The $2 billion TWUSUPER favoured stock-picker funds managers in the latest restructuring of its Australian equities portfolio.

The industry fund and its asset consultant, JANA Investment Advisers, have dialled down its weighting towards quantitative managers BlackRock and Barclays Global Investors (BGI) by $20 million, while a $105 million mandate with Perennial Value Management was terminated and split evenly between Perpetual and Integrity Investment Management.

Cooper Investors picked up the capital taken from BlackRock and BGI, bringing its mandate with TWUSUPER to $145 million.

BlackRock and BGI now both manage $65 million and $90 million respectively from TWUSUPER.

Andrew Killen, chief investment officer at the fund, the investment decisions were driven by JANA.

“They are of the clear view that now is the time for stock-pickers.”

In its Australian equities book, TWUSUPER now allocates 55 per cent of the portfolio to stock-pickers, 35 per cent to quantitative managers and 10 per cent to small cap managers.

Mercer Sentinel would perform the transitions for the Perpetual and Integrity mandates, Killen said, which would be followed by a further $60 million in funding from cashflows.

TWUSUPER’s lead consultant at JANA is David Holston, head of consulting in the firm’s Melbourne office.

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