Aware Super has found that around 15 per cent of the assets in its high-growth option are exposed to the AI thematic – a level of concentration that head of investment strategy Michael Winchester is comfortable with for now, which he admits means the $205 billion fund must be “really discerning” about where it allocates in the future.

The nation’s third-largest super fund began taking stock of its holdings as it grew wary of the so-called “cross exposure” to AI in the portfolio; namely, the proliferation of AI opportunities across not only global equities, but also credit, property, infrastructure and virtually all major asset classes.

“We realised that this was a concentration that wasn’t clearly defined by asset…