机构研究报告-State-owned investment (SOI) worldwide-外文版培训课件

INDUSTRIES

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MARKETSState-ownedinvestment(SOI)worldwideCHAPTER

01OverviewNumberofstate-ownedinvestors(SOIs)establishedworldwideperdecadefrom1940until2025Numberofstate-ownedinvestorsestablishedperdecadeworldwide1940-2025CentralbanksPublicpensionfundsSovereignwealthfunds12010080604020013531485839560312143373547325139422230312321121980s10943Before19401940s1950s1960s1970s1990s2000s2010s2020s3Description:Thenumberofstate-ownedinvestors(SOIs)grewsteadilyfrombeforethe1940sthroughthe2020s.Theestablishmentofpublicpensionfunds(PPFs)accountedforthemajorityofSOIgrowth,with53PPFsbeingcreatedpriortothe1940s,thistrendcontinued.Asofthe2010s,roughly30PPFswerecreated.Theestablishmentofsovereignwealthfunds(SWF)wasmorestaggered,with13beingestablishedbeforethe1940sandthenanadditionaleightbeingcreatedinthe1970s.However,it[...]

ReadmoreNote(s):Worldwide;1940to2025Source(s):GlobalSWFNumberofstate-ownedinvestors(SOIs)worldwidein2024,byregionandinvestortypeNumberofstate-ownedinvestorsworldwide2024,byregionSovereignwealthfundsPublicpensionfundsCentralbanks20018016014012010080248731543755371736602116927403721152033333429190NorthAmericaEuropeAsiaSub-SaharanAfrica

MiddleEastandNorthAfricaOceaniaLatinAmerica4Description:Asof2024,Europehadthesecond-highestnumberofpublicpensionfunds(PPFs)worldwide,andAsiafollowedinthirdplacewithover50PPFs.Sovereignwealthfunds(SWFs)werelowerinscale,withthehighestnumberinoneregiontotaling36inSub-SaharanAfrica.Europehostedthelargestlevelofcentralbanksin2024,reachingalmost50intotal.ReadmoreNote(s):Worldwide;2024Source(s):GlobalSWFAssetsundermanagement(AUM)ofstate-ownedinvestors(SOIs)worldwidein2024,byregion(inbillionU.S.dollars)AUMofstate-ownedinvestorsworldwide2024,byregionPublicPensionFundsSovereignWealthFundsCentralbanks20,00018,00016,00014,00012,00010,0008,0006,0004,0002,0000AsiaNorthAmericaEuropeMiddleEastandNorthAfricaOceaniaLatinAmericaSub-SaharanAfrica5Description:Asof2024,Asiaheldthesecond-highestoveralllevelofassetsundermanagement(AUM)throughpublicpensionfunds(PPFs).TheMiddleEastandNorthAfrica(MENA)regionhadthehighestnumberofassetsmanagedthroughsovereignwealthfunds(SWF)totalingalmost5.4trillionU.S.dollars.ReadmoreNote(s):Worldwide;2024Source(s):GlobalSWFLeadingcountriesofstate-ownedinvestors(SOIs)worldwidein2024,byassetsundermanagement(AUM)(inbillionU.S.dollars)Leadingcountriesofstate-ownedinvestorsworldwide2024,byAUMState-ownedinvestorassetsinbillionU.S.dollars02,0004,0006,0008,00010,00012,00014,000UnitedStatesChina12,3707,199Japan3,3322,5692,041UnitedArabEmiratesNorwayCanada1,9461,9381,890SingaporeSaudiArabiaAustralia1,6091,5571,2601,157SouthKoreaNetherlandsKuwait6Description:Asof2024,fiveofthetop15countriesworldwideforstate-ownedinvestors(SOIs)byassetsundermanagementwerelocatedinAsia.Chinarankedsecondoverall,behindtheUnitedStates,whichrankedinfirstplacewithSOIassetsworthroughly12.3trillionU.S.dollars.ReadmoreNote(s):Worldwide;2024Source(s):GlobalSWFCHAPTER

02LeadingSOIsworldwideLargeststate-ownedinvestor(SOI)fundsworldwideinApril24th,2024bytotalassets(intrillionU.S.dollars)LargestSOIfundsworldwide2024,bytotalassetsState-owned

investor

(SOI)FederalReserveSystemTotal

assets

in

trillion

U.S.

