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.