خلاصة:
Analyzing more than 9,400 investment transactions performed by 32 sovereign wealth funds (SWFs), from 23 countries, and targeted towards 77 countries, between 2010 and 2013, this study highlights some of the most important visible patterns and nuances in SWF investments. First, lion’s share of SWF investments are cross-border transactions that originated from and targeted towards high-income economies, while SWFs from emerging economies (mainly China) are also becoming important players in the global capital markets. Second, the most popular sectors are the financial and the real estate sectors mainly because of their more liquid nature and the energy sector for its strategic importance. Finally, domestic investments are relatively more popular among non-commodity based SWFs in comparison to commodity based SWFs. The results also show that while infrastructure investments are in line with the time horizon of SWF investments and their objectives, only five percent of SWF investments were targeted toward the infrastructure sector.
ملخص الجهاز:
Table 1: Top 20 Sovereign Wealth Funds Sorted by the Size of As s ets under Management (2015) Country S WF Name Assets Year of S ource of Linaburg- Maduell (Billion $)Inception Funds Transparency Norway Government Pension Inde x United Arab Emirates Fund Global 882 1990 Oil 10 Abu Dhabi Investment Authority 773 1976 Oil SAM A Foreign Holdings 757.
Clearly, the quick and obvious answer to this question is related to the political and sovereign nature of these funds which makes target countries concerned of the long-run objectives and motives of some of the cross-country investments carried out by SWFs. Malaysia Qataer Singapore-Temasek UAE-ADIA Libya China-CIC Singapore-GIC Kuwait Korea-KIC China- SAFE Aigeria Saudi Arabia China-NSSF Kazakhstan Russia-NWF Australia-FF Hing Kong Iraland US-APFC Norway Figure 2: Trans parency and Strategies of Selected Sovereign Wealth Funds Source: SWF Ins titute Finally, and as expected, the main objective of the establishment of a vast majority of SWFs is either economic development or macroeconomic stability of their host countries.
Inves tment Composition Targeted to Developing Economies Inves tment Composition Targeted to Emerging Economies Inves tment Composition Targeted to High-Income Economies <TD>Consumer Discretionary</TD> <TD>Consumer Staples</TD> <TD>Energy</TD> <TD>Financials</TD> <TD>Healthcare</TD> <TD>Industria ls</TD> <TD>Inf orma tion Technology</TD> <TD>Inf ras tructure</TD> <TD>Materials</TD> <TD>Media and Entertainment</TD> <TD>Real Estate</TD> <TD>Telecommunications</TD> <TD>Utilities</TD> <TD></TD> <TD></TD> Figure 4: Recorded Sovereign Wealth Fund Trans actions , by Sector and Level of Economic Development of Target Economies (2010-2013) Source: SWF Ins titute.