“In light of this, we considered whether the overall view of growth assets should be raised to positive to take advantage of improved valuation signals resulting from recent price falls. “On balance, however, while we believe double-dip and inflation risks are low, the consequences of such events would be extremely severe in a world with ballooning fiscal deficits and fragile banking systems. As a result, we have decided to retain our current neutral stance on growth versus defensive assets.
Investments
The Future Fund delivered a 14.8 per cent one-year return to June 30, 2026, attributing the return to a combination of exposure to commodities, geographic diversification, an increased focus on active management and low exposure to bonds. Newly minted chief investment officer Richard Brandweiner also highlighted strong performance in emerging markets.





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