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 2024 | |
|---|---|---|
| $ millions | (%) | |
| Australian shares | ||
| IFM Investors | 4,216.39 | 4.45 |
| Cbus Internally Managed | 2,833.08 | 2.99 |
| Ausbil Investment Management | 2,694.00 | 2.85 |
| Greencape Capital Aus Equities | 2,287.87 | 2.42 |
| Perpetual Investment Management | 2,142.78 | 2.26 |
| Airlie Funds Management | 1,930.25 | 2.04 |
| Allan Gray Australia | 1,908.77 | 2.02 |
| Hyperion Asset Management | 1,540.22 | 1.63 |
| Paradice Investment Management | 732.67 | 0.77 |
| RQI Investors | 513.43 | 0.54 |
| Yarra Capital Management | 274.80 | 0.29 |
| L1 Capital | 271.93 | 0.29 |
| Acorn Capital Investment Fund Limited | 3.28 | 0.00 |
| Other1 | -0.05 | -0.00 |
| Total Australian shares | 21,349.41 | 22.56 |
| Property | ||
| Cbus Property | 4,624.12 | 4.89 |
| ISPT | 1,934.05 | 2.04 |
| Dexus | 607.86 | 0.64 |
| Heitman | 484.82 | 0.51 |
| Resolution Capital | 194.68 | 0.21 |
| Charter Hall | 159.10 | 0.17 |
| GPT Group | 124.67 | 0.13 |
| EG Funds Management | 56.03 | 0.06 |
| QIC | 29.68 | 0.03 |
| Other1 | 0.23 | 0.00 |
| Total Property | 8,215.24 | 8.68 |
| Cash | ||
| Cbus Internally Managed | 5,085.27 | 5.37 |
| ANZ | 849.24 | 0.90 |
| Mesirow Financial2 | 325.01 | 0.34 |
| Challenger4 | -1.35 | 0.00 |
| Total Cash | 6,258.17 | 6.61 |
| Alternatives | ||
| Cbus Internally Managed | 1,355.86 | 1.43 |
| IFM Investors | 704.13 | 0.74 |
| Barings | 241.90 | 0.26 |
| Siguler Guff & Company | 185.38 | 0.20 |
| Challenger4 | 58.70 | 0.06 |
| Cerberus Capital Management | 4.52 | 0.00 |
| Blackrock | 4.40 | 0.00 |
| Sculptor Capital Management | 1.67 | 0.00 |
| TPG Opportunities Partners II | 0.92 | 0.00 |
| Oaktree Capital Management | 0.04 | 0.00 |
| Other1 | 0.03 | 0.00 |
| Total Alternatives | 2,557.56 | 2.70 |
| Emerging Markets | ||
| Wellington Management Company | 455.61 | 0.48 |
| RQI Investors | 443.99 | 0.47 |
| Cbus Internally Managed | 367.11 | 0.39 |
| GLG MAN | 329.73 | 0.35 |
| GQG Partners | 313.53 | 0.33 |
| Invesco | 310.43 | 0.33 |
| FIL Investments Management Australian Limited | 263.04 | 0.28 |
| Mesirow Financial2 | 2.53 | 0.00 |
| Other1 | 1.11 | 0.00 |
| Total Emerging Markets | 2,487.10 | 2.63 |
| Enhanced Income | ||
| First Sentier Investors | 654.00 | 0.69 |
| Total Enhanced Income | 654.00 | 0.69 |
| Global Fixed Interest | ||
| Blackrock | 3,059.86 | 3.23 |
| Cbus Internally Managed | 9.56 | 0.01 |
| Other1 | 0.01 | 0.00 |
| Total Global Fixed Interest | 3,069.44 | 3.24 |
| Australian Fixed Interest | ||
| Blackrock | 4,601.22 | 4.86 |
| Cbus Internally Managed | 151.01 | 0.16 |
| Total Australian Fixed Interest | 4,752.23 | 5.02 |
| Infrastructure | ||
| IFM Investors | 5,873.47 | 6.21 |
| Morrison | 1,800.73 | 1.90 |
| Cbus Internally Managed | 980.71 | 1.04 |
| Stepstone | 577.33 | 0.61 |
