DOWN UNDER DOWNER. Hearing a cautious investor urge greater caution sounds like a serious belt-and-braces approach. Australia’s sovereign wealth manager, led by Chairman Peter Costello, is a case in point. It already stuffed almost 20% of its eponymous Future Fund into cash. In a quarterly update released on Thursday, it added inflationary fears to the “potential for setbacks” in its outlook, a day after the latest data on Australian prices showed a slim 0.6% increase. In any event, the fund only has 7% of its assets in Aussie stocks. It is, however, thinking longer-term, evidenced in part by its offer to buy Australian wind-farm operator Tilt Renewables (TLT.NZ). And it has been largely successful. Assets in the core fund hit a record A$179 billion ($139 billion) last quarter. Its 10-year return of 9.1% is healthy for a conservative investor, and just shy of the average return of local superannuation growth funds. With that kind of performance, why throw caution to the wind? (By Antony Currie)On Twitter http://twitter.com/breakingviews Earlier in Capital Calls: Samsung showcases power of sprawl read more Powell’s troublesome poker face read moreShopify accelerates to slowdown read more Mishcon de Reya IPO needs polished investor brief read more Boeing’s long haul read more