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Investment Disclosure

This page provides information on asset exposure.

This page provides information on asset exposure, current as at the below date. This is not the target asset allocation. You can refer to the relevant Investment Options and Risk, part of the PDS, for more information on target asset allocations.

Exposure by Investment Categories

This page provides information on investment exposure, current as at 30 June 2018.

CSS Default's exposure by investment category is as follows:

Investment Categories Exposure ($m) Actual Target Range
Corporate Assets $1,430.2 54.9% (30-75%)
Inflation-Protected Assets $281.9 10.9% (5-25%)
Other Growth Assets $379.1 14.6% (0-30%)
Defensive Assets $509.1 19.6% (5-65%)
Total $2,600.3 100.0%

Note: All disclosures are on a look-through basis to the underlying entity

Exposure by Asset Class

CSS Default's exposure to various asset classes are as follows:

Asset Class Exposure ($m) Actual
Corporate Assets
Domestic Equities $605.9 23.3%
International Equities $596.1 22.9%
Private Capital $125.9 4.8%
Corporate Bonds $102.3 3.9%
Inflation-Protected Assets
Real Assets - Property $207.3 8.0%
Real Assets - Infrastructure $74.6 2.9%
Other Growth Assets
Absolute Return $379.1 14.6%
Defensive Assets
Cash and Sovereign Bonds $509.1 19.6%
Total $2,600.3 100.0%
Foreign (non-AUD) currency $674.7 25.9%

Note: All disclosures are on a look-through basis to the underlying entity

Exposure by Sector

Domestic Equities by Sector

CSS Default's Domestic Equities exposure by sector is as follows:

Sector % Sector Exposure
Financials 36.1%
Materials 19.1%
Industrials 7.9%
Energy 7.7%
Consumer Staples 7.2%
Health Care 6.9%
Real Estate 5.0%
Consumer Discretionary 4.7%
Telecommunication Services 2.3%
Utilities 1.7%
Information Technology 1.4%
Total 100.0%

Note: All disclosures are on a direct holdings basis without look-through to the underlying entity.

Largest Domestic Equities Holdings

CSS Default's largest domestic equities holdings are as follows:

