Investment principles
The RBF Board seeks to maintain an appropriate level and mix of investments and strives to make sound decisions based on extensive research and quality advice obtained from the best investment sector specialists available.
Investment strategies
The RBF Board reviews the investment strategy and objectives of the Fund at least annually. Details of the Board's investment strategy can be viewed in the Investment Policy Statement at www.rbf.com.au.
Investment managers
Approximately 6% of the RBF's investments as at 31 December 2009 were managed internally by the RBF Board Officers in conjunction with relevant industry consultants.
These investments included:
- direct property (Property) and
- first mortgages (Diversified Fixed Interest)
The remaining 94% of investments as at 31 December 2009 were managed externally by specialist investment managers.
In choosing its specialist investment managers, the RBF Board undertakes a thorough evaluation process.
Successful managers are chosen on the basis of:
- investment philosophy
- style and approach
- size of organisation and funds under management
- past performance
- expected ability to outperform in the future, in both rising and declining markets
- staff and research capabilities
- complementary styles between managers (eg. a 'top-down manager' vs. a 'bottom-up' manager, or a 'value' manager vs. a 'growth' manager).
These external investment managers are regularly measured for their performance and replaced if they fail to meet the agreed standards.
Specialist investment managers
The RBF Board currently uses the following specialist investment managers:
AUSTRALIAN SHARES
452 Capital Pty Ltd
Invesco Australia Ltd
Maple Brown Abbott Ltd
Paradice Investment Management Pty Ltd
Solaris Investment Management Ltd
Tribeca Investment Partners Pty Ltd
INTERNATIONAL SHARES
AllianceBernstein Investment Management Australia Ltd
Baillie Gifford Overseas Limited
Capital International Inc
Goldman Sachs JB Were Managed Funds Limited
Mesirow Financial Holdings Inc
Pzena Investment Management LLC
Wellington International Management Co Pte Ltd
LOW BETA STRATEGIES
Fauchier Partners
DIVERSIFIED FIXED INTEREST
PIMCO Australia Ltd
Super Loans Trust
Brandywine Global Investment Management
PROPERTY & ALTERNATIVE INVESTMENTS
Property
AMP Capital Investors Ltd
Gresham Property Funds Management Ltd
Lend Lease Investment Management
Goodman International
Macquarie Retirement Villages Group
Alternative Investments
AMP Capital Investors Ltd
GMO Australia Ltd
Hastings Funds Management Ltd
Industry Funds Management Pty Ltd
Tasmanian Gateway Consortium Holdings
Triple Point
CASH
Perennial Investment Partners Ltd
Tasmanian Public Finance Corporation
Westpac Banking Corporation
Commonwealth Bank of Australia
SOCIALLY RESPONSIBLE INVESTMENTS
AMP Capital Investors Ltd
Investment advisers and Service Providers
The RBF Board currently utilises the services of the following organisations
for advice on differing aspects of the management of the investments of
the Fund:
Investment Management and Asset Allocation
JANA Investment Advisors Pty Ltd
Taxation
PricewaterhouseCoopers
Actuary
Mercer (Australia) Pty Ltd
Custodian
J P Morgan Investor Services
Auditor
Tasmanian Audit Office
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