The analyst pack released with the last results notes:
1. 75% of the fixed income portfolio is rated BBB or higher.
2. 82% of the portfolio is externally rated by S&P, Fitch or Moodys with the balance being "internally rated based on methodologies calibrated to Standard & Poor’s or Moody’s ratings framework."
3. "The fixed income and cash portfolio is predominantly Australian focused, with approximately 65% of the fixed income portfolio invested in Australian-based securities."
There are details tables on pages 32-35 of the pack.
CGF will obviously being taking a mark-to-market hit on some assets in the book where issuer solvency has markets worried and/or liquidity has dried up but other may be increasing due to a combination of lower interest rates and the weaker AUD. This is consistent with the sensitivity table on page 44 (which also suggests that FX movements are not as significant as I had first assumed).
According to CGF's own sensitivity analysis, the biggest concern for shareholders right now is the impact of falling equity markets.
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