Company Sector Exposure ($m) % of Asset Class
WESTPAC BANKING CORPORATION Financials $44.5 7.3%
COMMONWEALTH BANK OF AUSTRALIA Financials $44.4 7.3%
BHP BILLITON LIMITED Materials $40.4 6.7%
AUSTRALIA & NEW ZEALAND BANK GROUP Financials $33.9 5.6%
NATIONAL AUSTRALIA BANK Financials $26.4 4.4%
CSL Health Care $25.1 4.1%
WESFARMERS LTD Consumer Staples $22.9 3.8%
MACQUARIE GROUP LIMITED Financials $18.2 3.0%
RIO TINTO LIMITED Materials $16.4 2.7%
WOOLWORTHS GROUP LIMITED Consumer Staples $13.0 2.1%
TELSTRA CORPORATION LTD Telecommunication Services $11.6 1.9%
WOODSIDE PETE LTD Energy $11.2 1.9%
SUNCORP GROUP LIMITED Financials $9.8 1.6%
TRANSURBAN GROUP Industrials $7.9 1.3%
CALTEX AUSTRALIA Energy $7.7 1.3%
BRAMBLES LTD Industrials $6.9 1.1%
SCENTRE GROUP LIMITED Real Estate $6.4 1.1%
QBE INSURANCE GROUP Financials $5.6 0.9%
ORIGIN ENERGY LTD Energy $5.6 0.9%
VICINITY CENTRES Real Estate $5.5 0.9%
NEWCREST MINING Materials $4.9 0.8%
SOUTH32 LTD Materials $4.9 0.8%
JANUS HENDERSON GROUP PLC Financials $4.5 0.8%
AMCOR LIMITED Materials $4.3 0.7%
INSURANCE AUSTRALIA GROUP Financials $4.3 0.7%
AGL ENERGY Utilities $4.3 0.7%
QANTAS AIRWAYS Industrials $4.2 0.7%
SANTOS LIMITED Energy $4.1 0.7%
Z ENERGY LIMITED Energy $4.0 0.7%
APA GROUP Utilities $4.0 0.7%
AURIZON HOLDINGS LIMITED Industrials $3.9 0.6%
AMP LIMITED Financials $3.8 0.6%
ASX LTD Financials $3.5 0.6%
BLUESCOPE STEEL LTD Materials $3.4 0.6%
WHITEHAVEN COAL LIMITED Energy $3.4 0.6%
ARISTOCRAT LEISURE Consumer Discretionary $3.3 0.6%
JB HI-FI Consumer Discretionary $3.3 0.5%
CLEANAWAY WASTE MANAGEMENT LTD Industrials $3.2 0.5%
SYDNEY AIRPORT CORPORATION LTD Industrials $3.2 0.5%
GPT GROUP Real Estate $3.2 0.5%
CROWN RESORTS LIMITED Consumer Discretionary $3.1 0.5%
OIL SEARCH LTD Energy $3.1 0.5%
FLIGHT CENTRE TRAVEL GROUP LIMITED Consumer Discretionary $3.0 0.5%
RESMED INC Health Care $2.9 0.5%
PREMIER INVESTMENTS Consumer Discretionary $2.8 0.5%
SEEK LIMITED Industrials $2.8 0.5%
ALUMINA LIMITED Materials $2.5 0.4%
STOCKLAND Real Estate $2.5 0.4%
TABCORP HOLDINGS LIMITED Consumer Discretionary $2.5 0.4%
DOWNER EDI LTD Industrials $2.5 0.4%
CHALLENGER LIMITED Financials $2.5 0.4%
WORLEYPARSONS LTD Energy $2.4 0.4%
CYBG PLC Financials $2.4 0.4%
SONIC HEALTHCARE Health Care $2.4 0.4%
BAPCOR LTD Consumer Discretionary $2.4 0.4%
GOODMAN GROUP Real Estate $2.3 0.4%
ORORA LTD Materials $2.3 0.4%
COMPUTERSHARE LTD Information Technology $2.2 0.4%
ILUKA RESOURCES Materials $2.2 0.4%
COCHLEAR LTD Health Care $2.2 0.4%
MEDIBANK PRIVATE LIMITED Financials $2.2 0.4%
ANSELL Health Care $2.2 0.4%
INDEPENDENCE GROUP NL Materials $2.2 0.4%
ORICA Materials $2.1 0.4%
BORAL LTD Materials $2.0 0.3%
THE A2 MILK COMPANY LTD Consumer Staples $2.0 0.3%
EVOLUTION MINING LTD Materials $2.0 0.3%
CIMIC GROUP LTD Industrials $2.0 0.3%
FORTESCUE METALS GROUP LTD Materials $1.9 0.3%
CHARTER HALL GROUP Real Estate $1.9 0.3%
SIMS METAL MANAGEMENT LIMITED Materials $1.9 0.3%
MIRVAC GROUP Real Estate $1.9 0.3%
TREASURY WINE ESTATES LTD Consumer Staples $1.9 0.3%
LENDLEASE GROUP Real Estate $1.8 0.3%
JAMES HARDIE INDUSTRIES PLC Materials $1.8 0.3%
RAMSAY HEALTH CARE Health Care $1.8 0.3%
DEXUS PROPERTY GROUP Real Estate $1.8 0.3%
NORTHERN STAR RESOURCES LTD Materials $1.7 0.3%
REECE LIMITED Industrials $1.7 0.3%
LINK ADMINISTRATION HLDGS LTD Information Technology $1.7 0.3%
ALS LIMITED Industrials $1.7 0.3%
NINE ENTERTAINMENT CO HOLDINGS LTD Consumer Discretionary $1.6 0.3%
SEVEN GROUP HLDGS LTD Industrials $1.5 0.2%
FISHER & PAYKEL HEALTHCARE CORP Health Care $1.4 0.2%
RELIANCE WORLDWIDE CORPORATION LTD Industrials $1.4 0.2%
MINERAL RESOURCES LTD Materials $1.4 0.2%
SARACEN MINERAL HOLDINGS Materials $1.4 0.2%
BEACH ENERGY LTD Energy $1.4 0.2%
EMECO HOLDINGS LIMITED Industrials $1.3 0.2%
BENDIGO & ADELAIDE BANK LIMITED Financials $1.3 0.2%
OZ MINERALS LTD Materials $1.3 0.2%
ST BARBARA LIMITED Materials $1.3 0.2%
REA GROUP LIMITED Information Technology $1.2 0.2%
INCITEC PIVOT Materials $1.1 0.2%
DOMINOS PIZZA ENTERPRISES LIMITED Consumer Discretionary $1.1 0.2%
NEW HOPE CORPORATION Energy $1.0 0.2%
SPARK INFRASTRUCTURE GROUP Utilities $1.0 0.2%
BANK OF QUEENSLAND LIMITED Financials $1.0 0.2%
SPARK NEW ZEALAND LTD Telecommunication Services $0.9 0.1%
IOOF HOLDINGS LIMITED Financials $0.9 0.1%

Note: All disclosures are on a direct holdings basis without look-through to the underlying entity.

International Equities by Sector

CSS Default's International Equities exposure by sector is as follows:

Sector % Sector Exposure
Information Technology 23.9%
Financials 17.5%
Consumer Discretionary 12.9%
Health Care 8.8%
Industrials 8.6%
Consumer Staples 7.2%
Energy 7.0%
Materials 5.4%
Telecommunication Services 3.6%
Real Estate 2.8%
Utilities 2.3%
Total 100.0%

Note: All disclosures are on a direct holdings basis without look-through to the underlying entity.

International Equities by Region

CSS Default's International Equities exposure by region is as follows:

Region % Sector Exposure
United States 54.8%
Europe 15.3%
Asia Excluding Japan 13.0%
Japan 7.9%
United Kingdom 5.9%
Emerging Markets Ex-Asia 3.1%
Australia 0.0%
Total 100.0%

Note: All disclosures are on a direct holdings basis without look-through to the underlying entity.

