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.

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:



Alternative assets

 Skill-based absolute return strategies and other risk premia providing diversity of return streams


 Treasury bills, bank bills and deposits


Primarily through non-government fixed interest securities extending to mortgages, high yield credit and corporate loans

Portfolio overlays

 Listed equities, developed market currency, emerging market currency, domestic and global interest rates and portfolio protection strategies

Listed equities

Australian equities, global developed market equities, global emerging market equities, both long-only and long-short

Private equity

Venture capital growth capital, buyout, distressed debt for control

Tangible assets

 Real estate, infrastructure, utilities, timber and agricultural assets gained through public or private markets

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