Australia's Future Fund reported a 15.4% gain to A$88.9 billion (US$80.4 billion) for its fiscal year ended June 30.
The latest advance gave the Melbourne-based fund an annualized return of 6.2% since its launch in May 2006.
In a news release, Mark Burgess, managing director of the Future Fund, said the fund's latest strong results came as its investment team boosted its exposure to equity markets and reduced its debt holdings during a year that saw a “significant degree of policy stimulus” around the globe.
As of June 30, the fund's allocation to global developed market equities stood at 23.8%, up 6.3 percentage points from the year before, while emerging markets equities came to 7.1%, up 2.1 percentage points.
The allocation to debt securities, meanwhile, was 15.6%, down 2.7 percentage points, and cash stood at 5.8%, down 4.8 points.
Allocations to other asset segments were alternative investments, 16.6%, down from 19% a year earlier; Australian equities, 9.7%, down from 10.4%; infrastructure and timber, 8.1% vs. 6.4%; private equity, 7.3%, up from 6.4%; and property, 6% down from 6.4%.