Australia’s Future Fund reported a 12.4% return for the year to June, excluding its Telstra holding, Financial Standard reports. The result was an increase of 1.8% over its ex-Telstra return of 10.6% for the year to June 2010. The fund’s Telstra holding returned 2.9% over the year. The sovereign wealth fund (SWF) lowered its Australian equities exposure from 11.8% at June 30 to 11.2% in June 2010. The fund cut its developed markets foreign currency holdings from 15% to 10% of the total value of the fund earlier this year.
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