GSP Diversified Growth Portfolio

The GSP Diversified Growth Portfolio is a multi-asset portfolio that seeks to deliver risk-adjusted returns through diversified exposure to equities, property, infrastructure, alternatives and cash. It targets a net return of the RBA Cash Rate + 4% per annum over a rolling 7-year horizon.

Rather than relying on a single investment style or market, the portfolio blends complementary styles and geographies, reducing dependence on any one style or region through the market cycle. The portfolio is actively managed, not set-and-forget.

• Strategic + Tactical. Anchored by a Strategic Asset Allocation (SAA) set through a top-down process, with a Tactical Asset Allocation (TAA) overlay.
• Diversified growth equities. Global growth, global value, small and mid-cap, Australian value and emerging markets strategies, implemented through underlying managers and ETFs. No direct equities.
• Tactical sleeve. A dedicated TAA sleeve expresses shorter-term views across precious metals, commodities, equity thematics, geographies and US sectors.
• Real assets. Property and global listed infrastructure provide some inflation-linked characteristics via rental growth and contracted or regulated revenues.
• Alternatives. Private equity and long/short funds access return streams largely uncorrelated to broader equity markets.

Total Portfolio Allocation

SAA Overview

The Strategic Asset Allocation is set through a top-down process that incorporates a macroeconomic overview, long-term return and risk expectations across asset classes, and the portfolio’s objective of delivering RBA Cash Rate + 4% per annum over a rolling 7-year horizon. Ranges are established to allow active management while keeping the portfolio aligned with its long-term risk and return profile. Positioning may move away from the targets within the permitted ranges as conditions evolve.

TAA Overview

A dedicated TAA sleeve operates separately from the strategic equity allocation. It allows the portfolio to express shorter-term views across precious metals, commodities, equity thematics, geographies and US sectors without changing the long-term strategic targets. The SAA remains the anchor; the TAA provides flexibility to tilt as conditions change.

Equities form the core growth engine of the portfolio. Diversifying across styles and regions reduces reliance on any single factor or market, aiming to deliver more consistent participation across different stages of the economic and market cycle.

The tactical sleeve allows the portfolio to express medium-term views and adjust exposures without disrupting the long-term strategic allocation. It provides flexibility to tilt toward or away from specific themes and regions as conditions evolve.

Real assets contribute inflation-linked characteristics through rental growth, long-term contracts and regulated revenues. They offer a degree of diversification from pure equity beta while supporting the overall growth objective.

Alternatives are included to access return streams that are largely uncorrelated to traditional equity markets. Private equity provides exposure to private-market growth, while long/short strategies can help dampen volatility and offer a differentiated source of return.

A modest cash allocation provides liquidity for rebalancing and opportunistic deployment, while acting as a small defensive buffer within the permitted range.

• Concentration limit. Maximum single security or manager weight of 20% of the total portfolio.
• Rebalancing. Ongoing monitoring with periodic (monthly) rebalancing to maintain target ranges and manage risk.
• Active oversight. The Investment Committee oversees strategic and tactical positioning, with regular review of asset-class exposures and underlying managers.
• Manager & ETF selection. Due diligence on philosophy, process, track record and team stability; ETFs selected for index construction, tracking quality and liquidity.