City Super has awarded a mandate to Principal Global Investors.
The mandate will be invested in the Principal Global Strategic Income Fund — a diversified fixed income fund.
Confirming the mandate, City Super chief executive Ian Prowse said he believed the Principal Global Strategic Income Fund would provide City Super with a positive exposure to higher yielding securities.
He said the selection of Principal had been based on the fund’s focus on investment strategy development and manager and portfolio selection.
The sovereign wealth fund grew $11.5 billion in the March quarter, according to its latest portfolio update, having previously voiced caution about inflation’s downward trajectory.
The property group, owned by industry super fund Aware Super, has announced two new projects with a total construction value of $320 million that will add more than 700 homes to Melbourne’s rental market.
While institutional investors, including super funds, unanimously acknowledge the energy transition as a significant challenge, their perspectives on the extent of their involvement in addressing the substantial capital requirements vary widely.
Despite a period of increased volatility, several considerations suggest that the bull market will remain intact and the trend in shares will remain up, an economist has suggested.
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