The Sovereign Investor with the best improvement in best practices, comparing the 2026 and 2025 GSR Scoreboards, was Mongolia's SWF, recently renamed Chinggis Khaan SWF.

CKSWF is divided into three mandates: a heritage pool for future generations, a savings account for citizens, and a development fund to finance domestic projects. According to the fund’s website, total AuM currently stands at US$ 2.3 billion, and a savings account has been set up for each Mongolian citizen (all 3.6 million) with an individual balance of US$ 49 as of December 2025. Every citizen can check their account and that of their children on a government app but cannot start using it until 2030 – a very innovative process among SWFs globally.

One of CKSWF’s keys for success, when compared to its predecessors, will be the protection of its capital, as the mines expect to deliver peak production from late 2020s to 2040. The heritage fund, which is financed by 65% of the royalty revenues, will not allow expenditures until 2030, after which up to 10% of the returns may be transferred to the state. The savings account will not allow citizens to touch their accounts until 2030, and the development fund will only implement high-priority social and economic projects.

[GSWF] Mongolia has experienced several interactions of sovereign wealth funds since 2007. How is Chinggis Khaan SWF different, and why do think the GSR Scoreboard is important for your institution?

[CKSWF] We are encouraged to see Chinggis Khaan Sovereign Wealth Fund’s improvement in the 2026 GSR assessment, moving from 12% to 44% and advancing 52 positions in one year. For a young sovereign wealth institution, this progress reflects concrete steps taken to strengthen Mongolia’s framework for managing national wealth with greater transparency, discipline, and accountability.

Over the past year, we have focused on laying the foundations of a credible sovereign wealth institution. This included clarifying the Fund’s mandate and operating model, developing internal governance and risk policies, improving public disclosure, and reporting practices, engaging with international peer institutions, and aligning our work more closely with the Santiago Principles and global benchmarks for sovereign investors. We have also placed strong emphasis on making the Fund more understandable to citizens, as public trust is essential for any institution managing assets on behalf of current and future generations.

For Mongolia, the Fund’s purpose is not only to accumulate financial assets, but to convert strategic mineral wealth into long-term national value. This requires disciplined revenue management, sound investment policy, responsible stewardship, and clear accountability. As our institutional capacity grows, we aim to embed stronger risk management, performance discipline, and impact-oriented thinking into the way public wealth is managed.

The improvement in the GSR score is an important milestone, but we see it as a starting point for more systematic disclosure, stronger investment governance, clearer performance reporting, and continued alignment with global standards.

Mongolia has a unique opportunity to transform its mineral endowment into lasting national wealth. Our responsibility is to ensure that this transformation is managed professionally, transparently, and in the public interest. We welcome Global SWF’s recognition of our progress and view it as encouragement to continue strengthening the Fund’s governance, sustainability, and long-term institutional resilience.