Largest International Equities Holdings

CSS Default's largest international equities holdings are as follows:

Company Sector Region Exposure ($m) % of Asset Class
ALPHABET INC Information Technology United States $13.1 2.2%
FACEBOOK INC Information Technology United States $10.9 1.8%
APPLE INC Information Technology United States $9.5 1.6%
MICROSOFT CORP Information Technology United States $9.3 1.6%
SAMSUNG ELECTRONICS CO Information Technology Asia Excluding Japan $7.2 1.2%
VISA INC Information Technology United States $5.4 0.9%
WELLS FARGO & CO NEW Financials United States $5.0 0.8%
GILEAD SCIENCES INC Health Care United States $4.9 0.8%
ORACLE CORP Information Technology United States $4.6 0.8%
KB FINANCIAL GROUP INC Financials Asia Excluding Japan $4.6 0.8%
KRAFT HEINZ CO Consumer Staples United States $4.5 0.7%
SIEMENS AG Industrials Europe $4.4 0.7%
TECHNI CN Energy United States $4.4 0.7%
LOWES COS INC Consumer Discretionary United States $4.3 0.7%
PING AN INSURANCE(GROUP)CO.OF CHINA Financials Asia Excluding Japan $4.2 0.7%
AMAZON COM INC Consumer Discretionary United States $4.1 0.7%
MASTERCARD INC Information Technology United States $4.0 0.7%
ALIBABA GROUP HOLDING LTD Information Technology United States $3.9 0.6%
NESTLE SA Consumer Staples Europe $3.8 0.6%
CHINA OVERSEAS LAND & INVESTMNTS Real Estate Asia Excluding Japan $3.8 0.6%
STARBUCKS CORP Consumer Discretionary United States $3.6 0.6%
CISCO SYS INC Information Technology United States $3.6 0.6%
ROYAL DUTCH SHELL Energy United Kingdom $3.5 0.6%
PICC PROPERTY & CASUALTY CO Financials Asia Excluding Japan $3.4 0.6%
GLENCORE PLC Materials United Kingdom $3.3 0.6%
NOVARTIS AG Health Care Europe $3.3 0.5%
SAP SE Information Technology Europe $3.2 0.5%
AXIS BANK Financials Asia Excluding Japan $2.9 0.5%
AIA GROUP LIMITED Financials Asia Excluding Japan $2.9 0.5%
QUALCOMM INC Information Technology United States $2.8 0.5%
HCA HEALTHCARE INC Health Care United States $2.8 0.5%
YUM BRANDS INC Consumer Discretionary United States $2.7 0.4%
MCDONALDS CORP Consumer Discretionary United States $2.6 0.4%
CROWN CASTLE INTL CORP NEW Real Estate United States $2.6 0.4%
ASTRAZENECA Health Care United Kingdom $2.5 0.4%
ASAHI GROUP HLDGS Consumer Staples Japan $2.5 0.4%
ANTA SPORTS PRODUCTS Consumer Discretionary Asia Excluding Japan $2.5 0.4%
INTEL CORP Information Technology United States $2.5 0.4%
SCHLUMBERGER LTD Energy United States $2.4 0.4%
KT CORP Telecommunication Services United States $2.4 0.4%
GENERAL ELEC CO Industrials United States $2.3 0.4%
ING GROEP N.V. Financials Europe $2.3 0.4%
UNICREDIT SPA Financials Europe $2.3 0.4%
SUMITOMO METAL MINING CO Materials Japan $2.3 0.4%
RECKITT BENCKISER GROUP PLC Consumer Staples United Kingdom $2.2 0.4%
COSTCO WHOLESALE CORP NEW Consumer Staples United States $2.2 0.4%
JPMORGAN CHASE & CO Financials United States $2.1 0.4%
SANOFI Health Care Europe $2.1 0.4%
TAPESTRY INC Consumer Discretionary United States $2.1 0.4%
BHARTI AIRTEL LTD Telecommunication Services Asia Excluding Japan $2.1 0.4%
EXXON MOBIL CORP Energy United States $2.1 0.3%
ZTO EXPRESS CAYMAN INC Industrials United States $2.0 0.3%
HONDA MOTOR CO Consumer Discretionary Japan $2.0 0.3%
SINA CORPORATION Information Technology United States $2.0 0.3%
MMG LTD Materials Asia Excluding Japan $2.0 0.3%
JOHNSON & JOHNSON Health Care United States $1.9 0.3%
EBAY INC Information Technology United States $1.9 0.3%
ICICI BANK LIMITED Financials Asia Excluding Japan $1.9 0.3%
JD COM INC Consumer Discretionary United States $1.9 0.3%
CHINA MOBILE LTD Telecommunication Services Asia Excluding Japan $1.9 0.3%
ERSTE GROUP BANK AG Financials Europe $1.9 0.3%
TENCENT HOLDINGS LIMITED Information Technology Asia Excluding Japan $1.8 0.3%
TAIWAN SEMICONDUCTOR MANUFACTURING Information Technology Asia Excluding Japan $1.8 0.3%
CREDIT SUISSE NASSAU MISCELLANEOUS Europe $1.8 0.3%
LIXIL GROUP CORPORATION Industrials Japan $1.8 0.3%
CHINA TELECOM CORPORATION Telecommunication Services Asia Excluding Japan $1.8 0.3%
TELECOM ITALIA Telecommunication Services Europe $1.8 0.3%
ROCHE HOLDINGS AG Health Care Europe $1.7 0.3%
CHINA EVERBRIGHT INTERNATIONAL Industrials Asia Excluding Japan $1.7 0.3%
ENN ENERGY HOLDINGS LTD Utilities Asia Excluding Japan $1.7 0.3%
YAMATO TRANSPORT CO Industrials Japan $1.7 0.3%
SAIPEM Energy Europe $1.7 0.3%
BANK AMER CORP Financials United States $1.7 0.3%
RANGE RES CORP Energy United States $1.6 0.3%
PANDORA A/S Consumer Discretionary Europe $1.5 0.3%
TOYOTA INDUSTRIES CORP Consumer Discretionary Japan $1.5 0.3%
PEABODY ENERGY CORP NEW Energy United States $1.5 0.3%
HYUNDAI MOTOR CO Consumer Discretionary Asia Excluding Japan $1.5 0.3%
ENI SPA Energy Europe $1.4 0.2%
LINE CORP Information Technology Japan $1.4 0.2%
BERKSHIRE HATHAWAY INC DEL Financials United States $1.4 0.2%
CHEVRON CORP NEW Energy United States $1.4 0.2%
UNITEDHEALTH GROUP INC Health Care United States $1.4 0.2%
CF INDS HLDGS INC Materials United States $1.4 0.2%
NETAPP INC Information Technology United States $1.4 0.2%
AT&T INC Telecommunication Services United States $1.4 0.2%
CNX RESOURCES CORPORATION Energy United States $1.4 0.2%
CITIGROUP GLOBAL MARKETS HLDGS INC Financials United Kingdom $1.4 0.2%
LG CHEMICAL Materials Asia Excluding Japan $1.4 0.2%
HOME DEPOT INC Consumer Discretionary United States $1.3 0.2%
NASPERS Consumer Discretionary Emerging Markets Ex-Asia $1.3 0.2%
PFIZER INC Health Care United States $1.3 0.2%
DAIMLER AG Consumer Discretionary Europe $1.3 0.2%
HENGAN INTERNATIONAL Consumer Staples Asia Excluding Japan $1.3 0.2%
VERIZON COMMUNICATIONS INC Telecommunication Services United States $1.2 0.2%
BANCA INTESA SPA Financials Europe $1.2 0.2%
BAYERISCHE MOTOREN WERKE AG Consumer Discretionary Europe $1.2 0.2%
PROCTER & GAMBLE CO Consumer Staples United States $1.2 0.2%
TDK CORP Information Technology Japan $1.1 0.2%
YARA INTERNATIONAL ASA Materials Europe $1.1 0.2%

