A mandate was also awarded to BlackRock Investment Management to run overlay strategies, which it is understood has the charge of keeping the equity proportion of the portfolio within its ranges. Neither the Fund nor BlackRock were able to comment in detail on how this was being implemented.

The Future Fund is still a long way from unwinding its 62.1 per cent cash position to its target allocation of zero. The Fund aims to eventually hold 35 per cent in equities, 30 per cent in tangible assets, 20 percent in debt, and 15 per cent in alternatives. It said its large cash holdings reflected its “still cautious view of markets”, the early stage of its private markets program, and the receipt of a further $10.9 billion in Government contributions during the year.


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