| Australia's A$117 billion ($90.9 billion) Future Fund is holding more cash this year, as the hunt for value in global markets becomes increasingly challenging. “We've always thought quite hard and quite deeply about the option value of cash,” concluding that cash doesn't have to be a “drag ... on your portfolio, provided you have a process in place and a governance in place” to deploy it when the time is right, David Neal, the Future Fund's managing director, said.
The topic is relevant to a central debate among asset owners over whether the deluge of central bank liquidity inflating market valuations now will succeed in returning the global economy to sustainable growth...............................................Full Article: Source
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