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 2020
  $ millions (%)
Australian shares
Industry Funds Management 3,742.92 6.91
Paradice Investment Management 1,842.57 3.40
Perpetual Investment Management 1,537.25
2.84
Magellan Asset Management Ltd (formerly Airlie Funds Management) 1,512.46 2.79
Hyperion Asset Management 1,343.77 2.48
Ausbil Dexia 1,272.40
2.35
Cbus Internally Managed 857.20 1.58
Allan Gray Australia 747.50 1.38
Novaport Capital Pty Ltd 207.19 0.38
Ellerston Capital  205.17 0.38
First Sentier Investors Realindex Pty Ltd4 197.59 0.36
Cbus Self Managed 61.29 0.11
Mesirow Financial Currency Management2 19.07 0.04
Other1
1.51 0.00
Challenger Investment Solutions Management Pty Ltd3 -73.72 -0.14
Total Australian shares 13,474.18
24.87
 
Emerging Markets
Wellington Management Company 481.89 0.89
Comgest Far East Limited 438.05 0.81
Cbus Internally Managed 409.79 0.76
Invesco 395.78 0.73
First Sentier Investors Realindex Pty Ltd 385.54 0.67
GQG Partners LLC 374.76 0.69
Global Thematic Partners
214.01 0.40
SSGM Equities exposure 62.53 0.12
Mesirow Financial Currency Management2 35.26 0.07
Other1 0.57 0.00
Stewart Investors - -
Genesis Emerging Markets Investment Company - -
Total Emerging Markets 2,798.18 5.16
 
International Equities
Cbus Internally Managed 2,319.87 4.28
First Sentier Investors Realindex Pty Ltd4 1,609.05 2.97
First Sentier Investors Realindex Pty Ltd 310.67 0.57
Citigroup Global Markets Australia 1,640.43 3.03
AQR Capital Management4 1,353.25 2.50
Orbis Investment Management 1,350.31  2.49
Baillie Gifford Overseas 1,328.10 2.45
Mesirow Financial Currency Management2 204.34 0.38
Capstone Investment Advisors LLC 172.95 0.32
Challenger Investment Solutions Management Pty Ltd 42.81 0.08
State Street Bank and Trust Company 14.26 0.03
Global Thematic Partners 7.50 0.01
Vanguard Investments Australia 2.58 0.00
Other1 2.11 0.00
Total International Equities 10,358.22 19.12
 
Property
Cbus Property  3,355.95
6.19
ISPT  1,651.33 3.05
AMP Capital Investors  537.83 0.99
Heitman LLC 216.98 0.40
Resolution Capital  153.26 0.28
Mesirow Financial Currency Management2 15.40 0.03
Other1 0.16 0.0
Total Property 5,930.90
10.95
 
Infrastructure
Industry Funds Management  3,351.85 6.19
Morrison & Co Utilities Management 1,352.79 2.50
Cbus Internally Managed 948.16 1.75
Rare Infrastructure 27.44 0.05
Mesirow Financial Currency Management2 17.28 0.03
Total Infrastructure  5,697.52
10.52
 
Private Equity
ROC Private Equity 571.23 1.05
Cbus Strategic Assets 398.81 0.74
Siguler Guff & Company 156.91 0.29
Newbury Associates
114.19
0.21
Industry Funds Management 
67.99 0.13
Mesirow Financial Private Equity Advisors 65.92 0.12
VenCap International 64.84 0.12
Stafford Capital Partners 31.74 0.06
LGT Capital Partners
24.05 0.04
Mesirow Financial Currency Management2
15.83 0.03
Other1 7.44 0.01
Total Private Equity 1,518.95
2.80
 
Alternative Growth
Industry Funds Management 266.98 0.49
Cbus Internally Managed 201.52 0.37
GAM International Management Limited - -
Capital Dynamics 32.58 0.06
TPG Opportunities Partners II 11.24 0.02
Artwork 8.60 0.02
Mesirow Financial Currency Management2 1.39 0.00
Other1 4.16 0.01
Bridgewater Associates - -
Total Alternative Growth Strategies 526.47 0.97
 
Fixed Interest
Vanguard Investments Australia 2,650.30 4.89
Vanguard Investments Australia4 2,886.33 5.33
Cbus Internally Managed 148.71 0.27
Cbus Self Managed 2.80 0.01
Other1 0.03
0.00
Total Fixed Interest 5,688.17 10.50
 
Mid-Risk Alternatives
Industry Funds Management 1,121.07
2.07
Barings
683.81 1.26
Cbus Internally Managed 204.51 0.38
ME Portfolio Management 12.07 0.02
Hayfin Direct Lending 6.81 0.01
Mesirow Financial Currency Management2 0.21 0.00
T Rowe Price - -
Maxcap - -
Total Mid-Risk Alternatives 2,028.47 3.74
 
Cash
Industry Funds Management 3,202.86 5.91
Cbus Internally Managed 2,172.34 4.01
First Sentier Investment (formerly Colonial First State Asset Management) 643.45 1.19
Challenger Investment Solutions Pty Ltd 108.36 0.20
Cbus Self Managed 30.64 0.06
Total Cash 6,157.65 11.37
 
Total investments 54,178.73 100.00

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 Figures are subject to rounding.
4 Hybrid strategy implemented by external investment manager.

Note: figures are subject to rounding.