dollarsSOI

typeCentralBankRegionNorthAmericaAsia7.875.165.144.332.8BankofJapanCentralBankPeople'sBankofChinaCentralBankAsiaFederalNationalMortgageAssociationSocialSecurityTrustFundsDeutscheBundesbankStateOwnedEnterprisePublicPensionNorthAmericaNorthAmericaEurope2.682.532.312.2CentralBankChinaDevelopmentBankBankofFranceDevelopmentBankCentralBankAsiaEuropeFederalHomeLoanMortgageCorporationNorwayGovernmentPensionFundGlobalGovernmentPensionInvestmentFundJapanBankofItalyStateOwnedEnterpriseSovereignWealthFundPublicPensionNorthAmericaEurope1.651.6Asia1.55CentralBankEurope8Description:Asof2024,thegloballandscapeofState-OwnedInvestor(SOI)fundswasdominatedbythreeregions.Almosthalfofthetop20SOIfundsworldwidewerelocatedinEurope,themajorityoftheseSOIwereintheformofcentralbanks.NorthAmericahadthelargestSOIfundbytotalassetsglobally,managingalmosteighttrillionU.S.dollars.Asiandomiciledcentralbankstookthesecondandthirdspot,withtheBankofJapanandthePeople'sBankofChina,bothmanagingoverfivetrillionU.S.[...]ReadmoreNote(s):Worldwide;2024Source(s):SWFInstituteLargestState-OwnedInvestor(SOI)fundsinAsiain2024bytotalassets(intrillionU.S.dollars)LargestSOIfundsinAsia2024,bytotalassetsTotalassetsintrillionU.S.dollars0123456BankofJapanCentralBank5.165.14People'sBankofChinaCentralBankChinaDevelopmentBankDevelopmentBank2.53GovernmentPensionInvestmentFundJapanPublicPensionChinaInvestmentCorporationSovereignWealthFundSAFEInvestmentCompanySovereignWealthFundAgriculturalDevelopmentBankofChinaGovernmentBankJapanFiscalInvestmentandLoanFundGovernmentFundReserveBankofIndiaCentralBank1.61.351.0910.870.820.8NationalPensionServiceofKoreaPublicPension9Description:Asof2024,halfofthetoptenState-OwnedInvestor(SOI)fundsdomiciledinAsiawerebanks.TheremainingSOIswereintheformofpublicpension,sovereignwealth,andgovernmentfunds.ThevastmajorityoftheseSOIswerelocatedineitherChinaorJapan,withthelargestSOIfundbeingtheBankofJapan,managingoverfivetrillionU.S.dollarsinassets.OutsideofJapanandChina,TheReservedBankofIndiarankedinninthplace,managingroughly818billionU.S.dollarsinassets.[...]

ReadmoreNote(s):Asia;2024Source(s):SWFInstituteLargestState-OwnedInvestor(SOI)fundsinNorthAmericainApril24th,2024bytotalassets(intrillionU.S.dollars)LargestSOIfundsinNorthAmericaApril2024,bytotalassetsTotalassetsintrillionU.S.dollars0123456789FederalReserveSystem-CentralBankFederalNationalMortgageAssociation-StateOwnedEnterpriseSocialSecurityTrustFunds-PublicPension7.874.332.8FederalHomeLoanMortgageCorporation-StateOwnedEnterpriseMilitaryRetirementFund-PublicPension2.21.28FederalEmployeesRetirementSystem-PublicPensionFederalRetirementThriftInvestmentBoard-PublicPensionInternationalMonetaryFund-SupranationalEntity0.840.740.710Description:Asof2024,theFederalNationalMortgageAssociationaꢀState-OwnedEnterprisewasthesecondlargestState-OwnedInvestor(SOI)fundbytotalassetsinNorthAmerica.ManagingmorethanseventrillionU.S.dollarsintotalassets,theFederalReserveSystemrankedinfirstplaceasthelargestSOIfundinNorthAmericaandglobally.ReadmoreNote(s):NorthAmerica;April24th,2024Source(s):SWFInstituteLargestState-OwnedInvestor(SOI)fundsinEuropeinApril24th,2024bytotalassets(intrillionU.S.dollars)LargestSOIfundsinEuropeApril2024,bytotalassetsTotalassetsintrillionU.S.dollars0.0

