Future Fund, Melbourne, Australia, earned an investment return of 8% in 2023, adding A$15.6 billion ($10.6 billion) to its total assets, according to a statement from the sovereign wealth fund.
Total funds managed by the sovereign wealth fund's board of guardians rose to A$272.3 billion, and a 10-year annualized return of 8.2% exceeded its target of 6.9%.
In 2022, the sovereign wealth fund posted a 3.7% investment loss, although it managed to eke out a positive 0.9% return for the second half of that year.
"Although inflation has fallen from its peak, it is still well outside the target range of 2% to 3% and won't be tamed until it is back within the target band," said Peter Costello, chair of the Future Fund board of guardians, in the statement. "Whilst markets rebounded on an expectation that rates could be lower this year, there is still a way to go."
Costello added: "As the (Australian) government's only substantial financial asset, the fund is fulfilling its role of strengthening the nation's balance sheet, which is now carrying significant government debt."
Costello's term will end Feb. 3 after 14 years on the board of guardians, 10 of which he has been chair.
