Major Western Australian-based public sector fund the Government Employees Superannuation Board (GESB) has awarded Mellon Global Investments Australia a significant global equity mandate, to be managed by Mellon subsidiary Newton Investment Management.
Announcing the mandate, GESB chief executive Michele Dolin said it was a part of a broader strategy and was expected to be an important contributor to overall fund performance.
The Newton methodology utilises a bottom-up stock selection process, with the company being regarded as a pioneer in thematic investment.
Mellon Global Investments managing director James Gruver said Newton had nearly 30 years experience investing on a global thematic basis, and its global equity strategy had outperformed the benchmark in each of the past 10 calendar years.
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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