0.5

1.01.52.02.53.0DeutscheBundesbankCentralBankBankofFranceCentralBank2.682.31NorwayGovernmentPensionFundGlobalSovereignWealthFundBankofItalyCentralBank1.651.55BankofSpainCentralBank1.331.29BankofEnglandCentralBankCaissedesDepotsPublicPension1.121.051.040.99AgencedesParticipationsdel'EtatGovernmentSwissNationalBankCentralBankEuropeanStabilityMechanismSupranationalEntity11Description:EuropehadastrongspreadofleadingState-OwnedInvestor(SOI)funds,rangingfromroughlyonetrillionU.S.dollarsintotalassetsmanagedbytheEuropeanStabilityMechanismto2.7trillionU.S.dollarsinassetsmanagedbyGerman-basedcentralbankDeutscheBundesbank.TheBankofFrancerankedinsecondplacewithroughly370billionU.S.dollarslessintotalassets.ReadmoreNote(s):Europe;April24th,2024Source(s):SWFInstituteLargestPublicPensionFunds(PPFs)worldwidein2024bytotalassets(inbillionU.S.dollars)LargestPPFsfundsworldwide2024,bytotalassetsPublic

Pension

Fund

(PPF)Total

assets

in

billion

U.S.

dollarsRegionNorthAmericaAsiaSocialSecurityTrustFunds28011605GovernmentPensionInvestmentFundJapanMilitaryRetirementFund1279NorthAmericaEuropeCaissedesDepots1118FederalEmployeesRetirementSystemNationalPensionServiceofKoreaFederalRetirementThriftInvestmentBoardCanadaPensionPlanInvestmentBoardStichtingPensioenfondsABPCaliforniaPublicEmployeesRetirementSystemZenkyoren835.81799.51737NorthAmericaAsiaNorthAmericaNorthAmericaEurope570547.1452.68432.02409.15NorthAmericaAsiaCentralProvidentFundAsia12Description:ThelargestPublicPensionFund(PPF)worldwide,asof2024,wasdomiciledinNorthAmerica.TheGovernmentPensionInvestmentFundJapanrankedsecond,managingassetsexceeding1.6trillionU.S.dollars.TheU.S.basedMilitaryRetirementFundroundedoutthetopthreerankings,managingroughly1.3trillionU.S.dollarsinassets.ReadmoreNote(s):Worldwide;April24th,2024Source(s):SWFInstituteLargestSovereignWealthFunds(SWFs)worldwidein2024,bytotalassets(inbillionU.S.dollars)LargestSWFsfundsworldwideApril2024,bytotalassetsSovereign

Wealth

Fund

(SWF)NorwayGovernmentPensionFundGlobalChinaInvestmentCorporationSAFEInvestmentCompanyTotal

assets

in

billion

U.S.

dollarsRegionEurope16311350Asia1090AsiaAbuDhabiInvestmentAuthorityPublicInvestmentFund993MiddleEastMiddleEastMiddleEastAsia925KuwaitInvestmentAuthorityGICPrivateLimited923.45770QatarInvestmentAuthority526.05514.22492.21414MiddleEastAsiaHongKongMonetaryAuthorityInvestmentPortfolioTemasekHoldingsAsiaNationalCouncilforSocialSecurityFundInvestmentCorporationofDubaiTurkeyWealthFundAsia341.07279.26MiddleEastMiddleEast13Description:Asof2024,thegloballandscapeofSovereignWealthFunds(SWFs)largelyfeaturedtheMiddleEast.DespitenotrankingamongthelargestglobalState-OwnedInvestors(SOIs),theMiddleEastwashometonineofthetop20SWFsworldwide.ThelargestSWFwastheAbuDhabiInvestmentAuthority,managingassetsjustshyofonetrillionU.S.dollars.AsiaalsoplayedaprominentroleintheglobalSWFlandscape.Sevenoftheworld'sleadingSWFsweredomiciledinAsia,thelargestofwhich[...]ReadmoreNote(s):Worldwide;April24th,2024Source(s):SWFInstituteLargestcentralbanksworldwideasofMarch2024,byinternationalreserveassets(inbillionU.S.dollars)Largestcentralbanksworldwide2024,byinternationalreserveassetsReserveassetsinbilliondollars05001,0001,5002,0002,5003,0003,5004,000People'sBankofChinaBankofJapan3,430.71,290.6SwissNationalBank854.4FederalReserveSystemReserveBankofIndia777.6625.2574.3CentralBankoftheRepublicofChinaSaudiCentralBank431.8425.2414.4396.2HongKongMonetaryAuthorityBankofKoreaCentralBankoftheRussianFederation14Description:AsofMarch2024,China'scentralbank,People'sBankofChina(PBOC),ledtherankingofthelargestcentralbanksworldwidebasedoninternationalreserveassets.PBOCreported3.43trillionU.S.dollarsworthofreserveassets,underscoringthecountry'seconomicstrengthanditsroleinglobalfinance.BankofJapanrankedsecond,withroughly1.29trillionU.S.dollarsworthofassetsonitsbalancesheet.ReadmoreNote(s):Worldwide;March2024Source(s):OfficialMonetaryandFinancialInstitutionsForum;Varioussources(InternationalFinancialStatistics,nationalcentralbanks,internationalorganizations)CHAPTER

