Australian Equities

Equity exposure to companies listed or about to be listed on the Australian Securities Exchange. Active and passive asset classes are used.

International Equities

Equity exposure to companies listed on international stock exchanges. Includes exposure to emerging markets and small companies. Active and passive asset classes are used.

Private Markets

Investment opportunities with expected returns in excess of long-term expectation for listed equities, not classifiable within the other asset classes.

Property

Exposure to Australian listed and unlisted property across the office, retail, and industrial sectors. Includes a range of assets from the premium end of the property market providing long-term cashflows from quality tenants held for the long-term and through investment cycles. May also include an exposure to some sectors with a higher risk and return expectation such as development and refurbishment opportunities with a shorter investment horizon.

Infrastructure

Investment opportunities in assets or companies which display one or more of the following characteristics: provide an essential service that is important to the functioning of society at large or a specific community; have stable or predictable cash flow generation; have a long useful economic life or operate under long-term concessions; display monopoly-like characteristics or have high barriers to entry into their market; and provide an element of inflation protection.

Alternatives

Absolute return strategies being liquid alternative investments that can take both long and short positions across a wide range of financial market instruments to generate returns, and investment strategies that are uncorrelated to traditional asset classes such as bonds and equities and provide attractive returns and portfolio diversification.

Credit

Private Credit
Investments in portfolios of loans that are provided by non-bank lenders to global, mid-sized and large companies.

Sub-Investment Grade Credit
Investments in debt securities that are issued by companies, asset backed and mortgage-backed structures, and entities other than developed market governments. These instruments are primarily subject to movement in credit spreads, which may result in both positive and negative valuation changes.

Fixed Interest

Exposure to debt instruments providing principal repayment at maturity, and coupon payments at regular intervals until maturity. These instruments are primarily subject to movement in bond yields, which may result in both positive and negative valuation changes. Includes investments in:

Global Investment Grade Credit
Invests in debt securities issued by global banks and high-quality corporates.

Inflation-Linked Securities
Exposure to debt securities providing a fixed rate of return in excess of an index related to the general level of prices in the economy, such as the Consumer Price Index or Average Weekly Earnings. These instruments are subject to movement in real yields, which may result in both positive and negative valuation changes.

Government Bonds
Investments in domestic and global government issued debt securities.

Australian Investment Grade Credit
Invests in debt securities issued by Australian banks and high-quality corporates.

Cash

Exposure to Australian short-term interest rate sensitive debt instruments, such as bank bills, that provide a high level of liquidity with minimal risk of capital loss.

Foreign currency

Exposure to foreign currency is a component of owning international assets. The amount of foreign currency in the investment option is managed to a foreign currency target.