Note: All disclosures are on a direct holdings basis without look-through to the underlying entity.

Private Capital by Strategy

CSS Default's Private Capital exposure by strategy is as follows:

Strategy % Sector Exposure
Buyout 52.7%
Venture Capital 12.6%
Long/Short - High Conviction 12.3%
Real Assets 7.2%
Energy and Renewables 6.9%
Debt 3.3%
Special Situations 2.7%
Co-Investment 2.3%
Total 100.0%

Note: All disclosures are on a direct holdings basis without look-through to the underlying entity.

Private Capital by Region

CSS Default's Private Capital exposure by region is as follows:

Region % Sector Exposure
United States 39.7%
Global 28.9%
Asia 13.4%
Europe 10.4%
Australia 7.6%
Total 100.0%

Note: All disclosures are on a direct holdings basis without look-through to the underlying entity.

Private Capital Investments by Strategy and Region

CSS Default's private capital exposures are as follows:

Strategy United States Global Asia Europe Australia Total ($m) % of Asset Class
Buyout $23.9 $12.3 $13.6 $9.7 $6.9 $66.4 52.7%
Venture Capital $13.4 $0.6 $0.3 - $1.5 $15.8 12.6%
Long/Short - High Conviction - $15.5 - - - $15.5 12.3%
Real Assets $0.4 $7.6 $0.2 $0.8 - $9.0 7.2%
Energy and Renewables $7.2 $0.2 - $1.3 - $8.7 6.9%
Debt $2.5 - $0.3 $1.4 - $4.2 3.3%
Special Situations $2.1 - $0.1 - $1.2 $3.4 2.7%
Co-Investment $0.5 - $2.4 - - $2.9 2.3%
Total Exposure ($m) $50.0 $36.2 $16.9 $13.2 $9.6 $125.9 100.0%
Total (% of Sector) 39.7% 28.9% 13.4% 10.4% 7.6% 100.0%

Note: All disclosures are on a direct holdings basis without look-through to the underlying entity.

Corporate Bonds by Region

CSS Default's Corporate Bonds exposure by region is as follows:

Region % Sector Exposure
United States 58.4%
Europe 29.9%
United Kingdom 5.0%
Emerging Markets Ex-Asia 3.8%
Japan 1.4%
Asia Excluding Japan 0.9%
Australia 0.6%
Total 100.0%

Note: All disclosures are on a direct holdings basis without look-through to the underlying entity.

Largest Corporate Bonds Holdings

CSS Default's largest corporate bond holdings are as follows:

