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Investment Objectives, Strategies and Asset Allocation Ranges

The Trustee sets investment objectives, strategies and asset allocation ranges for each investment option and regularly reviews and monitors these to ensure they remain appropriate for AESuper.

The objectives, strategies and asset allocation ranges at 1 October 2009 are shown below for each Option.

Investment option	Pre-mixed options
Investment option	Aggressive	Growth This is the default option if you do not want to make an investment choice	Moderate	Stable
Investment objectives	This option aims to achieve a return (net of fees and taxes) of at least 4.5% a year above CPI ¹ over rolling eight-year periods. This option expects a negative return approximately once every four years.	This option aims to achieve a return (net of fees and taxes) of at least 3.0% a year above CPI ¹ over rolling five-year periods. This option expects a negative return approximately once every six years.	This option aims to achieve a return (net of fees and taxes) of at least 2.5% a year above CPI ¹ over rolling four-year periods. This option expects a negative return approximately once every eight years.	This option aims to achieve a return (net of fees and taxes) of at least 2.0% a year above CPI ¹ over rolling three-year periods. This option expects a negative return approximately once every 12 years.
Strategic asset allocation ²	Shares – 68% Property – 10% Liquid alternatives – 20% Private capital – 2% Bonds – 0% Cash – 0%	Shares – 53% Property – 10% Liquid alternatives – 15% Private capital – 2% Bonds – 20% Cash – 0%	Shares – 37.5% Property – 10% Liquid alternatives – 10% Private capital – 0% Bonds – 30% Cash – 12.5%	Shares – 20% Property – 10% Liquid alternatives – 5% Private capital – 0% Bonds – 40% Cash – 25%
Asset allocation ranges ³	Shares – 50% to 80% Property – 5% to 15% Liquid alternatives – 15% to 30% Private capital – 0% to 15% Bonds – 0% to 5% Cash – 0% to 10%	Shares – 40% to 60% Property – 5% to 15% Liquid alternatives – 10% to 25% Private capital – 0% to 10% Bonds – 15% to 25% Cash – 0% to 10%	Shares – 25% to 45% Property – 5% to 15% Liquid alternatives – 5% to 20% Private capital – 0% to 7.5% Bonds – 25% to 35% Cash – 5% to 15%	Shares – 10% to 30% Property – 5% to 15% Liquid alternatives – 0% to 15% Private capital – 0% to 5% Bonds – 35% to 45% Cash – 20% to 30%
Estimated investment fees and costs ⁴	0.39% p.a. to 0.59% p.a.	0.37% p.a. to 0.53% p.a.	0.31% p.a. to 0.41% p.a.	0.26% p.a to 0.33% p.a.

Investment option	Single-asset class options
Investment option	Australian Shares	Overseas Shares	Property	Bonds	Cash
Investment objectives	This option aims to achieve a return (net of fees and taxes) of at least 4.5% a year above CPI ¹ over rolling eight-year periods. This option expects a negative return approximately once every four years.	This option aims to achieve a return (net of fees and taxes) of at least 4.5% a year above CPI ¹ over rolling eight-year periods. This option expects a negative return approximately once every four years.	This option aims to achieve a return (net of fees and taxes) of at least 2.5% a year above CPI ¹ over rolling four-year periods. This option expects a negative return approximately once every five years.	This option aims to achieve a return (net of fees and taxes) of at least 1.5% a year above CPI ¹ over rolling two-year periods. This option expects a negative return approximately once every 10 years.	This option aims to achieve a return (net of fees and taxes) of at least 1.0% a year above CPI ¹ over rolling two-year periods. This option aims to avoid negative annual returns.
Strategic asset allocation ²	Australian shares – 100%	Overseas shares – 100%	Property – 100%	Bonds – 100%	Cash – 100%
Estimated investment fees and costs ⁴	0.39% p.a. to 0.51% p.a.	0.39% p.a.	0.60% p.a. to 1.00% p.a.	0.22% p.a.	0.07% p.a

CPI stands for Consumer Price Index, which is a measure of the average price of consumer goods and services purchased by Australian households. The percentage change in the CPI is used as a measure of the rate of inflation.
Strategic asset allocation refers to the long-term diversified policy mix implemented by the Trustee that is most likely to achieve the option’s investment objectives.
The asset allocation ranges show the maximum and minimum limits which the Trustee may invest in an asset class for each investment option. The Trustee regularly reviews the asset allocations and may alter them within the ranges over time.
These are based on negotiated fees as at the date of publication. These may change at any time and, while the Trustee will attempt to provide members with advice of any changes to investment fees, this may not always be possible. Any changes to these fees will be posted on this website.

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The information contained on this website is of a general nature only and does not take into account your personal objectives, situation or needs. Before making a decision about Australian Enterprise Super, you should consider your own requirements and the relevant Product Disclosure Statement. To obtain a copy, call us on 1800 555 024 or download it from this website.

Professional Associations Superannuation Limited (PASL) (ABN 14 056 917 303 RSE L0000352 AFSL 222590) as Trustee of Professional Associations Superannuation Fund (PASF) (ABN 78 984 178 687 RSE R1000429). Australian Enterprise Super is a Division of PASF.