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General - All Schemes

Investments: Asset Allocation

How is the Pooled Fund invested?

The Strategic Asset Allocation is the percentage of growth assets and defensive assets for each investment strategy. The proportions allocated to each strategy remain within a margin of plus or minus 5% of the percentages shown. However, the allocation to the asset sectors that make up these broader categories may change. Asset allocations are reviewed formally at least once a year and are constantly monitored throughout the year.

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Growth Strategy
Asset Sector Allocation

 
At 30/06/07
%
At 30/06/08
%
Australian Equities
33.2
31.6
International Equities
26.2
25.3
Property
10.1
10.9
Alternative Assets
7.6
11.2
Australian Fixed Interest
6.8
7.5
International Fixed Interest
6.4
7.5
Cash
9.7
6.0
Total
100.0
100.0
Strategic Asset Allocation & Investment Objectives
  • Strategic asset allocation: 74.5% growth assets, 25.5% defensive assets.
  • Investment Objective: to exceed the CPI plus 4.5% pa. over rolling 10 year periods.
  • Likelihood of a negative return: 2 in 8 years.

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Balanced Strategy
Asset Sector Allocation

 
At 30/06/07
%
At 30/06/08
%
Australian Equities
24.3
23.1
International Equities
17.4
17.0
Property
6.8
6.8
Alternative Assets
3.9
3.6
Australian Fixed Interest
18.0
19.1
International Fixed Interest
17.8
19.1
Cash
11.8
11.3
Total
100.0
100.0
Strategic Asset Allocation & Investment Objectives
  • Strategic asset allocation: 50% growth assets, 50% defensive assets.
  • Investment objective: to exceed the CPI plus 3.0% pa. over rolling 7 year periods.
  • Likelihood of a negative return: 2 in 12 years.

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Conservative Growth Strategy
Asset Sector Allocation

 
At 30/06/07
%
At 30/06/08
%
Australian Equities
13.3
12.8
International Equities
9.1
8.7
Property
7.0
6.8
Alternative Assets
2.3
1.9
Australian Fixed Interest
19.4
19.8
International Fixed Interest
19.4
19.6
Cash
29.5
30.4
Total
100.0
100.0
Strategic Asset Allocation & Investment Objectives
  • Strategic asset allocation: 30% growth assets, 70% defensive assets.
  • Investment objective: to exceed the CPI plus 2.0% pa. over rolling 4 year periods.
  • Likelihood of a negative return: 1 in 9 years.

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Cash Strategy
Asset Sector Allocation

 
At 30/06/07
%
At 30/06/08
%
Australian Equities
0.0
0.0
International Equities
0.0
0.0
Property
0.0
0.0
Alternative Assets
0.0
0.0
Australian Fixed Interest
0.0
0.0
International Fixed Interest
0.0
0.0
Cash
100.0
100.0
Total
100.0
100.0
Strategic Asset Allocation & Investment Objectives
  • Strategic asset allocation: 0% growth assets, 100% defensive assets.
  • Investment objective: to exceed the CPI plus 1.5% pa. over rolling 3 year periods.
  • Likelihood of a negative return: N/A

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Notes

The return objectives for the various investment strategies are expected to be earned with reasonable likelihood over the rolling periods specified. However, annual returns may be volatile and negative returns may occur in consecutive years. The above indicative likelihood of negative returns has been determined over a number of years.

Growth assets include equities, property and 50% of alternative assets. Defensive assets include cash deposits, fixed interest securities and 50% of alternative assets. Alternative assets include unlisted equities, infrastructure and absolute return funds.

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