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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

Trump to Swat Down Petro Cryptocurrency



In a bid to exert economic pressure on the Venezuelan government headed by President Nicolas Maduro, U.S. President Donald Trump issued an order on March 19th that prohibits U.S. citizens from purchasing a cryptocurrency that the Venezuelan government is releasing. The cryptocurrency is called the Petro. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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DP World and NIIF Joint Venture Embarks on First Investment



Hindustan Infralog Private Limited, the US$ 3 billion joint venture formed in January 2018 between DP World and the National Investment and Infrastructure Fund (NIIF) to invest in ports, logistics and warehousing, agreed to acquire 90% of Continental Warehousing Corporation (Nhava Seva) Limited for US$ 400 million. 10% is being retained by the company’s founders – the Reddy family. Adi Keshav Reddy is the founder of Continental Warehousing. This is the first investment of the Hindustan Infralog platform.

The sellers include Warburg Pincus India Pvt Ltd, International Finance Corporation (IFC) and Aureos Capital, a joint venture between the CDC and Norfund that was acquired by Abraaj Capital.

Barclays, Citi and Detusche Bank advised on the transaction.

Continental Warehousing was formed in 1997 and is one of India’s biggest container warehousing firms – operating container freight stations and private freight terminals across India. In April 2011, Warburg Pincus invested in Continental Warehousing, committing US$ 100 million. In December 2015, IFC invested US$ 25 million in equity and lent US$ 35 million in debt to Continental Warehousing.

In India, DP World has been operating container port terminals since 1997.

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SWFI First Read, March 18, 2018



Surbana Jurong and China Vanke Tie up Deal for Industrial Town Projects

Surbana Jurong, a real estate development company focused on urban projects, inked a deal with China Vanke to partner on new industrial towns in China’s midwest regions. Surbana Jurong is majority-owned by Singapore’s Temasek Holdings. The first joint project is Vanke’s Jianzhou Dream Town in Chengdu. Surbana will provide the design for this project.

PIF Eyes Hollywood Talent

Saudi Arabia’s Public Investment Fund (PIF) is looking at investing around a 7% stake in Endeavor, LLC, a talent agency holding entity of WME for a reported US$ 400 million. Ari Emanuel is the CEO of Endeavor. PIF’s financial advisor for this deal is Michael Klein & Co. Endeavor is being advised by Ares Holdings.

Alex Wilmot-Sitwell of BAML Resigns

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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