CareSuper Annual Report 2016

CareSuper's investment managers during 2015/16	Investments held by managers
	2016		2015
	$m	% of Fund	$m	% of Fund

CareSuper has appointed professional investment managers to manage the assets of the fund. The performance of each investment manager is monitored closely by the Trustee. The table below lists the investment managers by asset class, the value of funds held by each and the percentage of the total fund’s assets that each holding represents.

CareSuper's investment managers during 2015/16	Investments held by managers
	2016		2015
	$m	% of Fund	$m	% of Fund
Absolute Return
FFTW Absolute Return Fixed Income Trust¹	113.51	1.01%	0.00	0.00%
GAM Absolute Return Bond Fund	144.77	1.29%	142.08	1.37%
GMO Multi Strategy Trust	348.31	3.11%	381.06	3.67%
Insight Absolute Return Bond Fund¹	113.64	1.02%	0.00	0.00%
Wellington Global Total Return	184.37	1.65%	155.25	1.50%
Total	904.61	8.08%	678.39	6.54%
Australian Shares
IFM Enhanced Index Equity Fund	650.89	5.81%	647.28	6.24%
Ophir Opportunities Fund	105.24	0.94%	70.70	0.68%
Paradice Investment Management Large Caps	479.60	4.28%	476.32	4.59%
Perennial Value	458.65	4.10%	420.74	4.05%
Renaissance Smaller Companies	113.91	1.02%	75.60	0.73%
Schroder Australian Equity Fund	485.01	4.33%	515.93	4.97%
Total	2,293.30	20.49%	2,206.57	21.27%
Capital Guaranteed
AMP Guaranteed Savings Account³	78.11	0.70%	51.60	0.50%
Total	78.11	0.70%	51.60	0.50%
Cash
CFS Wholesale Cash Fund	717.45	6.41%	579.63	5.59%
Term Deposits	358.16	3.20%	285.46	2.75%
Total	1,075.61	9.61%	865.09	8.34%
Credit
Apollo Credit Fund	217.68	1.94%	169.43	1.63%
Gresham Property Fund No. 4	2.96	0.03%	4.29	0.04%
HayFin Direct Lending	95.11	0.85%	73.06	0.70%
IFM Infrastructure Debt	99.48	0.89%	92.56	0.89%
Putnam Structured Credit	267.10	2.39%	257.08	2.48%
Total	682.34	6.10%	596.42	5.75%
Direct Property
Charter Hall Core Plus Office Fund	251.53	2.25%	220.14	2.12%
DEXUS Wholesale Property Fund	586.66	5.24%	499.48	4.81%
Eureka Development Fund No. 2⁴	0.01	0.00%	0.09	0.00%
ISPT Core Fund	390.43	3.49%	304.80	2.94%
ISPT Development & Opportunities Fund No. 2	5.70	0.05%	3.85	0.04%
ISPT Grosvenor International Property Trust⁴	0.06	0.00%	0.20	0.00%
ISPT Retail Australia Property Trust	92.37	0.83%	65.55	0.63%
Lend Lease Australian Prime Property Fund Retail	35.94	0.32%	33.63	0.32%
Total	1,362.72	12.17%	1,127.73	10.87%
Fixed Interest
Franklin Templeton Global Aggregate Bond Fund	111.89	1.00%	132.44	1.28%
IFM Specialised Credit Fund	134.68	1.20%	123.88	1.19%
Legg Mason Brandywine Global Fixed Income Trust	194.29	1.74%	241.22	2.32%
ME Bank Super Loans Trust	6.62	0.06%	7.93	0.08%
Perennial Australian Fixed Interest	200.50	1.79%	236.78	2.28%
Schroder Fixed Income Fund	166.33	1.49%	226.87	2.19%
Total	814.31	7.27%	969.12	9.34%
Infrastructure
AMP Capital Infrastructure Equity Fund	177.16	1.58%	106.61	1.03%
Antin Infrastructure Fund	33.29	0.30%	21.93	0.21%
Hastings Utilities Trust Of Australia	258.24	2.31%	153.20	1.48%
IFM Australian Infrastructure Fund	216.98	1.94%	220.81	2.13%
IFM Renewable Energy (Convertible Notes)²	0.00	0.00%	20.00	0.19%
Macquarie Global Infrastructure Fund II	28.59	0.26%	25.77	0.25%
Total	714.27	6.38%	548.33	5.28%
Overseas Shares
Baillie Gifford Long Term Global Growth	237.46	2.12%	268.65	2.59%
CFS Global Emerging Markets	191.01	1.71%	189.48	1.83%
MFS Global Equity Trust	786.22	7.02%	747.61	7.20%
Neuberger Berman Emerging Markets	128.41	1.15%	80.95	0.78%
Orbis Global Equity Fund	336.37	3.00%	306.03	2.95%
Schroder Global Dynamic Blend	523.29	4.67%	581.78	5.61%
Transition Account⁵	155.63	1.39%	0.00	0.00%
Wellington Global Contrarian Equity	252.22	2.25%	277.96	2.68%
Zurich Global Thematic Share Fund²	0.00	0.00%	225.78	2.18%
Total	2,610.61	23.32%	2,678.51	25.81%
Private Equity
Advent Private Capital V	2.51	0.02%	4.55	0.04%
Bain Capital Fund IX	4.71	0.04%	5.93	0.06%
Coller International Partners V	2.98	0.03%	3.80	0.04%
Highland Credit Opportunities Fund	6.65	0.06%	6.46	0.06%
IFM Australian Private Equity Fund III	2.25	0.02%	3.43	0.03%
IFM Australian Private Equity Fund IV	7.41	0.07%	9.52	0.09%
IFM International Private Equity Fund I	0.94	0.01%	1.31	0.01%
IFM International Private Equity Fund II	6.88	0.06%	8.82	0.09%
IFM International Private Equity Fund III	44.79	0.40%	42.59	0.41%
Industry Super Holdings Pty Ltd	13.80	0.12%	11.30	0.11%
LGT Crown Europe Middle Market II	28.85	0.26%	33.55	0.32%
LGT Crown Global Secondaries II	17.96	0.16%	27.87	0.27%
Members Equity Bank Pty Ltd	25.63	0.23%	25.92	0.25%
Partners Group Direct Investments 2012	93.50	0.84%	55.31	0.53%
Partners Group Direct Investments 2016¹	12.90	0.12%	0.00	0.00%
Partners Group Secondary 2008	18.41	0.16%	25.64	0.25%
Partners Group Secondary 2011	95.47	0.85%	98.97	0.95%
Siguler Guff Distressed Opportunities IV	84.66	0.76%	97.23	0.94%
Siguler Guff Small Buyout Opportunities Fund II	78.57	0.70%	57.83	0.56%
Stafford International Timberland VI	19.18	0.17%	19.35	0.19%
Warakirri International Hedge Equity Fund⁴	0.47	0.00%	0.76	0.01%
Wilshire Private Markets	27.95	0.25%	33.51	0.32%
Wilshire Private Markets Asia No. 2	2.24	0.02%	2.71	0.03%
Total	598.71	5.35%	576.37	5.55%
Sustainable Australian Shares
AMP Capital Sustainable Share Fund	21.78	0.19%	22.19	0.21%
Total	21.78	0.19%	22.19	0.21%
Sustainable Overseas Shares
Candriam Sustainable Global Equity Fund	29.71	0.27%	29.70	0.29%
Total	29.71	0.27%	29.70	0.29%
	11,186.07	100.00%	10,350.03	100.00%

