Future Fund, Melbourne, Australia, returned 2.9% for the quarter ended Dec. 31 and 8.7% for the first six months of the fiscal year, also ended Dec. 31, not including its holding in Telstra Corp., according to a news release from the A$66.2 billion (US$58.7 billion) fund.
The fund’s investment in Telstra, the former state-run telecommunications company, returned 4.8% for the quarter and 5.6% for the fiscal year to date Dec. 31.
As of Dec. 31, the fund’s asset allocation is 27.6% global equities, 25.4% debt securities, 15.3% cash, 12.7% Australian equities, 11.4% alternatives, 2.9% property, 2.4% infrastructure and 2.3% private equity.
“Over the quarter, the level of cash in the portfolio fell from 32% of the fund to 15.5% as we further built the program to meet our long-term objective,” David Murray, chairman of the Future Fund Board of Guardians, said in the news release. “This has been primarily allocated to a diverse range of strategies in the alternatives program. … We have also taken up attractive opportunities in debt, property and infrastructure markets as we build towards target exposures.”
A Future Fund spokesman could not be reached for comment.
