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Sovereign Wealth Funds Briefing - Categorized | Investment, Market

Future Fund banks on equities for big returns

Posted on 03 September 2013

For the first time over a full financial year, after generating a return of 15.4 per cent in the year to June, the Future Fund‘s performance has exceeded its mandated targets. The 2012-13 performance of the fund is exceptional, given that a key objective of the fund is to protect its capital and therefore there is a defensive skew to its investment strategies.
With no access to external cash flows (because there have been no federal budget surpluses under the Rudd-Gillard-Rudd governments) and about 70 per cent of its assets offshore and 72 per cent of those exposures hedged, the fund needs to remain both defensive and liquid. When the Australian dollar falls — as it has, heavily, this year — the fund has to inject substantial amounts of cash into its positions………………………………………..Full Article: Source


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