Superannuation fund Westscheme has sold Muir Grove, a collateralised loan obligation (CLO), for $5 million.
"We undertook a strategic tilt in our portfolio after the GFC (global financial crisis)," Westscheme chief executive Howard Rosario said.
"We analysed the portfolio closely and decided to get rid of the high-risk assets that we invested in."
Recently the fund sold its 25 per cent stake in a Sydney property located in Martin Place.
The decision to sell the property was part of the portfolio review.
Under the review the fund made the decision to move away from highly geared assets, Rosario said.
"The highly geared assets were most adversely affected during the GFC," he said.
Westscheme still has some exposure to CLOs.
Rosario said Westscheme would only sell those assets at the right price.
"This is not a fire sale. There are currently people in the market willing to buy these assets at the right price," he said.
