The A$335 billion ($223 billion) fund has started the new financial year 3% overweight in stocks. AustralianSuper has moved money from its fixed interest and cash portfolios to expand its global and domestic equities allocation to about 57.5% of its portfolio, a position it expects to maintain or 'possibly' increase, Chief Investment Officer Mark Delaney said in an interview. Delaney ' like other large investors ' has benefited from exposure to the 'Magnificent Seven' mega caps. He likened the current tech boom to other periods of innovation such as the introduction of computing, the internet and mobile phones, that would run for 5 to 10 years in three phases. He also anticipates that the US Federal Reserve will cut interest rates, giving stocks additional support. AustralianSuper's balanced option, where 90% of members have their retirement savings invested, returned 8.5% for the financial year. The high growth option delivered 10.2%. Rival Australian Retirement Trust, the nation's...
learn more
