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Future Fund Fiscal Year Returns 12.4% Ex-Telstra



According to the press release, “the Future Fund’s return for the financial year ending 30 June 2011 (excluding the Fund’s Telstra holding) was 12.4%. Over the three years ending 30 June 2011 the return was 6.0% per annum. Since the first contribution to the Future Fund, a little over five years ago on 5 May 2006, the Fund has generated a return of 5.2% per annum. The return for the last quarter of the financial year was 0.6%.

The Future Fund’s Telstra portfolio returned 2.9% over the year and 2.7% for the quarter. Reflecting the long-term investment mandate for the Future Fund, the Board of Guardians will continue to focus on performance over rolling ten year periods using rolling five year
periods to gauge progress.

Mr David Murray, Chair of the Board of Guardians, said that the positive returns of 2010/11 reflected the careful construction of the portfolio since the Fund’s inception in May 2006.

“We have witnessed an extremely difficult global economic environment over the last few years and this is continuing to present challenges,” said Mr Murray.

“The Board remains focussed on prudently building a diverse portfolio that is capable of generating good returns in positive environments but provides some protection in weaker markets.”

“The portfolio’s positioning, and our dynamic approach to building and adjusting the portfolio, has helped generate solid performance for the Fund since inception and positions it appropriately for its long term mandate.”

“The reduction in the holding of Telstra shares has continued in line with the Board’s longstated strategy to reduce the holding in an orderly way over the medium term and without untoward market impact.””

Read more: Future Fund Press Release

SWFI First Read, July 19, 2018



GIC Eyes Provenance Land

GIC Private Limited is nearing a deal to purchase up to 50% of Provenance Land. Provenance Land owns India’s first Four Seasons hotel.

Eduard van Gelderen Leaves UC Regents for PSP Investments CIO Role

Eduard van Gelderen exited his position as Senior Managing Director at the University of California Regents’ Office of the Chief Investment Officer. His role will not be replaced. He accepted an offer to be Chief Investment Officer of the Public Sector Pension Investment Board (PSP Investments).

PAAMCO Prisma Holdings CEOs to Exit

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Google Fined Big Time by EU Regarding Antitrust Violations



The European Union (EU), through its competition commissioner, levied a €4.34 billion fine against Alphabet Inc., the owner of Google. The fine is over Google having “imposed illegal restrictions on Android device manufacturers and mobile network operators to cement its dominant position in general internet search,” according to the European Commission (EC).

The European Commission is requiring Alphabet to cease from its conduct that it is accused of within 90 days or face penalty payments of up to 5% of the average daily worldwide turnover of Alphabet, Google’s parent company.

Commissioner Margrethe Vestager, in charge of competition policy, said in a press release, “Today, mobile internet makes up more than half of global internet traffic. It has changed the lives of millions of Europeans. Our case is about three types of restrictions that Google has imposed on Android device manufacturers and network operators to ensure that traffic on Android devices goes to the Google search engine. In this way, Google has used Android as a vehicle to cement the dominance of its search engine. These practices have denied rivals the chance to innovate and compete on the merits. They have denied European consumers the benefits of effective competition in the important mobile sphere. This is illegal under EU antitrust rules.”

The EC press release added, “In particular, Google: 1. has required manufacturers to pre-install the Google Search app and browser app (Chrome), as a condition for licensing Google’s app store (the Play Store); 2. made payments to certain large manufacturers and mobile network operators on condition that they exclusively pre-installed the Google Search app on their devices; and 3. has prevented manufacturers wishing to pre-install Google apps from selling even a single smart mobile device running on alternative versions of Android that were not approved by Google (so-called “Android forks”).”

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Mubadala, RCIF and UFC Agree to Form UFC Russia Joint Venture



Endeavor (formerly WME | IMG) is taking its UFC brand into Russia. Endeavor is financially-backed by investors such as Silver Lake Partners, CPPIB, KKR and Singapore’s GIC Private Limited. The global talent agency company inked a deal with the Russia-China Investment Fund, Mubadala Investment Company (UAE) to form a platform to focus on the development and expansion of UFC’s mixed martial arts (MMA) business in Russia and CIS countries. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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