Key Highlights

  • The fund targets outperformance of the MSCI World ex Australia index while aiming to limit risk relative to the benchmark.
  • The Investment team screens more than 15,000 companies globally, applying index-relative constraints at the stock, sector and regional level.
  • Technology represents the largest sector allocation at 31.51%, ahead of financial services and industrials.
  • The portfolio comprises 509 companies, with Nvidia Corporation and Apple Inc. as the two largest individual holdings.

The Schroder Global Core Fund - Active ETF trades on the ASX under the code CORE and was admitted to the exchange on 4 June 2025. The fund is described by its manager as an actively managed strategy designed to target outperformance of the MSCI World ex Australia index while seeking to limit risk relative to that benchmark.

To construct the portfolio, the investment team analyses a global universe of more than 15,000 companies, applying constraints relative to the index at the stock, sector and regional level. This approach is intended to maintain diversification, manage portfolio risk and avoid extreme positioning relative to the benchmark. The fund is classified within the Equity World Large Blend category, benchmarked against the MSCI World ex Aus ex Tobacco NR AUD index, and carries a management fee of 0.25% per annum with an ISIN of AU0000392623.

Sector Composition

Technology is the fund's largest sector allocation at 31.51%, slightly ahead of the 30.17% category average. Financial services follows at 16.06%, marginally below the 16.81% category figure, while industrials sit at 11.84% compared with a category average of 10.54%. Communication services account for 9.34% of the portfolio.

Healthcare is allocated 8.50%, below the category average of 10.26%, and consumer cyclical exposure sits at 8.23%, also below the 8.96% category figure. Consumer defensive stocks make up 4.32% of the portfolio against a category average of 4.90%. Energy, utilities and basic materials complete the sector breakdown at 3.81%, 2.45% and 2.26% respectively, with basic materials notably below the category average of 3.52%.

Geographic Exposure and Market Capitalisation

The United States represents the largest geographic exposure at 73.78%, above the 68.70% category average. Japan follows at 5.54%, the United Kingdom at 3.40% and Canada at 3.33%. Germany, France, Switzerland, the Netherlands, Spain and Italy each contribute smaller allocations, ranging from 1.38% to 2.18%.

The portfolio is concentrated in larger companies, with 98.58% of holdings valued above $1 billion and 1.42% in the $500 million to $1 billion range. There is no allocation to companies valued below $500 million.

Top Holdings

The fund's ten largest holdings account for 28.17% of the portfolio, with the remaining 71.83% spread across the balance of its 509 total holdings. Nvidia Corporation is the largest position at 5.69%, followed by Apple Inc. at 5.05% and Microsoft Corporation at 3.57%.

Amazon.com, Alphabet Inc. (held under both its GOOGL and GOOG share classes), Broadcom, Meta Platforms, Tesla and Micron Technology round out the remainder of the top ten, with individual weightings ranging from 1.27% to 2.90%.

Conclusion

The Schroder Global Core Fund - Active ETF is structured to pursue outperformance of its global equity benchmark while applying index-relative constraints intended to manage risk at the stock, sector and regional level. Its sector composition is led by technology, financial services and industrials, while its geographic exposure is weighted toward the United States to a greater degree than its category average. With 509 underlying holdings, a top-ten concentration of 28.17% and a management fee of 0.25%, the fund's structure reflects a strategy positioned between broad index replication and more concentrated, high-conviction stock selection.