澳最大养老基金削减全球股票配置：担忧AI降温

Core Viewpoint - AustralianSuper plans to reduce its global equity allocation next year due to signs that the AI boom in the US stock market may be cooling down [1][3]. Group 1: Investment Strategy - The fund's investment strategy head, John Normand, indicated that the valuations of large US tech companies are high compared to historical levels [1][3]. - There is a rapid expansion in leverage used for AI investments, alongside an accelerated fundraising pace through mergers, venture capital, and public listings [1][3]. - The fund has been adjusting its overseas stock allocation since October by increasing holdings in listed infrastructure companies to diversify investments [1][3]. Group 2: Market Trends - Normand believes that the current AI-related stocks have not yet formed a bubble, but multiple factors are accumulating that will lead to a reduction in public equity allocation [1][3]. - The interaction of the AI cycle maturing and the Federal Reserve's shift to tightening policy by 2027 is seen as a significant trend [1][3]. Group 3: Future Plans - AustralianSuper plans to further increase its allocation to private equity by 2026 [4]. - The fund's international stock allocation is currently over 3 percentage points above the benchmark index [1][3]. Group 4: Bond Market Concerns - There are potential vulnerabilities in the bond market, as investors expect the Federal Reserve to raise rates by only 25 basis points in 2027, which historically tends to be underestimated [2][5].