Company Region Exposure ($m) % of Asset Class
MORGAN STANLEY United States $4.3 4.2%
GOLDMAN SACHS GROUP INC United States $3.3 3.2%
BANK AMER CORP United States $2.0 1.9%
UNITED STATES TREAS BILLS United States $1.9 1.8%
VOLKSWAGEN INTERNATIONAL FINANCE NV Europe $1.8 1.8%
BNP PARIBAS Europe $1.6 1.5%
JPMORGAN CHASE & CO United States $1.5 1.5%
AT&T INC United States $1.5 1.4%
CVS HEALTH CORP United States $1.1 1.1%
CAIXABANK SA Europe $1.1 1.1%
IM CEDULAS 7 FTA Europe $1.1 1.0%
TELEFONICA EMISIONES SAU Europe $1.0 1.0%
ABN AMRO BANK NV Europe $1.0 1.0%
ING GROEP N.V. Europe $1.0 1.0%
JAPAN Japan $1.0 1.0%
VERIZON COMMUNICATIONS INC United States $1.0 1.0%
UNITED STATES TREAS BDS United States $1.0 0.9%
CREDIT AGRICOLE HOME LOAN SFH Europe $0.9 0.9%
BANCO DE SABADELL SA Europe $0.9 0.8%
SOUTHERN CO United States $0.8 0.8%
DISCOVERY COMMUNICATIONS LLC United States $0.8 0.8%
ING BANK NV Europe $0.7 0.7%
GOLDMAN SACHS GROUP INC MEDIUM TERM NTS United States $0.7 0.7%
CREDIT SUISSE GROUP Europe $0.7 0.7%
MORGAN STANLEY FINANCE LLC. United States $0.7 0.7%
HSBC HOLDINGS PLC United Kingdom $0.7 0.7%
FCA BANK S.P.A. IRISH BRANCH Europe $0.7 0.7%
CANADA GOVT United States $0.6 0.6%
SANTANDER UK PLC United Kingdom $0.6 0.6%
CM-CIC HOME LOAN SFH Europe $0.6 0.6%
KINDER MORGAN INC DEL United States $0.6 0.6%
SAUDI ARABIA (KINGDOM OF) Emerging Markets Ex-Asia $0.5 0.5%
ING GROEP N V Europe $0.5 0.5%
PETROLEOS MEXICANOS Emerging Markets Ex-Asia $0.5 0.5%
PNC FDG CORP United States $0.5 0.5%
EQUINIX INC United States $0.5 0.5%
WELLS FARGO & CO NEW MEDIUM TERM SR NTS United States $0.5 0.5%
MARATHON OIL CORP United States $0.5 0.5%
UNITED TECHNOLOGIES CORP United States $0.5 0.5%
WELLS FARGO CO United States $0.5 0.5%
SYNCHRONY FINANCIAL United States $0.5 0.5%
DUKE ENERGY CORP NEW United States $0.4 0.4%
LLOYDS BANK PLC United Kingdom $0.4 0.4%
SUNOCO LOGISTICS PARTNERS OPERATIONS LP United States $0.4 0.4%
BNP PARIBAS HOME LOAN SFH Europe $0.4 0.4%
COMPAGNIE DE FINANCEMENT FONCIER Europe $0.4 0.4%
GENERAL MTRS FINL CO INC United States $0.4 0.4%
BPCE SA Europe $0.4 0.4%
ROMANIA(REPUBLIC OF) Emerging Markets Ex-Asia $0.4 0.4%
NEW JERSEY ST TPK AUTH TPK REV United States $0.4 0.4%
CITIGROUP INC United States $0.4 0.4%
BPCE SR NON PFD MED TERM NTS BOOK ENTRY Europe $0.4 0.4%
CIE FINANCEMENT FONCIER Europe $0.4 0.4%
VIACOM INC NEW United States $0.4 0.4%
MPLX LP United States $0.4 0.4%
CRC ESCROW ISSUER LLC / CRC FINCO INC United States $0.4 0.4%
ONGC VIDESH VANKORNEFT PTE. LTD. Asia Excluding Japan $0.4 0.4%
RCI BANQUE Europe $0.4 0.4%
SIGMA ALIMENTOS SA Emerging Markets Ex-Asia $0.4 0.4%
MERRILL LYNCH & CO INC United States $0.3 0.3%
GENERAL MOTORS FINL CO United States $0.3 0.3%
DANSKE BANK A/S Europe $0.3 0.3%
NORTH TEX TWY AUTH REV United States $0.3 0.3%
SOCIETE GENERALE Europe $0.3 0.3%
FIRSTENERGY CORP United States $0.3 0.3%
WELLS FARGO & COMPANY United States $0.3 0.3%
UBS GROUP FUNDING (SWITZERLAND) AG Europe $0.3 0.3%
21ST CENTY FOX AMER INC United States $0.3 0.3%
BANK OF IRELAND MORTGAGE BANK United Kingdom $0.3 0.3%
TIME WARNER ENTMT CO L P United States $0.3 0.3%
AXA Europe $0.3 0.3%
SABINE PASS LIQUEFACTION LLC United States $0.3 0.3%
EIKA BOLIGKREDITT AS Europe $0.3 0.3%
CROWN CASTLE INTL CORP NEW United States $0.3 0.3%
AMERICAN INTERNATIONAL GROUP INC United States $0.3 0.3%
LHC THREE PLC United Kingdom $0.3 0.3%
CREDIT AGRICOLE S A LONDON BRH SR NON-PF Europe $0.3 0.3%
AERCAP IRELAND CAP DESIGNATED ACTIVITY C United Kingdom $0.3 0.3%
MARINER FIN ISSUANCE TR 2017-B United States $0.3 0.3%
INNOGY FINANCE BV Europe $0.3 0.3%
ELECTRICITE DE FRANCE Europe $0.3 0.3%
QBE INSURANCE GROUP Australia $0.3 0.3%
ANDEAVOR LOGISTICS LP & TESORO LOGISTICS United States $0.3 0.3%
AMGEN INC United States $0.3 0.3%
STADSHYPOTEK AB PUBL MEDIUM TERM NTS BOO Europe $0.3 0.3%
SOCIETE GENERALE MEDIUM TERM NTS BOOK EN Europe $0.3 0.3%
ANGLO AMERN CAP PLC Emerging Markets Ex-Asia $0.3 0.3%
CREDIT AGRICOLE SA Europe $0.3 0.3%
RTE RESEAU DE TRANSPORT D'ELECTRICI Europe $0.3 0.3%
EMIRATE OF ABU DHABI Emerging Markets Ex-Asia $0.3 0.3%
SCOR SE Europe $0.3 0.3%
UNITEDHEALTH GROUP INC United States $0.3 0.3%
CPUK FINANCE LIMITED United Kingdom $0.3 0.3%
GENERAL MTRS CO United States $0.3 0.3%
JPMORGAN CHASE & CO. United States $0.3 0.2%
DISCOVER BK NEW CASTLE DEL United States $0.2 0.2%
CREDIT AGRICOLE ASSURANCES Europe $0.2 0.2%
PARKER-HANNIFIN CORP United States $0.2 0.2%
VALE OVERSEAS LTD Emerging Markets Ex-Asia $0.2 0.2%
BANCO BILBAO VIZCAYA ARGENTARIA SA Europe $0.2 0.2%