1 Appointed/added during the year.
2 Terminated during the year.
3 Accumulation assets are invested in the AMP Guaranteed Savings Account (Superannuation) and Pension assets are invested in the AMP Guaranteed Savings Account (Pension).
4 Investment being wound down. Small residual balance remaining.
5 Portfolio in transition to new manager.
TGM is CareSuper's currency hedging and asset allocation (rebalancing) manager.
Figures exclude derivative positions.
Percentages may not sum to totals shown due to rounding.

CARE Super Pty Ltd (Trustee) ABN 91 006 670 060 AFSL 235226 RSE L0000956 CARE Super (Fund) ABN 98 172 275 725
Disclaimer: This Annual Report is issued by the Trustee of CARE Super, CARE Super Pty Ltd ABN 91 006 670 060, the holder of Australian Financial Services Licence 235226.
The information contained in this Annual Report is about CARE Super and is not intended as financial advice. It does not take into account specific needs, so members should look at their own personal position, objectives and requirements before taking any action. This Annual Report to members is a regulated document that summarises the fund’s performance over the past year. Past performance is not a reliable indicator of future performance and you should consider other factors before choosing a fund or changing your investments. The Trust Deed is the legal document governing your superannuation benefit. Other information about CARE Super: a copy of the Trust Deed, Investment Policy Statement, the Fund’s audited accounts are available upon request. You should also obtain and read the Product Disclosure Statement before making any investment decision. If you would like to see these documents, please go to caresuper.com.au or call the CareSuperLine on 1300 360 149.

Managers

Investment managers