The world’s 90-odd sovereign-wealth funds oversee more than $8trn in assets—around 10% of global GDP
Monday Kirill Dmitriev, the boss of the Russian Direct Investment Fund , dials in to Zoom to chat with 15 peers from around the world. The hours-long calls often yield precious nuggets of information, both about the state of the pandemic and of financial markets., which manages $50bn on behalf of the Russian state, has since invested in vaccine research and testing. It has also injected cash into private ventures like uchi.ru, an online-education platform, and ivi.ru, Russia’s Netflix.
Cash-rich countries have been stashing their excess foreign currency in kitties since the 1950s, when Kuwait launched its fund.s often have two aims: to smooth out fiscal policy, by releasing cash when the weather turns, and to pass wealth on to future generations, in case luck runs out. They grew fast in the 2000s, as China’s hunger for raw materials and other goods fed surpluses in oil-rich states and export champions, and in the 2010s, when funds posted strong returns.
It helps that policymakers have, in effect, put a floor under stock prices. Governments have unveiled stimulus worth 3.8% of globals have grown savvier, too. The drubbing they took in 2008 led them to diversify, making portfolios resilient. Once obsessed with glitzy towers and football clubs, some have hired armies of investment bankers to make wiser picks.s have stuck to their “allocation targets”, which dictate how much of their total assets they can invest in a given type of security.
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