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 managers
Approximately 7% of the RBF's investments as at 30 June 2008 were managed internally
by the RBF Board officers in conjunction with relevant industry consultants.
These investments included:
- direct property and
- first mortgages
The remaining 93% of investments as at 30 June 2008 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; and
- 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
Maple Brown Abbott Ltd
Paradice Investment Management Pty Ltd
State Street Global Advisors Australia Ltd
INTERNATIONAL SHARES
AllianceBernstein Investment Management Australia Ltd
Baillie Gifford Overseas Limited
Capital International Inc
Goldman Sachs JB Were Managed Funds Limited
Pzena Investment Management LLC
Wellington International Management Co Pte Ltd
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
First Tasmania Investments Ltd (FTIL)
GMO Australia Ltd
Hastings Funds Management Ltd
Industry Funds Management Pty Ltd
Tasmanian Gateway Consortium Holdings
CASH
Perennial Investment Partners Ltd
Tascorp
Westpac
Commonwealth Bank of Australia
SOCIALLY RESPONSIBLE INVESTMENTS
AMP Capital Investors Ltd
Investment advisers
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
Custodian
J P Morgan Investor Services
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