Legalsuper has redeemed a $38 million mandate with hedge fund manager Aurora LLC, according to fund chief executive Andrew Proebstl.
The funds will be integrated back into legalsuper’s equities portfolio as part of a shift to slightly increase equities exposure in the fund’s diversified options, Proebstl said.
The shift was decided as part of the outcome of a review with legalsuper’s asset consultant, JANA, which was completed in December, he said. This will likely result in further funds being redirected towards equities, he added.
Legalsuper still has a couple of other smaller hedge fund mandates that are ongoing, Proebstl said.
As market volatility persists, some super funds are pivoting defensively, while others are strategically positioning to capitalise on emerging opportunities.
New data has shown a progressive deterioration in risk appetite among instos even prior to Donald Trump’s latest round of tariffs.
UniSuper has reached “peak investment” in US assets and is now preparing to reassess its exposures amid ongoing sharemarket volatility.
Investors have slashed their US equity allocations to the lowest level on record, according to new data from Bank of America.