The world’s biggest companies have huge investment portfolios. Here we assess how they invest ‘cash and marketable securities’ and find some common themes
Every day we talk to investors who are frustrated with the ongoing rock bottom term deposit rates they receive from banks.
We completely understand the frustrations, however imagine how you would feel if you had $270bn, cash in the bank. Well, you might feel pretty fantastic because even a paltry 2%pa term deposit rate would generate $5.4bn before tax, annually which is likely to satisfy even the most decadent tastes! However tech giant Apple currently has a cash and marketable securities portfolio of $270bn but it invests just 5% in term deposit and at call cash accounts. Over 60% is invested in corporate bonds, 20% in government bonds and the remainder in mortgage and asset backed securities.
How seven of the world’s largest companies invest ‘cash and marketable securities’
Figure 1
It is worth exploring why -
- To generate higher returns than just investing in deposits alone.
- For greater liquidity - bonds are tradeable, whereas deposits are not.
- To diversify investments and income streams.
Some Australian institutions would invest in cash alone and miss out on these benefits.
Late last year, the Financial Times stated that 30 large US organisations, including Apple, had amassed USD1.2trn in cash between them. From our perspective, it is illuminating to look at these companies and assess how they invest very large sums, especially given the fact that US term deposit rates are much lower than the rates on offer here. These are clearly very large and successful corporations which are run in a highly sophisticated fashion and while some outsource cash management to professional managers, others have effectively built a fund management division within their existing businesses.
When considering the data, it is fundamental to remember that this is corporate cash so the risk tolerance is incredibly low. Any losses would have to be disclosed to shareholders who are unlikely to be particularly sympathetic! Figure 1 above outlines a selection of other large US organisations with a breakdown of asset allocations within their ‘cash and marketable securities’ portfolios.
When looking at Figure 1 it is easy to lose sight of the overall amount invested. Apple is the largest investor holding over $250bn of the seven companies, but combined they have over $750bn invested in cash and the other asset classes outlined above. Indeed, if Apple’s corporate bond investments worth $171bn were considered to be a ‘fund’ then it would be the biggest corporate bond fund in the world just pipping Vanguard’s Total Bond Market Index Fund which is c.USD161bn in size.
It is interesting to note that Johnson & Johnson and GE are the only two organisations that hold more than 50% in cash or term deposits. For most of the other companies, government and corporate bonds are the dominant asset class. It is also interesting to see that Apple has an 8.1% or a mere US$21.7bne to mortgage and asset backed securities.
What is very clear from looking at Figure 1 is that these organisations are not just accepting low term deposit rates. They are diversifying to improve returns and all seven invest in bonds
They are working hard to try and extract the best possible return while maintaining a low risk profile. Risk is typically reduced by focusing bond investments exclusively in the investment grade (BBB- or better) space.
Aggregating the data, using a simple average (to avoid Apple skewing the results) shows that these companies invest just under 30% of holdings in cash, another 32% is invested in corporate paper & bonds with 35% invested in government bonds.
Combined average ‘cash and marketable securities’ asset allocation
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)
Figure 2 When I moved to Australia in 2013 I was very surprised to see that many investors, both corporate and individual, held such high levels of cash and such low levels of bonds.
We believe that if some of the largest, most profitable and sophisticated companies in the world are happy to allocate a substantial portion of its investments to bonds then, other investors whether they are individuals, corporates, not-for-profits or any other groups should take comfort and consider using the same strategies.