Jan
10
Aussie Finds Friend as $1.4 Trillion Pension Pool Buys on Losses
By-
Local fund managers cut foreign-exchange exposure, buy Aussie
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Currency hedges for equities are highest since at least 2013
Australia’s $1.4 trillion local pension fund industry is one of the few friends the nation’s currency has left during its worst start to a year.
Superannuation fund managers have been buying the Aussie to trim foreign-exchange exposure and increasing how much they hedge their offshore investments. After the local dollar’s more than 30 percent slide since early 2013 boosted returns on their international equity and bond holdings, investors are becoming more cautious about remaining too exposed to swings in the currency market, Macquarie Bank Ltd. said…
Aussie Finds Friend as $1.4 Trillion Pension Pool Buys on Losses
