CareSuper Annual Report 2017

Investment managers

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 2016/17	Investments held by managers
	30 June 2017		30 June 2016
	$m	% of Fund	$m	% of Fund
Absolute Return
BNP Absolute Return Fixed Interest Trust	260.44	1.99%	113.51	1.01%
GAM Absolute Return Bond Fund	259.64	1.99%	144.77	1.29%
GMO Multi Strategy Trust²	0.00	0.00%	348.31	3.11%
Insight Absolute Return Bond Fund	258.44	1.98%	113.64	1.02%
Wellington Global Total Return	226.02	1.73%	184.37	1.65%
Total	1,004.54	7.69%	904.61	8.08%
Australian Shares
IFM Enhanced Index Equity Fund	742.55	5.69%	650.89	5.81%
Ophir High Conviction Australian Equities¹	64.38	0.49%	0.00	0.00%
Ophir Opportunities Fund	54.96	0.42%	105.24	0.94%
Paradice Investment Management Large Caps	581.04	4.45%	479.60	4.28%
Perennial Value	528.20	4.04%	458.65	4.10%
Renaissance Smaller Companies	120.93	0.93%	113.91	1.02%
Schroder Australian Equity Fund	612.80	4.69%	485.01	4.33%
Total	2,704.86	20.71%	2,293.30	20.49%
Capital Guaranteed
AMP Guaranteed Savings Account³	76.94	0.59%	78.11	0.70%
Total	76.94	0.59%	78.11	0.70%
Cash
CFS Wholesale Cash Fund	1,001.17	7.67%	717.45	6.41%
Term Deposits	398.97	3.06%	358.16	3.20%
Total	1,400.14	10.72%	1,075.61	9.61%
Credit
Apollo Credit Fund	152.36	1.17%	217.68	1.94%
Barings Multi Strategy Credit¹	199.84	1.53%	0.00	0.00%
Gresham Property Fund No. 4⁵	0.00	0.00%	2.96	0.03%
HayFin Direct Lending Fund	52.49	0.40%	95.11	0.85%
HayFin Direct Lending Fund II¹	34.88	0.27%	0.00	0.00%
IFM Infrastructure Debt	63.01	0.48%	99.48	0.89%
Putnam Structured Credit²	0.00	0.00%	267.10	2.39%
Shenkman Capital Bank Loans¹	243.89	1.87%	0.00	0.00%
Total	746.47	5.72%	682.34	6.10%
Direct Property
Charter Hall Prime Office Fund	287.55	2.20%	251.53	2.25%
DEXUS Wholesale Property Fund	634.42	4.86%	586.66	5.24%
Eureka Development Fund No. 2⁴	0.01	0.00%	0.01	0.00%
ISPT Core Fund	522.12	4.00%	390.43	3.49%
ISPT Development & Opportunities Fund No. 2	5.20	0.04%	5.70	0.05%
ISPT International Property Trust⁴	0.06	0.00%	0.06	0.00%
ISPT Retail Australia Property Trust	123.02	0.94%	92.37	0.83%
Lend Lease Australian Prime Property Fund Retail	36.96	0.28%	35.94	0.32%
Total	1,609.35	12.32%	1,362.72	12.17%
Fixed Interest
Franklin Templeton Global Aggregate Bond Fund	109.84	0.84%	111.89	1.00%
IFM Specialised Credit Fund	137.86	1.06%	134.68	1.20%
Janus Henderson Australian Fixed Interest	202.59	1.55%	200.50	1.79%
Legg Mason Brandywine Global Fixed Income Trust	205.44	1.57%	194.29	1.74%
ME Bank Super Loans Trust	2.61	0.02%	6.62	0.06%
Schroder Fixed Income Fund²	0.00	0.00%	166.33	1.49%
UBS Australian Fixed Interest¹	167.81	1.29%	0.00	0.00%
Total	826.16	6.33%	814.31	7.27%
Infrastructure
AMP Capital Infrastructure Equity Fund	195.88	1.50%	177.16	1.58%
Antin Infrastructure Fund	6.68	0.05%	33.29	0.30%
Antin Infrastructure Fund III¹	0.47	0.00%	0.00	0.00%