Note 1: All disclosures are on a direct holdings basis without look-through to the underlying entity.

Note 2: Corporate Bond mandates may provide the manager with discretion to hold Sovereign Bonds.

Real Assets - Property by Sector

CSS Default's Property exposure by sector is as follows:

Sector % Sector Exposure
Office 62.3%
Retail 34.5%
Industrial 3.2%
Total 100.0%

Note: All disclosures are on a look-through basis to the underlying entity.

Property Assets

CSS Default's property holdings are as follows:

Asset / Company Sector / Strategy Exposure ($m) % of Asset Class
Greater Than AUD 500m $110.5 53.3%
Indooroopilly Shopping Centre, Brisbane Retail
101 Collins Street, Melbourne Office
Between AUD 100m to AUD 500m $90.7 43.8%
QV.1, Perth Office
Grosvenor Place, Sydney Office
1 Chifley Square, Sydney Office
Pooled Investment Vehicles Diversified
Under AUD 100m $6.1 2.9%
City Close Industrial Estate, Alexandria Industrial
Riverside Centre, Rosehill Industrial
Eaglegate Industrial Park, Pinkenba Industrial

Real Assets - Infrastructure by Sector

CSS Default's Infrastructure exposure by sector is as follows:

Sector % Sector Exposure
Telecommunications 41.3%
Energy and Renewables 25.5%
Transport 16.7%
Social 14.6%
Diversified 1.9%
Total 100.0%

Note: All disclosures are on a look-through basis to the underlying entity.

Infrastructure Assets

CSS Default's infrastructure holdings are as follows:

Asset / Company Sector / Strategy Exposure ($m) % of Asset Class
Greater Than AUD 100m $38.0 50.9%
Canberra Data Centre Telecommunications
Pooled Investment Vehicle Energy and Renewables
Under AUD 100m $36.6 49.1%
Macarthur Windfarm Energy and Renewables
ANU Student Accommodation Social
UOW Student Accommodation Social
Mater Hospital Social
Northwest Rail Transport
Enbridge Energy and Renewables
Zurich Airport Transport
Orsted Energy and Renewables
Eurotunnel Transport
Malaysia Airport Transport
PG&E Corporation Energy and Renewables
Broookdale Senior Living Social
Williams Companies Energy and Renewables
Ferrovial Transport
DP World Transport
Pooled Investment Vehicle Transport
Pooled Investment Vehicle Diversified

Absolute Return by Strategy

CSS Default's Absolute Return exposure by strategy is as follows:

Strategy % Sector Exposure
Macro 34.3%
Multi-Strategy 31.1%
Equity Long Short 16.9%
Credit 9.5%
Event Driven 8.2%
Total 100.0%

Note: All disclosures are on a direct holdings basis without look-through to the underlying entity.

Absolute Return by Region

CSS Default's Absolute Return exposure by region is as follows:

Region % Sector Exposure
Global 92.6%
Emerging Markets 7.4%
United States 0.0%
Total 100.0%

Note: All disclosures are on a direct holdings basis without look-through to the underlying entity.

Absolute Return by Strategy and Region

CSS Default's absolute return exposures are as follows:

Strategy Global Emerging Markets United States Total ($m) % of Asset Class
Macro $101.8 $27.9 - $129.7 34.3%
Multi-Strategy $118.0 - - $118.0 31.1%
Equity Long Short $64.2 - - $64.2 16.9%
Credit $36.2 - - $36.2 9.5%
Event Driven $31.0 - - $31.0 8.2%
Total Exposure ($m) $351.2 $27.9 - $379.1 100.0%
Total (% of Sector) 92.6% 7.4% 0.0% 100.0%

Note: All disclosures are on a direct holdings basis without look-through to the underlying entity.

Cash holdings

CSS Default's cash held is as follows:

Cash Holdings % Sector Exposure
Bank Deposits 51.1%
Cash At Call 40.9%
Other Short Term Investments 8.0%
Total 100.0%

Note: All disclosures are on a direct holdings basis without look-through to the underlying entity.

Sovereign Bonds by Region

CSS Default's Sovereign Bonds exposure by region is as follows:

Region % Sector Exposure
Australia 33.5%
United States 24.2%
United Kingdom 15.5%
Europe 12.0%
Emerging Markets Ex-Asia 10.4%
Asia Excluding Japan 3.1%
Japan 1.3%
Total 100.0%

Note: All disclosures are on a direct holdings basis without look-through to the underlying entity.

