The Future Fund released a portfolio update on Friday that revealed, among other things, a A$12.5 billion investment in debt securities, as at the end of June, and up about $1 billion over the quarter.This is an allocation of 23.1 per cent of its portfolio, up from 21.9 per cent at the end of March, to an asset class that typically only accounts for around 15 per cent of most superannuation portfolios, at best. The Future Fund noted that its substantial investment in credit helped it avoid the more extreme declines seen in equities. It still has 41.1 per cent of its portfolio in cash.