APS Foundation investment update

Hear the latest APS Foundation investment update from Australian Philanthropic Services (APS) Founder, Chair and General Portfolio Manager Chris Cuffe AO, and David Wright, APS Foundation Focused Portfolio Manager as they cover the latest portfolio results across both the General and Focused portfolio and how the APS Foundation is managing philanthropic capital in the current investment market.

They provide an overview of the key market themes, discuss portfolio performance, and share their outlook for the year ahead.

Highlights:

  • Judith Fiander, CEO addressed the recent news that the Australian government plans to increase the minimum distribution rate for ancillary funds to 6%, though the change is unlikely to take effect from 1 July 2029 (at the earliest) and the APS Foundation currently already gives over 6%. Judith highlighted the expansion of new community charities aimed at encouraging place‑based local giving. APS will update our clients as more information becomes available.
  • APS Foundation reaffirmed its commitment to transparency and long‑term stewardship of the more than $455 million under management.
  • David Wright outlined global ESG and responsible investment trends influencing current and future positioning. He described major themes such as the accelerating energy transition – electrification, wind and solar; tightening ESG regulations in Europe and reduced tolerance for greenwashing; increasing integration of climate‑related financial risk into corporate reporting and strong investment into energy, transport, water and digital infrastructure.
  • David highlighted some investment strategy moves including reduced cash holdings, diversifying fixed income further, and exploring the inclusion of private assets exposure and long/short equity funds to navigate ongoing market volatility, and growing the fund to maximise diversification.
  • Chris Cuffe emphasised the unique features of APS Foundation investing: long‑term horizons, consistent inflows, tax‑free status, and a highly diversified portfolio spanning equities, private markets, infrastructure and venture capital. Chris addressed the challenges of navigating inflation trends, interest‑rate uncertainty, volatile US equity valuations, and the impact of AI disruption on global markets. The diversified nature of the portfolio positions it well to capture upside, while mitigating downside risk.
  • Chris does not foresee any need to materially adjust the fund’s investment objective, even with the higher 6% requirement.
  • Event with recent market softness, Chris confirmed the General Portfolio continues to exceed its long‑term CPI+4% return target and remains well‑positioned to continue delivering strong, stable returns for the charitable sector.
  • We are extremely grateful for the support received from respected fund managers who provide their investment services pro bono or low bono.   

Recorded 4 March 2026