Australian Pension Fund Tilts to US Over Local Stocks on AI Boom

Brighter Super, a A$37 billion ($26.8 billion) Australian pension fund, is tilting its portfolio away from the local share market in favor of global stocks as artificial intelligence continues to gain momentum in the US.

The Queensland-based fund is trimming its domestic stock portfolio at the margins, Chief Investment Officer Damien Webb said in an interview. Webb, who has returned to Australia to join the pension fund after running Aware Super’s international operations from London, said the portfolio move was a “modest, tactical” play.