Telstra 2007 Annual Report Download - page 198
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Telstra Corporation Limited and controlled entities
195
Notes to the Financial Statements (continued)
(c) Categories of plan assets
The weighted average asset allocation by major asset category as a
percentage of the fair value of total plan assets as at 30 June are as
follows:
The defined benefit plan’s investment st rategy is to control the level
of risk by investing in a broad range of qualit y investments, and using
a range of Australian and International investment managers who
specialise in cash, fixed interest, shares, property, privat e equity,
infrastructure and internat ional hedge funds. The trustee of Telstra
Super constantly reviews the investments and adjusts the investment
strategy in order to maximise returns within this controlled risk profile
and take advantage of perceived market inefficiencies.
Investment goals are to earn the best possible returns within the
appropriate strategic level of risk, and maintain the financial viability
of the funds by ensuring plan assets exceed benefit obligations.
Derivatives are used to limit exposure to market fluctuat ions and are
used within appropriate control environments for direct and
ext ernally managed investments. Derivatives are not used for
speculative purposes.
Telstra Super’s investments in debt and equity instruments include
bonds issued by and shares in Telstra Corporation Limited. Refer to
note 33 for further details.
28. Post employment benefits (continued)
Telstra Super HK CSL Retirement Scheme
As at 30 June As at 30 June
2007 2006 2007 2006
Ta rge t Actual Target Actual Ta rget Actual Targ et Act u al
% % %% % % %%
Asset allocations
Equity instruments . . . . . . . . . . . . 35 43 68 69 60 58 60 61
Debt instruments . . . . . . . . . . . . . 18 11 12 10 35 37 35 32
Property . . . . . . . . . . . . . . . . . . . 10 13 15 16 - - --
Cash . . . . . . . . . . . . . . . . . . . . . 2 5 55 5 5 57
Private equity . . . . . . . . . . . . . . . 11 8 -- - - --
Infrastructure. . . . . . . . . . . . . . . . 5 3 -- - - --
International hedge funds. . . . . . . . 19 17 -- - - --
100 100 100 100 100 100 100 100