| KKR Global Infrastructure Investors | 546.60 | 0.58 |
| Stonepeak Tiger Investment | 379.22 | 0.40 |
| Igneo Infrastructure Partners | 299.65 | 0.32 |
| Capital Dynamics | 257.58 | 0.27 |
| Antin Infrastructure Partners | 236.46 | 0.25 |
| Infrastructure Capital Group | 152.73 | 0.16 |
| Macquarie Group | 152.25 | 0.16 |
| Copenhagen Infrastructure Partners | 123.79 | 0.13 |
| Columbia Capital | 73.87 | 0.08 |
| Resolution Capital | 37.87 | 0.04 |
| UBS | 20.54 | 0.02 |
| Other1 | 0.05 | 0.00 |
| Total Infrastructure | 11,512.85 | 12.16 |
| International Equities | ||
| RQI Investors | 4,767.54 | 5.04 |
| Cbus Internally Managed | 4,579.95 | 4.84 |
| Arrowstreet | 3,022.53 | 3.19 |
| Mondrian Investment Partners | 2,985.38 | 3.15 |
| Alphinity | 2,960.83 | 3.13 |
| Harris Associates | 2,723.32 | 2.88 |
| Baillie Gifford Overseas | 2,420.80 | 2.56 |
| AQR Capital Management | 1,753.03 | 1.85 |
| Impax Asset Management | 273.45 | 0.29 |
| Blackrock | 134.68 | 0.14 |
| Challenger4 | 11.67 | 0.01 |
| Capstone Investment Advisors | 2.24 | 0.00 |
| Other1 | 1.23 | 0.00 |
| Citigroup Global Markets Australia | 0.55 | 0.00 |
| Mesirow Financial2 | -10.42 | -0.01 |
| Total International Equities | 25,626.77 | 27.08 |
| Global Credit | ||
| IFM Investors | 1,714.58 | 1.81 |
| Oaktree Capital Management | 1,543.64 | 1.63 |
| Barings | 1,154.44 | 1.22 |
| Cbus Internally Managed | 1,112.64 | 1.18 |
| Maxcap | 138.52 | 0.15 |
| Challenger4 | 29.60 | 0.03 |
| Westbourne Capital | 2.63 | 0.00 |
| Other1 | 0.07 | 0.00 |
| Total Global Credit | 5,696.12 | 6.02 |
| Private Equity | ||
| ROC Private Equity | 675.44 | 0.71 |
| Cbus Internally Managed | 407.72 | 0.43 |
| Brookfield Asset Management | 396.88 | 0.42 |
| Harbourvest | 114.01 | 0.12 |
| Neuberger Berman | 110.93 | 0.12 |
| LGT Capital Partners | 68.47 | 0.07 |
| EQT | 62.49 | 0.07 |
| Potentia Capital | 57.70 | 0.06 |
| Blackstone ISG Investment Partners – R (BMU) L.P. | 47.89 | 0.05 |
| VenCap International | 41.81 | 0.04 |
| Charlesbank Capital Partners | 33.74 | 0.04 |
| IFM Investors | 21.15 | 0.02 |
| Stafford Capital Partners | 15.27 | 0.02 |
| Top Tier Infrastructure | 13.41 | 0.01 |
| Next Capital Fund | 13.41 | 0.01 |
| The Growth Fund | 11.35 | 0.01 |
| Archer Capital | 5.17 | 0.01 |
| Bain Capital | 2.39 | 0.00 |
| Other1 | 1.67 | 0.00 |
| Pomona Australia | 1.27 | 0.00 |
| ARCHIMED | 0.14 | 0.00 |
| Total Private Equity | 2,102.30 | 2.22 |
| Other Assets3 | ||
| Cbus Self Managed | 230.51 | 0.24 |
| First Sentier Investors | 132.82 | 0.14 |
| Total Other Assets | 363.33 | 0.38 |
| Grand Total | 94,644.53 | 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 Hybrid strategy implemented by external investment manager.
4 Challenger Investment Solutions Management manages the daily collateral we owes or is owed for our derivative position.
Note: figures are subject to rounding.