The chairman of the $161 billion Future Fund, Peter Costello, says the money manager is preparing for a challenging and volatile environment, after its annual returns slipped to -0.9 per cent last year as a result of the pandemic.
The taxpayer-owned fund on Wednesday reported slightly negative returns for the year to June, due to an extremely volatile period on global sharemarkets in the second half of the financial year.
“The board is focused on positioning for what will be a challenging and volatile environment in the future,” said Mr Costello, a former Liberal Treasurer and chairman of this masthead’s owner, Nine Entertainment.
“The factors that have fuelled strong performance in the past may not be there any longer. We will need to be ever more strategic in how we pursue long-term returns in the future.”