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.