-- AustralianSuper, the country’s largest pension fund, is shifting money into equities on the expectation that artificial intelligence will fuel further gains in tech stocks.The A$335 billion fund has started the new financial year 5-6% overweight in stocks, Chief Investment Officer Mark Delaney said in an interview.
While tech was a bright spot, other assets classes were a drag on the fund’s performance. Delaney said investments that had exposure to higher interest rates struggled, particularly real estate. Delaney said AustralianSuper’s London office was poised to hire four new portfolio managers, and would grow from the current staff of 140 to 200 in the next two years. Delaney said the US office was primarily to give better access to private equity deals, while private credit is also still an area of firm interest.