OnePath Australian Shares Index
Features
Information
Investment minimums
Pricing
Standard risk measure
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | |
|---|---|---|---|---|---|---|---|
| Standard Risk Measure |
A Standard Risk Measure score of 6 equates to a Risk Label of 'High' and an estimated number of negative annual returns over any 20 year period of 4 to less than 6. This is a measure of expected frequency (not magnitude) of capital losses, calculated in accordance with ASFA/FSC guidelines.
Investment objective
The fund seeks to track the return (income and capital appreciation) of the S&P/ASX 300 Index before taking into account fees, expenses, and tax.
Investment strategy
The S&P/ASX 300 Index includes the large cap, mid cap and small cap components of the S&P/ASX index family. The index covers approximately 81% of Australian equity market capitalisation. The fund will hold most of the securities in the index, allowing for individual security weightings to vary marginally from the index from time to time.
Investor profile
The Fund is intended to be suitable for investors seeking to track the return (income and capital appreciation) of the S&P/ASX 300 Index.
Research house ratings
Rating
Meet the manager(s)
Cumulative performance
| 3 months | 6 months | Year to date | 1 year | 3 years pa | 5 years pa | ||
|---|---|---|---|---|---|---|---|
| Fund | 0.93% | 4.26% | 4.26% | 13.84% | 10.72% | 7.08% | |
| FE Sector | 1.36% | 4.34% | 4.34% | 12.48% | 10.86% | 6.33% |
Calendar Performance
| 31/12/2022 | 31/12/2021 | 31/12/2020 | 31/12/2019 | 31/12/2018 | ||
|---|---|---|---|---|---|---|
| Fund | -0.20% | 16.15% | 1.60% | 21.73% | -2.00% | |
| FE Sector | -1.68% | 16.69% | 2.21% | 20.68% | -4.91% |
Performance is net of management costs and expenses. Performance is based on exit price to exit price for the period and assumes that all distributions are reinvested. Management costs and other expenses are accounted for in the exit price. Past performance is not a reliable indicator of future performance.
The performance data has been sourced by FE fundinfo.
Asset allocation as at 30/06/2023
| Australian shares | 99.97% | |
| Cash and short-term securities | 0.03% |
Actual versus target asset allocation as at 30/06/2023
Market and portfolio review
The OnePath Australian Shares Index Pool portfolio returned 1.73% during the one month ending 30 June 2023. The portfolio tracked the underlying index, the S&P/ASX 300 Index, which returned 1.73% during the same period. The portfolio aims to provide broader exposure to the Australian equity market across large-, mid-, and small-cap equities. Materials (+1.11%), and Financials (+0.83%) contributed positively to absolute performance. Health Care (-0.67%), Communication Services (-0.04%), and Real Estate (-0.01%) detracted from absolute performance over the period. Among individual securities, BHP Group Limited was the largest positive contributor to absolute performance (+0.71%) while CSL Limited was the largest detractor on an absolute basis (-0.65%).
Future investment strategy
Not surprisingly, the outlook for 2023 is largely dependent on the path of monetary policy, which in turn is heavily reliant on the path of inflation. Our base case is that inflation will moderate, leading to a pause in central bank tightening in the first half of 2023. We expect a rising global risk appetite, reflecting a positive repricing of recession risks in terms of timing, duration and magnitude.
In the shorter term, we expect a tug of war between “risk on” and “risk off” market environments. However, as the year unfolds, we expect risk assets to perform better, which is likely to result in better relative performance for equity markets in value-oriented regions and cyclical sectors of the stock market, as well as risky credit and investment grade credit. Currency preferences include the Australian dollar, Canadian dollar and Brazilian real as we expect the U.S. dollar to continue to weaken.