The Daily Brief

Ashby Monk

  • Singapore’s GIC has published an internal assessment of its compliance with Santiago Principles.
  • SK’s National Pension Service CIO called a bottom yesterday. Given today’s market, some smugness may be justified…
  • With $180 billion in reserves (and a lot of that parked in USTs), Thailand wants a new SWF for more aggressive investments.
  • GDF board is meeting to review possible CIC alliance.
  • Oz Future Fund returns 12% for year to June 30.  That’s interesting, as the FF’s peers were all in the neighborhood of 20%. Why? Because it has only 37.5% of its assets in public equities and most in PE, Infrastructure, Property, etc. IE, it actually had a diversified portfolio, which means this year’s pain won’t be quite as bad for the FF.
  • An intergenerational SWF scolded for daily losses?  Come on, people. Writing stories about daily losses is precisely why some sovereign funds say they’re not transparent. It forces them to look at short-term results instead of focusing on what really counts: positioning for long-term performance.

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This website is a project of Professor Gordon L. Clark and Dr. Ashby Monk of the School of Geography and the Environment at the University of Oxford. Their research on sovereign wealth funds is funded by the Leverhulme Trust and The Rotman International Centre for Pension Management.

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