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 2019 | |
|---|---|---|
| $ millions | (%) | |
| Australian shares | ||
| Industry Funds Management | 3,587.7 | 6.8 |
| Paradice Investment Management | 1,929.3 | 3.7 |
| Perpetual Investment Management | 1,421.7 |
2.7 |
| Airlie Funds Management | 1,345.4 | 2.6 |
| Hyperion Asset Management | 1,296.7 | 2.5 |
| Ausbil Dexia | 1,241.7 |
2.4 |
| Ellerston Capital | 1,007.7 |
1.9 |
| Allan Gray Australia | 918.3 |
1.7 |
| Novaport Capital Pty Ltd |
220.2 | 0.4 |
| Cbus Internally Managed | 207.5 | 0.4 |
| Realindex Investments | 202.7 | 0.4 |
| Cbus Self Managed | 45.4 | 0.1 |
| Other1 |
0.0 | 0.0 |
| Mesirow Financial Currency Management2 | -7.9 | -0.0 |
| Challenger Investment Solutions Management Pty Ltd3 | -59.0 | -0.1 |
| Total Australian shares | 13,359.0 |
25.4 |
| Global and Emerging Market shares | ||
| Realindex Investments | 1,896.0 | 3.6 |
| Cbus Internally Managed | 1,873.6 | 3.6 |
| Global Thematic Partners |
1,883.6 |
3.6 |
| AQR Capital Management | 1,518.2 | 2.9 |
| Orbis Investment Management |
1,378.1 |
2.6 |
| Baillie Gifford Overseas |
1,143.1 |
2.2 |
| Vanguard Investments Australia | 1,113.4 | 2.1 |
| Wellington Management Company |
661.0 |
1.3 |
| State Street Bank and Trust Company | 368.4 | 0.7 |
| Genesis Emerging Markets Investment Company | 360.2 | 0.7 |
| Invesco | 306.4 | 0.6 |
| Comgest Far East Limited | 284.3 | 0.5 |
| Stewart Investor (formerly First State Investment Management) |
216.8 |
0.4 |
| Challenger Investment Solutions Management Pty Ltd3 | 28.0 | 0.1 |
| Other1 |
0.4 | 0.0 |
| Mesirow Financial Currency Management2 |
-85.5 | -0.2 |
| Total Global and Emerging Market shares | 12,948.4 |
24.6 |
| Property | ||
| Cbus Property | 3,194.2 |
6.1 |
| ISPT | 1,632.7 | 3.1 |
| AMP Capital Investors | 566.5 | 1.1 |
| Heitman LLC | 171.4 | 0.3 |
| Resolution Capital | 159.7 | 0.3 |
| Franklin Templeton Investments Australia |
0.6 | 0.0 |
| Other1 | 0.0 | 0.0 |
| Mesirow Financial Currency Management2 | -7.2 | -0.0 |
| Total Property | 5,717.9 |
10.9 |
| Infrastructure | ||
| Industry Funds Management | 3,764.0 | 7.2 |
| Morrison & Co Utilities Management (previously Hastings Fund Management) | 1,396.8 | 2.7 |
| Cbus Internally Managed | 371.4 | 0.7 |
| Rare Infrastructure | 28.2 | 0.1 |
| Mesirow Financial Currency Management2 | 3.6 |
0.0 |
| Total Infrastructure | 5,564.0 |
10.6 |
| Private Equity | ||
| ROC Private Equity | 591.1 | 1.1 |
| ME Bank | 236.8 | 0.5 |
| Industry Super Holdings | 179.3 | 0.3 |
| Siguler Guff & Company | 165.9 | 0.3 |
| Newbury Associates |
132.4 |
0.3 |
| Industry Funds Management |
128.4 | 0.2 |
| Mesirow Financial Private Equity Advisor | 81.3 | 0.2 |
| VenCap International | 76.4 |
0.1 |
| Stafford Capital Partners | 41.2 | 0.1 |
| LGT Capital Partners |
37.9 |
0.1 |
| Pomona Australia | 6.8 | 0.0 |
| Wilshire Private Markets Group |
5.0 | 0.0 |
| Frontier Advisors | 1.8 | 0.0 |
| Continuity Capital (previously Wilshire Private Markets Group) |
1.3 | 0.0 |
| Mesirow Financial Currency Management2 |
-16.6 |
-0.0 |
| Total Private Equity | 1,668.9 |
3.2 |
| Absolute Return Strategies | ||
| Bridgewater Associates | 631.2 |
1.2 |
| GAM International Management Limited | 275.8 | 0.5 |
| Industry Funds Management |
260.7 |
0.5 |
| Other1 | 25.3 | 0.0 |
| TPG Opportunities Partners II |
17.0 |
0.0 |
| Artwork |
8.3 | 0.0 |
| Oaktree Capital Management |
3.3 |
0.0 |
| Mesirow Financial Currency Management2 | -0.7 |
-0.0 |
| Total Absolute Return Strategies | 1,220.8 | 2.3 |
| Fixed Interest | ||
| Vanguard Investments Australia | 6,101.1 |
11.6 |
| Cbus Self Managed | 2.5 | 0.0 |
| Other1 | 0.3 |
0.0 |
| Total Fixed Interest | 6,103.9 |
11.6 |
| Alternative debt | ||
| Industry Funds Management | 1,071.9 |
2.0 |
| Barings (previously Babson) |
719.2 |
1.4 |
| T Rowe Price | 305.9 | 0.6 |
| Maxcap | 82.8 | 0.2 |
| Internally Managed | 50.0 | 0.1 |
| ME Portfolio Management | 30.6 | 0.1 |
| Hayfin Direct Lending | 10.9 | 0.0 |
| Mesirow Financial Currency Management2 | 0.1 |
0.0 |
| Total Alternative debt | 2,271.3 | 4.3 |
| Cash | ||
| Industry Funds Management | 2,004.5 | 3.8 |
| Internally Managed | 1,116.8 | 2.1 |
| Colonial First State Asset Management | 519.0 | 1.0 |
| Challenger Investment Solutions Pty Ltd3 | 98.6 | 0.2 |
| Cbus Self Managed | 18.0 | 0.0 |
| Total Cash | 3,756.8 |
7.1 |
| Total investments | 52,611.0 |
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.
3 Challenger Investment Solutions Management Pty Ltd is a derivatives service provider for Cbus.
Note: figures are subject to rounding.