We invest the assets of each fund in line with its individual investment mandate and strategy.

We seek out the best investment ideas for the targeted risk and return objectives in a given investment environment. 

There are a range of factors that shape our investment portfolios, including the investment mandates, our investment beliefs, our investment model and our investment policies.  We strive to develop a thorough understanding of the investment environment and key drivers of portfolio risks and their potential impact on the portfolio.

We partner with investment managers who execute investment strategies on our behalf.

Each fund we manage is unique, so we take a tailored approach to how we approach investing their assets.

For the Future Fund and the Medical Research Future Fund, we construct highly diversified portfolios and take a flexible and dynamic approach to taking risk. Their long-term investment horizons provides us with a number of advantages, including the ability to include market risk in the portfolio, tolerance to include less liquid investments in the portfolio, and the ability to manage risk dynamically to reflect substantial changes in conditions.

The DisabilityCare Australia Fund and the Nation-building Funds have shorter-term investment horizons. Their investment mandates require us to minimise loss over a 12 month period. The assets of these funds are invested in a combination of short- and medium-term debt instruments.

We disclose substantial information about the portfolio through our annual report and our regular portfolio updates. In addition, we publish a list of our top 100 listed equity holdings.

Want to learn more about how we invest the assets of the Future Fund? Our Investing the Future Fund booklet takes a closer look.


Investment categories

We invest in the broad categories outlined below:




Listed equities

Exposure to corporate enterprise gained through public markets Australian equities, global developed market equities, global emerging market equities

Private equity

Exposure to corporate enterprise gained through private markets Venture capital growth capital, buyout, distressed debt for control

Tangible assets

Exposure to investment where the return comes primarily from the income return on a physical asset  Real estate, infrastructure, utilities, timber and agricultural assets gained through public or private markets


Exposure to the credit component of interest-bearing securities Primarily through non-government fixed interest securities extending to mortgages, high yield credit and corporate loans

Alternative assets

 Exposure to assets not covered in the categories above Skill-based absolute return strategies and other risk premia providing diversity of return streams


Exposure to very short duration fixed interest with tightly managed credit risk Treasury bills, bank bills and deposits

Portfolio overlays

Synthetic management of exposures to various investment risks Developed market currency, emerging market currency, domestic and global interest rates and portfolio protection strategies

Investment model

The investment model illustrates how we approach investment.


In shaping the core parameters of the investment principles and processes, and how they are resourced, the design of our investment model must have careful regard to the organisation’s advantages, beliefs, culture and constraints. As the figure below illustrates, these factors are all highly interdependent, such that changing one will have an impact on a number of others.

 Future Fund investment model