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 2025 | |
| $ millions | (%) | |
| Australian shares | ||
| IFM Investors | 4,791.55 | 4.56 |
| Ausbil Investment Management | 2,860.00 | 2.72 |
| Pendal Group | 2,749.63 | 2.62 |
| Airlie Funds Management | 2,702.47 | 2.57 |
| Perpetual Investment Management | 2,691.39 | 2.56 |
| Allan Gray Australia | 2,098.17 | 2.00 |
| Hyperion Asset Management | 2,092.19 | 1.99 |
| Cbus Internally Managed | 1,866.93 | 1.78 |
| RQI Investors | 600.28 | 0.57 |
| Yarra Capital Management | 452.65 | 0.43 |
| Paradice Investment Management | 409.21 | 0.39 |
| L1 Capital | 277.51 | 0.26 |
| Blackrock | 145.64 | 0.14 |
| Mesirow Financial | 11.82 | 0.01 |
| Acorn Capital Investment Fund Limited | 2.12 | 0.00 |
| Other1 | 0.31 | 0.00 |
| Total Australian shares | 23,751.87 | 22.62 |
| Property | ||
| Cbus Property | 5,124.95 | 4.88 |
| ISPT | 1,896.28 | 1.81 |
| Dexus | 686.25 | 0.65 |
| Heitman | 514.11 | 0.49 |
| Resolution Capital | 217.70 | 0.21 |
| Charter Hall | 134.34 | 0.13 |
| GPT Group | 116.81 | 0.11 |
| Nuveen | 81.30 | 0.08 |
| EG Funds Management | 57.95 | 0.06 |
| QIC | 30.61 | 0.03 |
| Mesirow Financial | 16.87 | 0.02 |
| Other1 | 0.24 | 0.00 |
| Total Property | 8,877.42 | 8.45 |
| Cash | ||
| Cbus Internally Managed | 5,117.81 | 4.87 |
| ANZ | 1032.69 | 0.98 |
| Mesirow Financial2 | 169.79 | 0.16 |
| Total Cash | 6,320.29 | 6.02 |
| Alternatives | ||
| Cbus Internally Managed | 1387.50 | 1.32 |
| IFM Investors | 729.99 | 0.70 |
| Barings | 385.45 | 0.37 |
| Siguler Guff & Company | 183.87 | 0.18 |
| Challenger4 | 57.59 | 0.05 |
| Blackrock | 3.98 | 0.00 |
| Cerberus Capital Management | 3.63 | 0.00 |
| Sculptor Capital Management | 1.86 | 0.00 |
| TPG Opportunities Partners II | 0.61 | 0.00 |
| Total Alternatives | 2,754.48 | 2.62 |
| Emerging Markets | ||
| RQI Investors | 741.30 | 0.71 |
| Wellington Management Company | 523.57 | 0.50 |
| Cbus Internally Managed | 479.95 | 0.46 |
| GLG MAN | 470.66 | 0.45 |
| FIL Investments Management Australian Limited | 372.35 | 0.35 |
| GQG Partners | 302.35 | 0.29 |
| Other1 | 0.84 | 0.00 |
| Mesirow Financial2 | -4.58 | 0.00 |
| Total Emerging Markets | 2,886.44 | 2.75 |
| Enhanced Income | ||
| First Sentier Investors | 525.41 | 0.50 |
| Total Enhanced Income | 525.41 | 0.50 |
| Global Fixed Interest | ||
| Blackrock | 4,214.98 | 4.01 |
| Other1 | 0.01 | 0.00 |
| Total Global Fixed Interest | 4,214.99 | 4.01 |
| Australian Fixed Interest | ||
| Blackrock | 4,057.34 | 3.86 |
| Cbus Internally Managed | 154.23 | 0.15 |
| Total Australian Fixed Interest | 4,211.57 | 4.01 |
| Infrastructure | ||
| IFM Investors | 6,543.47 | 6.23 |
| Morrison | 1,633.22 | 1.56 |
| KKR | 1,515.66 | 1.44 |
| Cbus Internally Managed | 869.82 | 0.83 |
| Stepstone Group | 635.59 | 0.61 |
| Stonepeak | 406.35 | 0.39 |
| Columbia Capital | 396.38 | 0.38 |