03InvestmenttrendsandperformanceYearlyreturnsgeneratedbystate-ownedinvestors(SOIs)worldwideforfinancialreportingyearsfrom2022to2023YearlyreturnsgeneratedbySOIsworldwideforfiscalyears2022-2023ReturnrateFY2023-5%FY2022-15%BCI-fiscalyearendsMarch-10%0%5%10%15%7.4%6.8%3.5%CPP-fiscalyearendsMarchGIC**-fiscalyearendsMarchGPIF-fiscalyearendsMarch1.3%1.5%-8.1%-13.5%5.4%-4.1%-5.1%NYSCRF-fiscalyearendsMarchPSP-fiscalyearendsMarch9.5%10.9%11.1%4.4%Temasek-fiscalyearendsMarchAlaska-fiscalyearendsJune30thART-fiscalyearendsJune30thAusSuper-fiscalyearendsJune30thCalPERS-fiscalyearendsJune30thCalSTRS-fiscalyearendsJune30th5.8%5.2%-1.3%-1.2%8.2%-2.7%5.8%6.3%-6.1%-1.3%16Description:Therateofreturngeneratedbystate-ownedinvestors(SOIs)worldwiderangedgreatlyforfiscalyears2022and2023.ManySOIsdeliveredmoderatereturns.KWSPdeliveredintermediateratesofreturn,havinggeneratedarateof5.4percentin2022andsixpercentin2023.OtherSOIs,however,experiencedlargefluctuationsintheirratesofreturn.ATP,forexample,deliveredanegativereturnof40.9percentin2022,whichscaledupwardstoroughly13percentin2023.

ReadmoreNote(s):Worldwide;2022to2023;*FY23notavailable,estimatedbasedonbenchmarks.

**Single-yearnotavailable,estimatedbasedonrollingreturns.

ReadmoreSource(s):GlobalSWFAnnualnumberofinvestmentdealsandtotalvaluebystate-ownedinvestors(SOIs)worldwidefrom2019to2024(inbillionU.S.dollars)AnnualvalueandnumberofinvestmentdealsbySOIsworldwide2019-2024InvestmentvalueNumberofdeals3002502001501005010009008007006005004003002001000261.6748892230.8216.6205.6593178.8526172.75535850201920202021202220232024InvestmentinbillionU.S.dollars17Description:Thenumberofdealsperformedstaggeredthroughoutthefive-yearperiodbetween2019and2024.Atotalof526investmentsweremadein2019fromthecombineddealvalueofpublicpensionfunds(PPFs)andsovereignwealthfunds(SWFs),thisnumberpeakedin2021with892investmentsmade,however,thelargestvalueofdealsperformedwasreachedthefollowingyearin2022.

