Australian Fund Colonial First State Rethinks US Tech Exposure

One of Australia’s largest pension funds is rethinking its allocation to listed US technology companies as concern about artificial intelligence spending continues to weigh on shares.

Colonial First State Superannuation, a division of the A$179 billion ($125 billion) retirement fund and wealth manager owned by KKR & Co Inc. and Commonwealth Bank of Australia, is “actively looking at our exposure in particular to US tech and over time starting to consider whether or not there is a reallocation of that,” Chief Executive Officer Kelly Power said. She was speaking at the Australian Financial Review Business Summit in Sydney on Wednesday.