Future Fund doubles cash position after strong run
The fund's target cash weighting was 10%, but it raised the level to near-20% due to strength of returns and resultant selling down of assets. It expects future returns to be lower.
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Australia’s sovereign wealth fund has doubled its cash position in the past 12 months in the face of increased global market volatility after a stong run.
In announcing investment returns for the year to end-June 2015, the A$117 billion ($82 billion) Future Fund signalled its concerns about the sustainability of those returns.
The investment portfolio returned 15.4% in the latest 12-mnth period against a 6% target return. Over five years the return stands at 11.9%, and 8% since …
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