10th February, 2026
Malaysian sovereign wealth fund Khazanah’s 2025 performance indicates a settling down to the historical norm following an exceptional 2024 with its portfolio increasingly aligned with Malaysia’s broader state-capital framework.
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5th February, 2026
Taiwan’s public pension fund manager the Bureau of Labor Funds (BLF) delivered an exceptional performance in 2025 with a 16.1% return on roughly NT$7.79 trillion (US$250 billion) in assets under management, according to figures released by the Bureau of Labor Funds this week, confirming that Taiwan’s labour funds are weighty players in global investing.
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4th February, 2026
Australia’s Future Fund delivered a 12.4% return in 2025, boosting its AUM by A$29.5 billion (US$20.1 billion) to A$335.3 billion (US$228.0 billion) after withdrawals.
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29th January, 2026
NBIM delivered a 15.1% return in 2025, following 13.1% in 2024, extending the rebound that began after the sharp drawdown of 2022. In historical terms, 2025 sits well above the fund’s long-run annualised return (around 6.6% since 1998), confirming that the last three years have been unusually supportive for a portfolio with large listed equity exposure.
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28th January, 2026
SOFAZ ended 2025 with assets of US$73.5 billion, up 22.5% from US$60.0 billion at the start of the year. The increase of roughly US$13.5 billion reflects a combination of portfolio returns and valuation effects linked to foreign exchange movements and gold prices.
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12th January, 2026
Iran’s leadership is projecting resilience at a moment of acute political and economic strain. After months of regional escalation, domestic unrest, and tightening sanctions enforcement, senior officials are emphasising stability, capacity and national self-reliance. Central to that narrative is the claim that the state still commands vast financial resources – above all through its sovereign wealth vehicle, the National Development Fund of Iran (NDFI).
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11th December, 2025
China Investment Corporation (CIC) closed 2024 with record assets and another year of benchmark-beating performance, according to its annual report released this week. But beneath the headline numbers, the sovereign wealth fund is leaning more on borrowing, ramping up its international portfolio, and disclosing less about how and where it invests.
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30th October, 2025
Norges Bank Investment Management (NBIM) delivered a 5.8% return in the third quarter of 2025, with equities up 7.7%, fixed income up 1.4%, unlisted real estate up 1.1%, and unlisted renewables up 0.3%.
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24th October, 2025
Azerbaijan’s State Oil Fund (SOFAZ) has powered through 2025 with the strongest balance-sheet expansion in its history, but the very engines of that growth – notably its high concentration in gold – also sharpen the downside if conditions turn.
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18th September, 2025
On Wednesday, ADIA released its results for the year ended on December 31, 2024 – surprisingly early when compared to the timeline of the past few years. Below is our usual reading between the lines, for our subscribers:
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14th August, 2025
Saudi Arabia’s Public Investment Fund (PIF) reported another year of stellar growth in its 2024 annual report with some strong headline numbers: AUM surged 19% to US$913 billion, cumulative domestic investments since 2021 topped US$171 billion, and PIF now represents around 10% of the Kingdom’s non-oil GDP.
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6th August, 2025
Iran’s sovereign wealth fund - the National Development Fund of Iran (NDFI) - is sitting on a reported "balance" of US$30 billion, according to the Fund’s chairman Mehdi Ghazanfari.
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