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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14th January, 2026
When Singapore’s Parliament returned this week, MPs lined up questions about the performance of GIC and Temasek, two institutions central to the city-state’s fiscal model and its reputation for technocratic stewardship. The immediate trigger was a run of media comparisons suggesting that Singapore’s flagship investors have lagged global peers and public market benchmarks over the past decade.
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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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11th November, 2025
South Korea’s National Pension Service (NPS) is weighing a tactical increase in its domestic equity exposure after this year’s sharp stock market rally pushed the fund up against its own allocation limits, forcing a collision between long-term diversification policy and short-term political and market pressures.
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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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19th September, 2025
Türkiye Wealth Fund (TWF) closed 2024 with larger scale, stronger margins, and ample liquidity - setting up a more confident funding strategy through 2025.
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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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10th September, 2025
The New Zealand Superannuation Fund (NZ Super) ended the year to 30 June 2025 with an 11.84% pre-tax return after costs, lifting assets to NZ$85.1 billion (US$50.5 billion) and adding NZ$8.4 billion (US$5.0 billion) over the year.
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9th September, 2025
South Korea’s National Pension Service (NPS) posted a +4.08% money-weighted return in the first half of 2025, generating KRW 49.8 trillion (US$36.9 billion) of investment income.
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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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