Equities are falling out of favor with Australian retirement funds, which managed A$2 trillion ($1.4 trillion) as at March 31, the world’s fourth-largest pension pool. Their total allocation to equities slipped to the lowest in more than two years at the end of March, making up 48.5 percent of assets, down from half three months earlier. Australia’s benchmark S&P/ASX 200 Index declined 14 percent in the year to March 31, while the MSCI World Index slipped 5.3 percent in the period.

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