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Australia’s sovereign wealth fund buys gold, commodities as shadow of 1970s looms
By Lewis Jackson
Sunday, December 18, 2022
SYDNEY -- Australia's A$200 billion ($134.28 billion) sovereign wealth fund is increasing exposure to gold, commodities, private equity, and infrastructure as it warns the future will echo the low-growth, high-inflation era of the 1970s.
The Future Fund outlined the changes, which also included widening its currency basket, in a note on Friday that questioned the value of traditional 60-40 portfolios and called for an investing shift to confront a world dealing with war, inflation and climate change.
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"In this kind of environment there is a real risk of simultaneous slow growth, high unemployment, and rising prices that has some parallels with the stagflationary period that struck developed markets in the 1970s," the note said.
Investors large and small are scrambling to adjust portfolios and philosophies undermined by the simultaneous cratering of equity and bond markets.
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