The Ledger
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Future Fund Turned Over Half of Its $200B Portfolio in Three Years
“We manage about two hundred and sixty five billion Aussie across seven funds. The future fund, which is the higher risk fund, is a bit over 200, and we've changed half of it in the last three years.”
Arndt: Future Fund Halted Equity Investing in 2007 on Negative Risk Premia
“And David Neal, when he was hired as CIO and the person who was in the head of strategy role at the time, Tony Day, came on board before I joined. And the very first thing they did was look at markets and say, we're not sure what's going on, but we think the e…”
Gilmore: Future Fund Benefited from 2008 Crisis Due to Low-Risk Entry
“The Future Fund has actually been one of the beneficiaries of the financial crisis because it had a low risk portfolio going into the crisis. So it had a lot of cash to invest when assets were very cheap.”
Gilmore: NZ Super Uses a Reference Portfolio While Future Fund Does Not
“In the case of New Zealand Super, Turtle Portfolio Approach, they have a reference portfolio. Future Fund, Turtle Portfolio Approach, doesn't have a reference portfolio.”
Arndt: Australia's Future Fund benchmark is inflation plus 4% to 5%
“We do have a benchmark from the government of inflation plus four to five percent over the long term that they've given us.”
Arndt: Future Fund achieved a 10-year Sharpe ratio of 1.3
“And so, we sort of think about volatility, but also Sharpe ratio, and it's a hard thing to measure, and there's all sorts of debates you could have about it, but in terms of our 10 year Sharpe ratio, it's about 1.3, which we think for a fund like ours is, is p…”
Arndt: Future Fund launched with A$60B, including A$50B cash
“Well, if you include all the inflows over a year or so, it was about sixty billion Australian dollars, of which about fifty billion was in cash, and about ten billion was in Telstra shares that were still in escrow, and were not allowed to be sold for two year…”
Future Fund started with A$60B including A$10B in escrowed Telstra shares
“Well, if you include all the inflows over a year or so, it was about sixty billion Australian dollars, of which about fifty billion was in cash, and about ten billion was in Telstra shares that were still in escrow, and were not allowed to be sold for two year…”