Largest Sovereign Bond Holdings

CSS Default's largest sovereign bond holdings are as follows:

Sovereign issues Region Exposure ($m) % of Asset Class
AUSTRALIA(COMMONWEALTH OF) Australia $30.4 6.0%
UNITED KINGDOM(GOVERNMENT OF) United Kingdom $26.2 5.1%
UNITED STATES TREAS NTS United States $17.3 3.4%
UNITED STATES TREAS BDS United States $11.4 2.2%
FRANCE(GOVT OF) Europe $8.9 1.7%
TSY INFL IX N/B United States $7.8 1.5%
QUEENSLAND TREASURY CORP Australia $6.4 1.3%
ITALY(REPUBLIC OF) Europe $5.1 1.0%
AUSTRALIAN GOVERNMENT Australia $4.4 0.9%
NEW SOUTH WALES TREASURY CORP Australia $3.7 0.7%
TREASURY CORP OF VICTORIA Australia $2.7 0.5%
GERMANY(FEDERAL REPUBLIC) Europe $2.7 0.5%
AUSTRALIAN GOVT Australia $2.6 0.5%
JAPAN Japan $2.2 0.4%
SPAIN(KINGDOM OF) Europe $1.9 0.4%
SOUTH AFRICA(REPUBLIC OF) Emerging Markets Ex-Asia $1.7 0.3%
BRAZIL(FEDERATIVE REPUBLIC OF) Emerging Markets Ex-Asia $1.7 0.3%
INDONESIA(REPUBLIC OF) Asia Excluding Japan $1.6 0.3%
CANADA GOVT United States $1.6 0.3%
UNITED STATES OF AMER TREAS NOTES United States $1.3 0.2%
MEX BONOS DESARR FIX RT Emerging Markets Ex-Asia $1.2 0.2%
RUSSIAN FEDERATION MINISTRY FINANCE Emerging Markets Ex-Asia $1.2 0.2%
WESTERN AUSTRALIA TREASURY CORP Australia $1.2 0.2%
WESTERN AUST TREASU Australia $1.2 0.2%
SOUTH AUSTRALIAN GOVT FIN AUTH Australia $1.2 0.2%
UNITED STATES OF AMER TREAS BONDS United States $1.1 0.2%
QUEENSLAND TREAS CORP Australia $1.1 0.2%
MALAYSIA (GOVERNMENT OF) Asia Excluding Japan $1.0 0.2%
THAILAND (KINGDOM OF) Asia Excluding Japan $0.9 0.2%
POLAND(REPUBLIC OF) Emerging Markets Ex-Asia $0.9 0.2%
COLOMBIA(REPUBLIC OF) Emerging Markets Ex-Asia $0.8 0.2%
SWEDEN(KINGDOM OF) Europe $0.7 0.1%
MEX BONOS DE DESARROLLO GOVT NATL Emerging Markets Ex-Asia $0.7 0.1%
TURKEY(REPUBLIC OF) Emerging Markets Ex-Asia $0.7 0.1%
PERU REP Emerging Markets Ex-Asia $0.6 0.1%
NEW S WALES TREASURY CRP Australia $0.5 0.1%
BUONI POLIENNALI DEL TES Europe $0.5 0.1%
INDONESIA(REP OF) Asia Excluding Japan $0.4 0.1%
AUSTRALIA GOVERNMENT Australia $0.4 0.1%
NEW ZEALAND (GOVT) Asia Excluding Japan $0.4 0.1%
NOTA DO TESOURO NACIONAL Emerging Markets Ex-Asia $0.4 0.1%
WESTERN AUSTRALIAN TREASURY CORP Australia $0.3 0.1%
CHILE(REPUBLIC OF) Emerging Markets Ex-Asia $0.3 0.1%
CZECH REPUBLIC Emerging Markets Ex-Asia $0.3 0.1%
SECRETARIA TESOURO NACIONAL Emerging Markets Ex-Asia $0.3 0.1%
TASMANIAN PUBLIC FINANCE CORP Australia $0.3 0.1%
TURKEY REP Emerging Markets Ex-Asia $0.3 0.1%
HUNGARY (REPUBLIC OF) Emerging Markets Ex-Asia $0.3 0.1%
UKRAINE (REPUBLIC OF) Emerging Markets Ex-Asia $0.3 0.1%
ARGENTINA REP Emerging Markets Ex-Asia $0.3 0.1%
MEXICO(UNITED MEXICAN STATES) Emerging Markets Ex-Asia $0.2 0.0%
PETROLEOS MEXICANOS Emerging Markets Ex-Asia $0.2 0.0%
GOVERNMENT OF CANADA United States $0.2 0.0%
DENMARK(KINGDOM OF) Europe $0.2 0.0%
MALAYSIAN GOVERNMENT Asia Excluding Japan $0.2 0.0%
CNAC (HK) FINBRIDGE CO.LTD Asia Excluding Japan $0.2 0.0%
FEDERAL REPUBLIC OF NIGERIA Emerging Markets Ex-Asia $0.2 0.0%
BRAZIL FEDERATIVE REP Emerging Markets Ex-Asia $0.2 0.0%
EGYPT(ARAB REPUBLIC OF) Emerging Markets Ex-Asia $0.2 0.0%
ECUADOR(REPUBLIC OF) Emerging Markets Ex-Asia $0.2 0.0%
ARGENTINA(REPUBLIC OF) Emerging Markets Ex-Asia $0.1 0.0%
EL SALVADOR(REPUBLIC OF) Emerging Markets Ex-Asia $0.1 0.0%
NORTHERN TERRITORY TREASURY CORP Australia $0.1 0.0%
DOMINICAN REPUBLIC Emerging Markets Ex-Asia $0.1 0.0%
REPUBLIC OF INDONESIA Asia Excluding Japan $0.1 0.0%
GREECE (REPUBLIC OF) Europe $0.1 0.0%
IRAQ (REPUBLIC OF) Emerging Markets Ex-Asia $0.1 0.0%
INDONESIA GOVERNMENT Asia Excluding Japan $0.1 0.0%
PETROLEOS DE VENEZUELA SA Emerging Markets Ex-Asia $0.1 0.0%
THE THIRD PAKISTAN INTL SUKUK Emerging Markets Ex-Asia $0.1 0.0%
ROMANIA(REPUBLIC OF) Emerging Markets Ex-Asia $0.1 0.0%
GAZ CAPITAL SA Emerging Markets Ex-Asia $0.1 0.0%
SRI LANKA(REPUBLIC OF) Emerging Markets Ex-Asia $0.1 0.0%
REPUBLIC OF GHANA Emerging Markets Ex-Asia $0.1 0.0%
JAMAICA GOVT Emerging Markets Ex-Asia $0.1 0.0%
CROATIA(REPUBLIC OF) Europe $0.1 0.0%
COTE D'IVOIRE Emerging Markets Ex-Asia $0.1 0.0%
BRAZIL MINAS SPE VIA STATE OF M.G. Emerging Markets Ex-Asia $0.1 0.0%
LEBANON(REPUBLIC OF) Emerging Markets Ex-Asia $0.1 0.0%
REPUBLICA ORIENTAL DEL URUGUAY Emerging Markets Ex-Asia $0.1 0.0%
ARAB REPUBLIC OF EGYPT Emerging Markets Ex-Asia $0.1 0.0%
RZD CAPITAL PLC Emerging Markets Ex-Asia $0.1 0.0%
ESKOM HOLDINGS LTD Emerging Markets Ex-Asia $0.1 0.0%
REPUBLIC OF SRI LANKA Emerging Markets Ex-Asia $0.1 0.0%
PANAMA REP Emerging Markets Ex-Asia $0.1 0.0%
TURKIYE IHRACAT KR Emerging Markets Ex-Asia $0.1 0.0%
PERUSAHAAN PERSEROAN PERSERO PT PERUSAHA Asia Excluding Japan $0.1 0.0%
COLOMBIA REP Emerging Markets Ex-Asia $0.1 0.0%
SOUTH AFRICA REP Emerging Markets Ex-Asia $0.1 0.0%
1MDB GLOBAL INVESTMENTS LIMITED Asia Excluding Japan $0.1 0.0%
SAKA ENERGI INDONESIA PT Asia Excluding Japan $0.1 0.0%
LEBANESE REPUBLIC Emerging Markets Ex-Asia $0.1 0.0%
BANCO NAL Emerging Markets Ex-Asia $0.1 0.0%
GABONESE (REPUBLIC OF) Emerging Markets Ex-Asia $0.1 0.0%
AUSTRALIAN CAPITAL TERRITORY Australia $0.1 0.0%
MONGOLIA (GOVERNMENT OF) Emerging Markets Ex-Asia $0.1 0.0%
COLOMBIA(REP OF) Emerging Markets Ex-Asia $0.1 0.0%
JORDAN(KINGDOM OF) Emerging Markets Ex-Asia $0.1 0.0%
BELARUS (REPUBLIC OF) Emerging Markets Ex-Asia $0.1 0.0%
HUNGARY REP Emerging Markets Ex-Asia $0.1 0.0%

