France’s pension reserve fund, FRR, has updated its strategic asset allocation to align with a longer investment horizon. The fund now holds 46 % in unhedged equities and approximately 15 % in unlisted assets, with the remainder split across intermediate-risk instruments (36 %) and high-quality fixed income (18 %). FRR’s shift reflects how large, long-horizon funds are embracing greater equity and real-asset exposure, assuming the enduring capital strength and governance sophistication to absorb short-term volatility.
