Public Fund Investment Policies : 2015 Annual Review

The Public Funds Investment Policies Survey is an annual publication, now in its second year, which surveys the current investment policy disclosures of the 25 largest (by AUM) SWFs in the world, as listed by the Sovereign Wealth Fund Institute, and the 26 largest (by AUM) SPFs, as listed in the Pension & Investments/Towers Watson 300 Ranking (2012). The policies reviewed in this survey were obtained directly from the funds when possible, using data available as of summer 2015. Because a minority of funds (primarily SWFs) does not disclose investment policies, caution should be used in interpreting these results. Many funds may have extensive internal policies but choose not to disclose these policies, and the lack of disclosure should not be taken as evidence that such policies do not exist. When possible, reference was made to other sources of data to corroborate or augment disclosed data