Note 1: All disclosures are on a direct holdings basis without look-through to the underlying entity.

Note 2: Emerging Market Sovereign Bonds are more highly correlated to credit risk than sovereign risk and are therefore managed by the Fund in the context of its credit exposures (included here for completeness).

Note 3: Sovereign Bond mandates may provide the manager with discretion to hold Corporate Bonds.

Note 4: Sovereign Issues with repeated names reflect assets that have different underlying characteristics (e.g. maturity, type, etc.)

Exposure by Investment Categories

This page provides information on investment exposure, current as at 30 June 2018.

CSS Cash's exposure by investment category is as follows:

Investment Categories Exposure ($m) Actual Target Range
Corporate Assets $0.0 0.0% -
Inflation-Protected Assets $0.0 0.0% -
Other Growth Assets $0.0 0.0% -
Defensive Assets $239.8 100.0% 100%
Total $239.8 100.0%

Note: All disclosures are on a look-through basis to the underlying entity

Exposure by Asset Class

CSS Cash's exposure to various asset classes are as follows:

Asset Class Exposure ($m) Actual
Corporate Assets
Domestic Equities $0.0 0.0%
International Equities $0.0 0.0%
Private Capital $0.0 0.0%
Corporate Bonds $0.0 0.0%
Inflation-Protected Assets
Real Assets - Property $0.0 0.0%
Real Assets - Infrastructure $0.0 0.0%
Other Growth Assets
Absolute Return $0.0 0.0%
Defensive Assets
Cash and Sovereign Bonds $239.8 100.0%
Total $239.8 100.0%
Foreign (non-AUD) currency $0.0 0.0%

Note: All disclosures are on a look-through basis to the underlying entity

Exposure by Sector

Cash holdings

CSS Cash's cash held is as follows:

Cash Holdings % Sector Exposure
Bank Deposits 86.4%
Other Short Term Investments 12.9%
Cash At Call 0.7%
Total 100.0%

Note: All disclosures are on a direct holdings basis without look-through to the underlying entity.

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