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When Australia’s Future Fund was established as a national sovereign wealth fund in 2006, it set out with a target return of 4.5% over the consumer price index. To March 31, that translates to a target of 6.9% since inception.
That was in the heady days before the financial crisis when, in Australia in particular, it appeared that the good times would last for ever and asset growth could be taken for granted. When one considers what has happened since, from the financial crisis to European sovereign debt, from bank recapitalizations to Brexit, that looks like a high bar.
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