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The Future Fund has reported a one-year return of 10.1%, exceeding its target benchmark of 7.6%, as its total assets under management reached a record $223.4 billion.
A sharemarket rally, spurred by hopes of rate cuts, has lifted the Future Fund’s portfolio, but it says investors have not adjusted to a higher-for-longer scenario.
Australia’s sovereign wealth fund has exceeded its long-term investment return target for 2023 despite inflationary pressures as it reaches a record value of $211.9 billion.
The Future Fund registered 8% investment return in 2023, bouncing back from minus 3.7% in 2022.
Future Fund CEO Raphael Arndt says stocks look expensive as investors bet on rate cuts and strong growth. Here are three places the fund is hunting for returns instead.