Future Fund’s defensive assets help shield it in downturn

Exposure to foreign currencies, interest rates and bespoke hedge fund strategies helped Australia’s Future Fund avoid the worst of the recent global market downturn, but it has had to sell down private equity positions to maintain asset liquidity, according to its chief investment officer. Raphael Arndt told a teleconference on Monday (April 27) that the A$162.28 billion ($104.75 billion) sovereign wealth fund's performance for the financial year to date (the nine months up to …