Not that I can see. A few paragraphs on their general approach...

Not that I can see. A few paragraphs on their general approach ...

'The strategy, he said, was to make long-term investments in high-quality companies, in part because reshuffling such a large portfolio is costly and difficult, and also because long-term investment decisions tend to pay off.

“Our valuation approach is very much discounted cash flow based because that’s best aligned to the way we think about businesses. We want to be able to forecast over the longer term, and bring the [process] back to what is the intrinsic value of the company.”

Mr Manuell said two stocks the team presented to the investment committee typify the process: CSL and JB Hi-Fi.Those two companies have “really stood the test of time in terms of quality management”.“CSL has been the best managed business over the last 30 years,” he said, while JB Hi-Fi had “withstood the existential threat of Amazon by focusing on what they need to do”.

An Australian sharemarket investor has to have a view on banks and miners, especially one that is $60 billion in size. Mr Manuell said presently, AustralianSuper was overweight the banks with a preference for Commonwealth Bank, which he described as “an incredible franchise”.

The fund is underweight the mining sector but does have a big position in BHP, which it is hopeful will maintain its “capital discipline through the cycle”.'