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 2018
  $ millions3 (%)
Australian shares
Industry Funds Management 3,269.6 7.0
Paradice Investment Management 1,912.7 4.1
Perpetual Investment Management 1,350.9
2.9
Hyperion Asset Management 1,192.1 2.6
Ausbil Dexia 1,167.6
2.5
Airlie Funds Management
1,117.8 2.4
Ellerston Capital  1,083.6
2.3
Allan Gray Australia 865.5
1.9
Novaport Capital Pty Ltd
213.1 0.5
Kinetic Investment Partners
204.2
0.4
Cbus Self Managed
38.5 0.1
SSGM Equities Exposure 27.1 0.1
Other1
5.1 0.0
Citigroup Global Markets Australia Equities Exposure 0.0 0.0
Mesirow Financial Currency Management2 -19.6 -0.0
Total Australian shares 12,428.2
26.6
 
International shares
Cbus Internally Managed 1,550.2 3.3
Global Thematic Partners
1,435.8
3.1
Realindex Investments  
1,428.6
3.1
Orbis Investment Management
1,287.8
2.8
Baillie Gifford Overseas
1,229.7
2.6
AQR Capital Management
1,055.1
2.3
Vanguard Investments Australia  990.5 2.1
Wellington Management Company
628.8
1.3
SSGM Equities Exposure 489.9 1.0
Genesis Emerging Markets Investment Company
324.8
0.7
Trilogy Global Advisors
302.6
0.6
Stewart Investor (formerly First State Investment Management)
214.4
0.5
Invesco 200.9 0.4
Other1
10.0 0.0
MFS Institutional Advisors 2.1 0.0
Citigroup Global Markets Australia 0.0
0.0
Mesirow Financial Currency Management2
-100.3 -0.2
Total international shares 11,050.8
23.7
 
Property
Cbus Property  2,531.0
5.4
ISPT  1,589.9 3.4
AMP Capital Investors  561.4 1.2
Resolution Capital  139.7 0.3
Franklin Templeton Investments Australia
2.7 0.0
Other1 0.0 0.0
Mesirow Financial Currency Management2 -6.0 -0.0
Total property 4,818.7
10.3
 
Infrastructure
Industry Funds Management  3,176.8 6.8
Hastings Funds Management  1,036.7
2.2
Rare Infrastructure 206.8 0.4
Cbus Internally Managed 0.0 0.0
Mesirow Financial Currency Management2 -13.2
-0.0
Total infrastructure  4,407.1
9.4
 
Private equity
ROC Private Equity 537.2 1.2
Siguler Guff & Company 235.4 0.5
ME Bank
225.1
0.5
Newbury Associates
181.6
0.4
Industry Funds Management 
132.0 0.3
Industry Super Holdings
149.6
0.3
Mesirow Financial Private Equity Advisors 119.7 0.3
Performance Equity Management
99.9 0.2
Greenspring Associates
79.4
0.2
VenCap International 69.6
0.1
LGT Capital Partners
49.5
0.1
Stafford Capital Partners 46.1
0.1
Adveq Management
45.8
0.1
Weathergage Venture Capital
30.1 0.1
Lexington Partners 22.2
0.0
Pomona Australia
9.8 0.0
Wilshire Private Markets Group
6.7 0.0
Continuity Capital (previously Wilshire Private Markets Group)
2.2 0.0
Frontier Advisors
1.9 0.0
Mesirow Financial Currency Management2
-52.8
-0.1
Total private equity 1,991.0
4.3
 
Opportunistic growth
Bridgewater Associates 1,130.5
2.4
Industry Funds Management
230.8
0.5
TPG Opportunities Partners II
30.4
0.1
Artwork
8.3 0.0
Oaktree Capital Management
3.8
0.0
Mesirow Financial Currency Management2 -2.1
-0.0
Total opportunistic growth 1,401.7 3.0
 
Fixed interest
Vanguard Investments Australia 4,204.1
9.0
Cbus Self Managed 2.1 0.0
Other1 0.3
0.0
Total fixed interest 4,206.5
9.0
 
Alternative debt
Industry Funds Management 989.9
2.1
Barings (previously Babson)
943.9
2.0
Goldman Sachs Asset Management
335.6
0.7
T Rowe Price
300.0
0.6
ME Portfolio Management
35.7 0.1
Hayfin Direct Lending 24.9 0.1
Maxcap 13.5 0.0
Mesirow Financial Currency Management2 -1.7
-0.0
Total alternative debt 2,641.7 5.7
 
Cash
Colonial First State Asset Management 2,016.7 4.3
Internally managed
1,441.4
3.1
Industry Funds Management 265.0 0.6
Other1 30.2
0.1
Cbus Self Managed 13.7 0.0
Total cash 3,767.0
8.1
 
Total investments 46,712.7
100.0

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.
Note: figures are subject to rounding.