They are instead looking at global equities and unlisted assets for diversification and superior returns, fund CIOs say.
Dominic Lorrimer
But this is only expected to grow to 41 per cent by 2030 despite the size of the sector increasing, falling short ofAMP chief investment officer Anna Shelley said funds had to reduce their “home bias” of portfolios to meet their fiduciary obligations as they continued to grow.“For example, it would be imprudent to own too much of a single stock or bond because the market impact of buying or selling would be too great,” she said.
Colonial First State CIO Jonathan Armitage said that while Australia had some companies that competed on the global stage such as BHP, CSL and Macquarie, the opportunities in overseas markets was generally much larger. HESTA CIO Sonya Sawtell-Rickson added that offshore investments offered access to “certain thematics” such as climate change solutions that served the best long-term financial interest of members.
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