AUSTRALIA - Australia's A$64.3bn (US$60bn) Future Fund reported returns of 5.6% in the quarter ending September 30.
Since its inception on July 1, 2007, the scheme has returned 1.2%. The Future Fund was established to shore up assets the government can use at a later date to cover superannuation fund contributions.
Chair of the board David Murray said: "We continue to build towards our long-term asset allocation. During the quarter we made allocations to listed equity markets, added to our debt program and took up an attractive property opportunity in the UK."
But Murray remained cautious on the ability to generate strong returns going forward, saying "the quality of its investment returns remain dependant on stable longer-term global economic growth."
The reported returns do not include the scheme's investment in telecommunication company Telstra. The Future Fund's investment in Telstra returned 0.8% for the quarter.
The government transferred its holdings in Telstra to the Future Fund in February 2007. In August of this year, the Future Fund sold 34% of its holdings in the company.
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