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 2021 | |
|---|---|---|
| $ millions | (%) | |
| Australian shares | ||
| Industry Funds Management | 3,887.87 | 5.96 |
| Paradice Investment Management | 2,148.34 | 3.29 |
| Perpetual Investment Management | 1,973.02 |
3.02 |
| Magellan Asset Management Ltd (formerly Airlie Funds Management) | 1,688.38 | 2.59 |
| Ausbil | 1,536.78 | 2.35 |
| Hyperion Asset Management |
1,427.92 |
2.19 |
| Cbus Internally Managed | 1,395.58 | 2.14 |
| Allan Gray Australia | 956.10 | 1.46 |
| First Sentier Investors Realindex Pty Ltd4 | 310.59 | 0.48 |
| Ellerston Capital | 265.99 | 0.41 |
| Novaport Capital | 160.53 | 0.25 |
| Other1 | 0.44 | 0.00 |
| State Street Corporation | .00 | 0.00 |
| Mesirow Financial Currency Management2 | -10.16 | -0.02 |
| Challenger Investment Solutions Management Pty Ltd3 | -19.32 | -0.03 |
| Total Australian shares | 15,722.07 |
24.08 |
| Emerging Markets | ||
| Cbus Internally Managed | 678.56 | 1.04 |
| First Sentier Investors Realindex Pty Ltd | 655.58 | 1.00 |
| Wellington Management Company | 653.34 | 1.00 |
| GQG Partners LLC | 632.95 | 0.97 |
| Invesco | 630.52 | 0.97 |
| Comgest Far East Limited | 601.41 | 0.92 |
| Lazard |
332.26 | 0.51 |
| Other1 | 0.18 | 0.00 |
| SSGM Equities exposure | 0.11 | 0.00 |
| Blackrock | 0.06 | 0.00 |
| Global Thematic Partners | 0.04 | 0.00 |
| Citigroup | 0.03 | 0.00 |
| Vanguard | 0.03 | 0.00 |
| Stewart Investors | 0.00 | 0.00 |
| Mesirow Financial Currency Management2 | -45.46 | -0.07 |
| Total Emerging Markets | 4,139.61 | 6.34 |
| International Equities | ||
| First Sentier Investors Realindex Pty Ltd4 | 4,095.82 | 6.27 |
| Cbus Internally Managed | 3,401,37 | 5.21 |
| Harris | 2,193.85 | 3.36 |
| Mondrian | 2,169.35 | 3.32 |
| Ballie Gifford Overseas | 1,978.33 | 3.03 |
| AQR Capital Management4 | 1,785.65 | 2.74 |
| Challenger Investment Solutions Management Pty Ltd | 903.28 | 1.38 |
| Capstone Investment Advisors LLC | 232.37 | 0.36 |
| Global Thematic Global | 2.50 | 0.00 |
| Vanguard Investments Australia | 0.68 | 0.00 |
| Other1 | 0.67 | 0.00 |
| Citigroup | 0.24 | 0.00 |
| State Street | 0.00 | 0.00 |
| Mesirow Financial Currency Management2 | -128.61 | -0.20 |
| Total International Equities | 16,635.48 | 25.48 |
| Property | ||
| Cbus Property | 3,295.75 |
5.05 |
| ISPT | 1,690.34 | 2.59 |
| Resolution Capital | 1,140.32 | 1.75 |
| Heitman LLC | 329.26 | 0.50 |
| Franklin Capital | 0.12 | 0.00 |
| Mesirow Financial Currency Management2 | -37.79 | -0.06 |
| Total Property | 6,418.00 |
9.83 |
| Infrastructure | ||
| Industry Funds Management | 3,720.44 | 5.70 |
| UTA | 1,512.91 | 2.32 |
| Cbus Internally Managed | 1,205.49 | 1.85 |
| Capital Dynamics | 119.51 | 0.18 |
| RARE Infrastructure | 30.86 | 0.05 |
| Copenhagen Infrastructure Partners | 17.10 | 0.03 |
| State Street | 0.00 | 0.00 |
| Mesirow Financial Currency Management2 | -12.73 | 0.02 |
| Total Infrastructure | 6,593.58 | 10.10 |
| Private Equity | ||
| ROC Private Equity | 660.26 | 1.01 |
| Cbus Strategic Assets | 481.70 | 0.74 |
| Siguler Guff & Company | 122.42 | 0.19 |
| Newbury Associates |
96.93 |
0.15 |
| Other1 | 83.14 | 0.13 |
| VenCap International | 69.97 | 0.11 |
| Industry Funds Management | 64.22 | 0.10 |
| Mesirow Financial Currency Management2 | 55.68 | 0.09 |
| LGT Capital Partners |
29.88 | 0.05 |
| Stafford Capital Partners | 27.01 | 0.04 |
| Pomona | 3.72 | 0.01 |
| Wilshire | 2.12 | 0.00 |
| CCP Australia | 0.59 | 0.00 |
| Mesirow Financial Currency Management2 |
-13.97 | 0.02 |
| Total Private Equity | 1,683.66 |
2.58 |
| Alternative Growth | ||
| Cbus Internally Managed | 540.50 | 0.83 |
| Industry Funds Management | 300.75 | 0.46 |
| Impax | 267.78 | 0.41 |
| Capital Dynamics | 36.12 | 0.06 |
| Other1 | 8.64 | 0.01 |
| TPG Opportunities Partners II | 7.49 | 0.01 |
| Oaktree | 0.77 | 0.00 |
| Mesirow Financial Currency Management2 | -5.99 | -0.01 |
| Total Alternative Growth Strategies | 1,156.07 | 1.77 |
| Fixed Interest | ||
| Vanguard Investments4 | 2,028.13 | 3.11 |
| Vanguard Investments Australia | 1,900.05 | 2.91 |
| Cbus Internally Managed | 139.55 | 0.21 |
| Cbus Self Managed | 0.04 | 0.00 |
| Other1 | 0.01 |
0.00 |
| Total Fixed Interest | 4,067.77 | 6.23 |
| Mid-Risk Alternatives | ||
| Oaktree Global | 1,159.88 |
1.78 |
| Industry Funds Management | 1,112.61 | 1.70 |
| Babson | 776.33 | 1.19 |
| Cbus Internally Managed | 584.24 | 0.89 |
| Max Cap | 108.05 | 0.17 |
| Challenger | 9.91 | 0.02 |
| Hayfin Direct Lending | 1.94 | 0.00 |
| Mesirow Financial Currency Management2 | -0.03 | 0.00 |
| Total Mid-Risk Alternatives | 3,752.93 | 5.75 |
| Cash | ||
| Cbus Internally Managed | 4,516.03 | 6.92 |
| ANZ | 494.84 | 0.76 |
| Challenger Investment Solutions Pty Ltd |
59.34 | 0.09 |
| Mesirow Financial Currency Management2 |
43.68 | 0.07 |
| Industry Funds Manager | 0.04 | 0.00 |
| Other1 | 0.00 | 0.00 |
| Total Cash | 5,113.93 | 7.83 |
| Total investments | 65,283.11 | 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.