Future Fund boosts active equity program with new EM manager

Investment Magazine

The Future Fund has renewed its push into active equity management in the emerging markets, tipping money into boutique Australian manager Northcape Capital as it looks to capitalise on opportunities in the asset class. While the Future Fund does not comment on specific investments or managers, and would not directly confirm the appointment, Northcape was not listed as a manager of emerging market equities in the Future Fund’s 2024-25 annual report but has been added to the line-up online, which lists managers as at 31 December 2025. “We adjust allocations and strategies across managers in response our overall risk settings as well as the specific opportunities and strategies that we identify in the market,” a Future Fund spokesperson told Investment Magazine.

“This reflects our joined-up approach to investing and commitment to managing and adjusting the portfolio as the opportunities and conditions evolve.” State Street Investment Management has also been dropped from the emerging markets line-up, suggesting the allocation could be a chunky one, assuming none of the money it managed was re-distributed to Robeco, Insight or UBS – the other managers in the Future Fund’s emerging markets roster. The Future Fund added all three managers post its 2017 pivot to passive management in many areas of the listed equity markets.

The rest of this article can be found at investmentmagazine.com.au.