Industry superannuation fund the Catholic Superannuation and Retirement Fund (CSRF) has revamped its fixed income portfolio.
Industry superannuation fund the Catholic Superannuation and Retirement Fund (CSRF) has revamped its fixed income portfolio.
As a result of the changes, the fund has terminated its fixed income mandates with Barclays Global Investors and Credit Suisse Asset Management.
The fund has reallocated PIMCO's Australian fixed income mandate to the PIMCO Target Return Fund.
The new managers in the fund's fixed income portfolio include Kapsteam ($66 million), Vianova Asset Management ($65 million), BlackRock ($110 million) and Putnam ($80 million).
CSRF originally managed its fixed income portfolio by separating its Australian and international fixed income mandates.
The changes mean each of the newly-appointed managers will manage the fund's portfolio across the local and global fixed income universe. "Our managers are no longer restricted to investing in either international or Australian fixed interest. They can now find opportunities in the various markets without these constraints," CSRF chief executive Greg Cantor said.
These mandates will be based on a cash plus benchmark instead of the traditional focus on credit duration.
"This will allow our managers to invest in any market that they choose," Cantor said.
The fund also hired the BT Enhanced Cash Management Fund to take "out any volatility in the fund", he said.
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