Future Fund Returns 17.2 Percent for 2013
Australia’s Future Fund returned 17.2% from the 12 months ending on December 31, 2013 – beating the benchmark target return of 6.8%. At the start of 2013, the Future Fund’s chief investment officer, David Neal, wanted a major shift of investment away from fixed income, toward equities.
In a press release, outgoing managing director, Mark Burgess stated, “Over the last year we have positioned the Fund to benefit from the market strength that has flowed from global policy efforts to lift economic activity. The portfolio has continued to perform well generating strong returns.”
Burgess mentioned in a recent teleconference that the high rate of return will be difficult to extract in the future. He added, “Many of the factors behind it are already priced into the asset classes.”
Peter Costello, the former treasurer, has been appointed chairman of the Future Fund after David Gonski departs to take the chairman role at ANZ Bank. Costello has been a member of the board of guardians since 2009.
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