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.