| Antin Infrastructure Partners | 355.48 | 0.34 |
| Capital Dynamics | 302.61 | 0.29 |
| Igneo Infrastructure Partners | 160.30 | 0.15 |
| Foresight Group Holding Ltd | 159.18 | 0.15 |
| Copenhagen Infrastructure Partners | 155.58 | 0.15 |
| Resolution Capital | 49.68 | 0.05 |
| UBS | 10.85 | 0.01 |
| Total Infrastructure | 13,194.17 | 12.57 |
| International Equities | ||
| Cbus Internally Managed | 5,661.45 | 5.39 |
| RQI Investors | 4,902.75 | 4.67 |
| Arrowstreet Capital | 3,645.09 | 3.47 |
| Mondrian Investment Partners | 3,520.28 | 3.35 |
| Alphinity | 3,383.14 | 3.22 |
| Baillie Gifford Overseas | 2,923.03 | 2.78 |
| Silvercrest Asset Management | 2,168.33 | 2.07 |
| Harris Associates | 2,116.42 | 2.02 |
| Ravenswood Partners, LP | 427.40 | 0.41 |
| Blackrock | 199.24 | 0.19 |
| Mesirow Financial2 | 5.52 | 0.01 |
| Other1 | 1.75 | 0.00 |
| Citigroup Global Markets Australia | 0.11 | 0.00 |
| Challenger4 | -14.72 | -0.01 |
| Total International Equities | 28,939.79 | 27.56 |
| Global Credit | ||
| IFM Investors | 1,980.16 | 1.89 |
| Oaktree Capital Management | 1,900.92 | 1.81 |
| Barings | 1,242.67 | 1.18 |
| Cbus Internally Managed | 1,076.71 | 1.03 |
| Maxcap Group | 52.45 | 0.05 |
| Challenger4 | 29.11 | 0.03 |
| Westbourne Capital | 0.67 | 0.00 |
| Mesirow Financial2 | 0.13 | 0.00 |
| Other1 | 0.08 | 0.00 |
| Total Global Credit | 6,282.90 | 5.98 |
| Private Equity | ||
| Roc Partners | 713.56 | 0.68 |
| Cbus Internally Managed | 468.94 | 0.45 |
| Brookfield Asset Management | 465.60 | 0.44 |
| Harbourvest | 277.18 | 0.26 |
| Neuberger Berman | 167.87 | 0.16 |
| EQT | 103.97 | 0.10 |
| Potentia Capital | 95.99 | 0.09 |
| LGT Capital Partners | 70.59 | 0.07 |
| Blackstone | 55.51 | 0.05 |
| ARCHIMED | 55.15 | 0.05 |
| Charlesbank Capital Partners | 53.21 | 0.05 |
| VenCap International Plc | 34.16 | 0.03 |
| Next Capital | 22.08 | 0.02 |
| IFM Investors | 15.22 | 0.01 |
| Top Tier Capital Partners | 13.67 | 0.01 |
| Stafford Capital Partners | 12.72 | 0.01 |
| The Growth Fund | 4.57 | 0.00 |
| Mill Point Capital | 3.84 | 0.00 |
| Bain Capital | 1.78 | 0.00 |
| Archer Capital | 1.16 | 0.00 |
| Continuity Capital | 0.87 | 0.00 |
| Other1 | 0.69 | 0.00 |
| Total Private Equity | 2,638.34 | 2.51 |
| Other Assets3 | ||
| Cbus Self Managed | 260.88 | 0.25 |
| First Sentier Investors | 141.06 | 0.13 |
| Total Other Assets | 401.94 | 0.38 |
| Grand Total | 104,999.61 | 100.00 |
1Other may include operational cash, options, funds in transition and outstanding fees on closed accounts, and funds held in the Administration account
2Mesirow Financial Currency Management manages the currency hedging for Cbus.
3Hybrid strategy implemented by external investment manager.
4Challenger Investment Solutions Management manages the daily collateral we owe or is owed for our derivative position.
Note: figures are subject to rounding.