Australia Future Fund published today its 2020 year-end results, confirming it had returned +1.7% for the 12 months ending on December 31. Together with capital injections, withdrawals and dividends, the fund grew its total AuM a +12.9% in USD terms (+2.8% in AUD terms). This is in a year where the Australian economy dropped a -4.2% and the world economy, a -4.4%.

In fact, most SOIs that have published their figures at year-end experienced similar growths. NZ Super, who was portrayed in our 2021 Annual Report as the top performer in the past six years, grew a +20.8% in USD terms (+12.8% in NZD terms). PIF grew a +23.1% thanks to several government capital infusions. And US’ funds growing included CalPERS (+11.9%), CalSTRS (+11.5%) and Alaska PFC’s (+5.0%).

The world’s largest SWF, Norway’s NBIM is not falling behind either. The 2020 year-end figure and returns will be confirmed tomorrow at a public conference, but taking into account today’s number, we can anticipate that the growth will have been higher than 11% in NOK and higher than 15% in USD terms.

The exceptions were pockets of Central Banks that were used to recalibrate the reserves and stabilize the financial budget. These included HKMA Exchange Fund and NBK-hosted National Fund of Kazakhstan, which dropped a -4.3% and a -4.9% in USD terms, respectively.

Whether the equity markets will keep pushing SOIs’ balance sheets, and this growth will continue during 2021, that’s up for debate.

Related funds Future Fund NZ Super Fund
Related tags Covid-19 Returns