ReadmoreNote(s):Worldwide;2019to2024Source(s):GlobalSWFSectorialpreferencesofstate-ownedinvestordealsworldwidefrom2018to2024,byindustryState-ownedinvestordealsworldwidefrom2018to2024,byindustryRealEstateInfrastructureEnergy22%FinancialsHealthcareIndustrialsConsumerTechnology120%100%80%60%40%20%0%8%8%13%9%18%21%12%32%32%7%11%7%9%8%8%10%6%7%5%8%6%7%4%4%19%3%15%3%5%10%5%13%4%16%1%18%3%17%3%14%1%15%19%22%18%17%14%16%26%25%22%20%20%20%18%201820192020202120222023202418Description:Whilesectorialpreferencesforsovereigninvestorsvariedslightlythroughouttheseven-yearinvestmentperiodbetween2018and2024,nodrasticchangesinassetallocationwereseen.Investmentinenergyandindustriesremainedrelativelystable,whilehealthcareexperiencedapeakinthenumberofinvestmentdealsin2021.However,theportionofinvestmentdidnotexceedtenpercent.Dealsinthetechnologyindustrysawacontinuousdecrease,droppingto8percentin2023,while[...]

ReadmoreNote(s):Worldwide;2018to2024Source(s):GlobalSWFTotalstate-ownedinvestment(SOI)indirectinfrastructureworldwidefrom2019to2024(inbillionU.S.dollars)TotalSOIindirectinfrastructureworldwide2019-20248074.373.1706461.360504238.540302010020192020202120222023202419Description:Throughoutthedepictedperiod,theinvestmentvolumeininfrastructurebystate-ownedinvestors(SOIs)exhibitedapositivetrenduntil2022,reachingitspeakat74.3billionUSdollars.Subsequently,in2023,thefiguredeclinedsteadily,reaching38.5billionUSdollars.Thefollowingyear,2024,sawanincrease.ReadmoreNote(s):Worldwide;2018to2024Source(s):GlobalSWFTotalprivateequity(PE)investmentsbySovereignInvestorsworldwidefrom2019to2024TotalPEinvestmentsbysovereigninvestorsworldwide2019-2024807060504074.168.567.63060.947.544.42010020192020202120222023202420Description:Overtheshowcasedtimeframe,thevaluationoftotalprivateequity(PE)investmentsbysovereigninvestorshadconsistentlyrisenfrom2020,withanotablesurgeinthedirectPEcategoryreachingitspeakvaluein2023at74.1billionU.S.dollars.Asof2024,totalPEinvestmentsstoodat67.6billionU.S.dollars,downfromthepreviouspeak.ReadmoreNote(s):Worldwide;2019to2024Source(s):GlobalSWFLeadingrecipientsoftopstate-ownedinvestment(SOI)worldwidein2024(inbillionU.S.dollars)LeadingrecipientsoftopSOIsworldwidein2024State-ownedinvestmentsinbillionUSdollars30

400102050607080UnitedStatesUnitedKingdomIndia72.62618.7Australia12.4China*10.39.4SaudiArabiaUnitedArabEmiratesItaly87.5GermanyNetherlandsCanada6.25.65.24.6IndonesiaIreland2.921Description:In2024,theUnitedStateswastheprimaryfocusofglobalstate-ownedInvestors(SOIs)havingbeenallocatedover70billionU.S.dollarsinassets.ThiswasalmostthreetimesthatoftheUnitedKingdom,thesecondmostpopularregionforSOIs.Indiaclosedoutthetopthreerankingshavingreceived18.7billionU.S.dollarsinSOIs.ReadmoreNote(s):Worldwide;2024Source(s):GlobalSWFTopdivestmentsbystateownedinvestorsworldwidein2024inbillionU.S.dollarsTopdivestmentsbySOIsworldwide2024DivestmentBudapestAirportTechemGroupCountryHungaryBuyerCorvinus,VinciTPG,GICIndustryInfraFSValue

($

b)Stake95%50%100%4%PSP,CDPQ,GIC4.33.73.63.12.32CDPQ,OTPPTemasekPIFGermanySingaporeJapanPavillionEnergyShellInfraTMTRENintendoOpenMarketSL,DigitalBridgeIPOPSPVantageDataCentersOQExploration&ProductionZiplyFiberUnitedStatesOman100%25%50%30%3%OIAENRTMTREBCICanadaBCE1.81.41.21.21CPPDornaSportsSpainLibertyMediaOpenMarketKKR,BaupostOpenMarketCICGoodmanGroupAustraliaENRTMTTMTADIAPIF.33Marriott-brandedhotelsUnitedKingdomSaudiArabia100%2%SaudiTelecomCompany(STC)OMERSLifeLabsCanadaQuestDiagnosticsHC1100%22Description:In2024,thelargestsingledivestmentwasbytheTemasekfund,sellingitsstakeinPavillionEnergytoShellfor3.6billionU.S.dollars.ThecombineddivestmentbyPSP,CDPQ,andGICfromBudapestAirportwasthelargestinvalue,exceedingfourbillionU.S.dollars.ReadmoreNote(s):Worldwide;2024Source(s):GlobalSWFPortfolioallocationofleadingPublicPensionFunds(PPFs)worldwidein2024,byregionPortfolioallocationofleadingPPFsworldwide2024,byregionPortionofportfolioallocationbyregionDomestic40%U.S.China60%Restoftheworld0%20%80%100%120%GPIFNPSAPG

