Future fund a cautious investor 05 May 2009 4:32PM Ian Rogers The Future Fund continues to adopt a cautious approach to investment, with more than 40 per cent of the fund still invested in cash and less invested in debt securities than has been speculated.The March 2009 quarterly portfolio update shows $11.2 billion invested in debt securities, up from $9.0 billion at December 2008.The fund held another $21.0 billion in cash at the end of March, down from $24.0 billion at the end of December.The funds made incremental investments only in infrastructure, alternative assets and private equity over the quarter.Forty one per cent of the fund was invested in cash at the end of March, down from 46 per cent at the end of December.