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The pension fund’s chief executive, Jo Taylor, said in an interview in Davos that it is “warehousing” cash in public markets after exiting several private-market investments last year. (Bloomberg)
Talking point: The fund sold assets including airport stakes in Europe and its majority interest in India’s Sahyadri Hospitals Group, with plans to redeploy the capital once market conditions and opportunities become clearer. The pension fund, which oversees roughly $270 billion in assets, scaled back exposure to the U.S. dollar and U.S. treasuries in the first quarter of last year, citing concerns about a “deflationary dollar,” Taylor said. Even so, U.S. equities still account for about 30 to 35 per cent of the pension’s portfolio. The move reflects a broader shift among global pension funds toward keeping capital liquid amid geopolitical, policy and currency risks.
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