August 29, 2018 / 12:01 AM / 3 months ago

Australia's sovereign fund beats annual target as it takes more risk

SYDNEY, Aug 29 (Reuters) - Australia’s sovereign wealth fund said on Wednesday it returned 9.3 percent for the year, easily beating its target, as a strategy of shifting into riskier investment categories paid off.

The 12-year-old Future Fund’s return for the year to end-June compares with its 6.1 percent return target and takes it to A$146 billion ($106.81 billion) under management.

“We slightly increased the level of risk in the Future Fund, balancing our perspective on the more positive near-term outlook with the longer-term risks that remain,” fund chairman Peter Costello said in a statement. ($1 = 1.3669 Australian dollars) (Reporting by Byron Kaye Editng by Eric Meijer)

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