4%CPP50%52%29%27%70%2%2%19%19%25%1%36%14%10%4%40%CDPQ27%24%38%2%33%PGGMKWSPAusSuperQTPPART30%42%3%65%10%22%18%50%50%30%2%33%33%38%2%1%27%23%16%PSPBCI33%41%3%31%28%29%2%23Description:Asof2024,Chinese-basedinvestmentassetscomprisedthesmallestportionofmanyPublicPensionFund(PPFs)portfolios.Canadian-basedCPPhadthelargestholdingofChineseassets,allocating10percentofitsportfoliotoChinesedomicilesecurities.OMERSheldthatlargestportionofU.S.basedassets,withalmosthalfofitsportfoliobeingmanagedinU.S.securities.ReadmoreNote(s):Worldwide;2024Source(s):GlobalSWFNumberofpublicpensionfund(PPF)investmentdealsworldwidefrom2019to2024NumberofPPFinvestmentdealsworldwidefrom2019to202440035038032130026824825020015010050227224020192020202120222023202424/statistics/1390125/market-performance-of-swf-investments-worldwide-by-deal-valueThenumberofpublicpensionfunddealssteadilyincreasedfrom224dealsin2019to380in2021.Adecreasewasseenin2022withthenumberofdealscontinuingtodecreaseyear-on-year,withthetotalnumberof227dealsbeingexecutedin2024.ReadmoreNote(s):Worldwide;2019to2024Source(s):GlobalSWFNumberofsovereignwealthfund(SWF)investmentdealsworldwidefrom2019to2024NumberofSWFinvestmentdealsworldwidefrom2019to2024600500400512427358325302305300200100020192020202120222023202425Description:From2019to2024,thetotalnumberofsovereignwealthfund(SWF)investmentdealsexecutedreachedfluctuatedfromalowof302in2019toahighof512in2021.Thenumberofdealsexecutedin2024restedat358.

ReadmoreNote(s):Worldwide;2019to2024Source(s):GlobalSWFDistributionofcentralbankinternationalreserveassetsworldwideasofMarch2024Distributionofcentralbankinternationalreserveassetsworldwide2024Sub-SaharanAfrica1.3%NorthAmerica5.9%MiddleEastandNorthAfrica9.2%LatinAmericaandtheCaribbean6%AsiaPacific53%Europe24.6%26Description:AsofMarch2024,internationalreserveassetsinNorthAmericaaccountedfor5.9percentofthetotal,indicatingarelativelymodestallocationinthisregion.IntheMiddleEastandNorthAfrica,theshareofassetswas9.2percent,suggestingamoresubstantialreserveamount.TheAsiaPacificregionstoodoutprominently,holding53percentofallinternationalreserveassets.ReadmoreNote(s):Worldwide;March2024Source(s):OfficialMonetaryandFinancialInstitutionsForum;Varioussources(InternationalFinancialStatistics,nationalcentralbanks,internationalorganizations)CHAPTER

04PortfolioallocationofleadingSOIsLong-termportfolioallocationstrategyoftheAbuDhabiInvestmentAuthority(ADIA)in2024,byassetclassLong-termportfolioallocationstrategyoftheADIAin2024,byassetclassMinimumMaximum45%40%35%30%25%20%15%10%5%0%DevelopedequitiesEmergingmarketequitiesSmallcapequitiesGovernmentbondsCreditFinancialalternatives*RealestatePrivateequity

InfrastructureCash28Description:TheportionofassetsallocatedtocashintheportfoliooftheAbuDhabiInvestmentAuthority(ADIA)wastheonlysecuritytypetoremainstable,havingasingularvalueof10percent.Often,portfolioshaveacertainamountofitsassetsliquid,ꢀthisportionmayremainunchangeddespitemarketfluctuations.DevelopedequitiescomprisedthelargestportionoftheADIAportfolio,withamaximumpossibleassetallocationof42percentandaminimumpossiblevalueof32percent.