Hastings Utilities Trust Of Australia	285.21	2.18%	258.24	2.31%
IFM Australian Infrastructure Fund	243.81	1.87%	216.98	1.94%
Macquarie Global Infrastructure Fund II	28.39	0.22%	28.59	0.26%
Total	760.44	5.82%	714.27	6.38%
Overseas Shares
Antipodes Partners Global Equity¹	302.32	2.32%	0.00	0.00%
Baillie Gifford Long Term Global Growth	313.69	2.40%	237.46	2.12%
CFS Global Emerging Markets	204.87	1.57%	191.01	1.71%
MFS Global Equity Trust	925.34	7.09%	786.22	7.02%
Neuberger Berman Emerging Markets	214.63	1.64%	128.41	1.15%
Orbis Global Equity Fund	411.15	3.15%	336.37	3.00%
Schroder Global Dynamic Blend	467.79	3.58%	523.29	4.67%
Transition Account⁶	0.00	0.00%	155.63	1.39%
Wellington Global Contrarian Equity	372.42	2.85%	252.22	2.25%
Total	3,212.20	24.60%	2,610.61	23.32%
Private Equity
Advent Private Capital V	3.45	0.03%	2.51	0.02%
Bain Capital Fund IX	2.82	0.02%	4.71	0.04%
Coller International Partners V	1.65	0.01%	2.98	0.03%
HarbourVest Partners IV¹	39.72	0.30%	0.00	0.00%
Highland Credit Opportunities Fund	5.57	0.04%	6.65	0.06%
IFM Australian Private Equity Fund III	1.27	0.01%	2.25	0.02%
IFM Australian Private Equity Fund IV	5.20	0.04%	7.41	0.07%
IFM International Private Equity Fund I	0.67	0.01%	0.94	0.01%
IFM International Private Equity Fund II	5.74	0.04%	6.88	0.06%
IFM International Private Equity Fund III	42.86	0.33%	44.79	0.40%
Industry Super Holdings Pty Ltd	16.53	0.13%	13.80	0.12%
LGT Crown Europe Middle Market II	28.97	0.22%	28.85	0.26%
LGT Crown Global Secondaries II	13.27	0.10%	17.96	0.16%
Members Equity Bank Pty Ltd	28.41	0.22%	25.63	0.23%
Partners Group Direct Investments 2012	98.68	0.76%	93.50	0.84%
Partners Group Direct Investments 2016	26.99	0.21%	12.90	0.12%
Partners Group Secondary 2008	9.89	0.08%	18.41	0.16%
Partners Group Secondary 2011	86.75	0.66%	95.47	0.85%
Siguler Guff Distressed Opportunities IV	62.79	0.48%	84.66	0.76%
Siguler Guff Small Buyout Opportunities Fund II	86.32	0.66%	78.57	0.70%
Stafford International Timberland VI	20.74	0.16%	19.18	0.17%
Warakirri International Hedge Equity Fund⁴	0.03	0.00%	0.47	0.00%
Wilshire Private Markets	19.86	0.15%	27.95	0.25%
Wilshire Private Markets Asia No. 2	1.94	0.01%	2.24	0.02%
Total	610.08	4.67%	598.71	5.35%
Sustainable Australian Shares
AMP Capital Sustainable Share Fund	28.06	0.21%	21.78	0.19%
Total	28.06	0.21%	21.78	0.19%
Sustainable Overseas Shares
Candriam Sustainable Global Equity Fund	33.24	0.25%	29.71	0.27%
Total	33.24	0.25%	29.71	0.27%
	13,012.49	100.00%	11,186.07	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 Investment wind down complete. All distributions received.
6 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.

Previous page: Performance

Next page: Holdings

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. 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.