note: figures are subject to rounding.