Future Fund’s rebalancing helps reduce annual loss

Australia’s A$205.1 billion ($150 billion) Future Fund posted a negative 0.9% return in the 12 months to the end of June, its first yearly loss since the global financial crisis of 2008-2009. But the sovereign wealth fund said shifting into more defensive portfolio positions and selling down international private equity and alternative asset positions in favour of more domestic exposures shielded it from an even worse result.