ReadmoreNote(s):UnitedArabEmirates;2024Source(s):AbuDhabiInvestmentAuthorityPortfolioallocationofNorgesBankInvestmentManagement(NBIM)worldwideasofDecember31,2024,byassettype(inbillionU.S.dollars)PortfolioallocationofNBIMworldwideDecember2024,byassettype1,4001,242.621,2001,000800600462.5340020032.012.230EquitiesFixedincomeRealestateRenewableenergyinfrastructure29Description:AsofDecember,31st2024,theinvestmentportfolioofNorgesBankInvestmentManagement(NBIM)wasdisclosedtobepredominantlyallocatedtoequities,totaling1.24trillionU.S.dollars.Followingthis,thesecondsignificantallocationwasobservedintheglobalfixedincomeassetcategory,amountingto462.5billionU.S.dollars.ReadmoreNote(s):Worldwide,Norway;2024Source(s):NorgesBankAssetallocationofChinaInvestmentCorporation(CIC)worldwideasofDecember31st2023,byassetclassInvestmentallocationofChinaInvestmentCorporationworldwide2023,byassetclassCashproducts2.1%Fixedincome16.46%Alternativeassets48.31%Publicequity33.13%30Description:AsofDecember,31st2023,alternativeassetsaccountedforthelargestshareofChineseSovereignWealthFundChinaInvestmentCorporation's(CIC)investments.Moreover,thesovereignwealthfundhadroughly33percentofitsassetsundermanagementinvestedinpublicequities.ReadmoreNote(s):Worldwide,China;December31,2023Source(s):ChinaInvestmentCorporationAssetsallocationoftheGovernmentPensionInvestmentFund(GPIF)worldwidein2ndquarter2024,byassettypeAssetsallocationoftheGPIFworldwideQ22024,byassettypeForeignequities24.3%Domesticbonds26.74%Domesticequities23.98%Foreignbonds24.98%31Description:AsofSeptember2024,theGovernmentPensionInvestmentFund(GPIF),Japan'slargestpublicpensionfund(PPF),heldaportfolioexclusivelymadeupofbondandequityinvestments.Oftheseassets,roughlyhalfwereinvestmentsindomesticfinancialsecurities,whiletheremainingassetswerefromforeignmarkets.ReadmoreNote(s):Worldwide,JapanSource(s):GlobalSWFPortfolioallocationoftheCanadaPensionPlanInvestmentBoard(CPP)worldwidein2024,byassetclassPortfolioallocationoftheCPPworldwide2024,byassetclassPortfolioallocation-10%

0%-40%Publicfixedincome-30%-20%10%20%30%40%41%50%PublicequitiesRealassets**28%26%Privateequities23%Credit*14%Cashandabsolutereturnstrategies-32%32Description:TheCanadaPensionPlanInvestmentBoard(CPP)managedthemajorityofitsassetsthroughpublicfixedincomeinvestments,whichaccountedforover40percentoftotalportfolioallocation.Publicequitiesandrealassetswerethenextlargestassetsclasses,accountingfor28percentand26percentrespectively.ReadmoreNote(s):Worldwide;2024Source(s):CPPInvestmentsCHAPTER

05SustainabilityandSOIsGovernance,SustainabilityandResilience(GSR)scoresofstate-ownedinvestors(SOI)worldwidein2024,byregionGovernance,SustainabilityandResiliencescoresofSOIsworldwide2024,byregionGSRscoringResilience3SustainabilityGovernanc501246789103.7OceaniaEurope7.47.68.82.68.13.1NorthAmerica4.99.122Asia4.26.86.82.22.2Sub-SaharanAfricaMiddleEastandNorthAfricaLatinAmerica3.53.86.31.27.434Description:Asof2024,Oceaniahadthesecond-highestscoreforsustainability,receivingascoreof7.4,just0.2pointslowerthanEurope.TheOceaniaregionrankedfirstingovernanceandalsoheldthehighestscoreforresilience,scoring3.5pointsfromamaximumvalueoffive.ReadmoreNote(s):Worldwide;2024Source(s):GlobalSWFGovernance,Sustainabilityand