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April 29, 2021 10:26 AM

Australia’s Future Fund reports 4.5% quarterly gain

Douglas Appell
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    Raphael Arndt, chief executive officer of Future Fund
    Bloomberg
    Future Fund CEO Raphael Arndt

    Future Fund, Melbourne, reported a 4.5% gain for the three months ended March 31, lifting the value of its portfolio to a record A$178.6 billion ($136.1 billion).

    For the 12 months ended March 31, the Future Fund portfolio rebounded 10.1%, after tumbling 3.4% during the first quarter of 2020.

    Listed equities and private equity were the leading contributors to the portfolio's solid gains, CEO Raphael Arndt said in a news release Thursday.

    Peter Costello, the Australia fund's chairman, in the same news release noted that despite continued market recovery, investment challenges ahead remain significant.

    "We remain focused on carefully managing risk, recognizing that the pandemic has had deep and lasting impacts on economies and investment markets, which investors need to understand and assess," Mr. Arndt said.

    The fund continues to target neutral risk levels, positioning itself for a range of different scenarios, the news release said.

    The fund's 32.1% weighting in listed equities — Australian, global and emerging market — as of March 31 was down incrementally from 33.7% the year before, while cash holdings were almost twice as high at 18.6% vs. 9.6%.

    The fund's allocation to private equity stood at 14.6%, down from 18.2% a year earlier.

    Hedge funds accounted for 14.4% of the portfolio, down slightly from 14.7%.

    Likewise, infrastructure and timberland holdings came to 7.3% of the portfolio, down from 7.6%, while real estate stood at 6%, down from 6.6%.

    Debt securities saw a bigger drop to 7% from 9.7%.

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